Bangladesh has bounce bank with one of the highest GDP growth in 2020, and it is expected that its GDP set to reach USD 3000 by 2026, said Standard Chartered’s leading economists.
The bank’s global research team was speaking at a media session held following the the Bank’s 2021 Global Research Briefing series. Planning Minister M. A. Mannan attended the event as chief guest, while around 300 of the Bank’s clients joined via video conferencing during the virtual event.
Eric Robertsen, Global Head of Research and Chief Strategist, Standard Chartered, said, “While the pace and distribution of global recovery remains highly uneven, Bangladesh has made a strong comeback with one of the highest GDP growths in the world in 2020. A robust vaccination program and implementation of strategic infrastructure projects are expected to further increase momentum towards the nation’s LDC graduation”.
Saurav Anand, Economist, South Asia, Standard Chartered, said, “Bangladesh’s economy is set to accelerate after a speed bump, with GDP growth forecast at 5.5 percent in FY21 and 7.2 percent in FY22. The momentum will be driven by an export demand recovery, strong remittance inflows and public investment. Policy support is a prerequisite for a smooth transition to middle-income status, with per capita GDP set to reach USD 3,000 by FY26.”
Naser Ezaz Bijoy, Chief Executive Officer, Standard Chartered Bangladesh, said, “The government of Bangladesh has navigated the internal and external challenges of the pandemic remarkably well. The resilience of Bangladesh economy gives us cause for optimism. As the vaccination drive continues, the economy is set to accelerate, while lower debt levels compared to its peers provide medium term fiscal runway for growth. There are significant opportunities for productivity gains through technology adoption, technology inclusiveness through mobile-based solutions and the ITES sector, while growth-supportive policies focus sectors will continue to spur private investment and FDI.”
Planning Minister M. A. Mannan, said, “The people of Bangladesh, the government and our business community has once again demonstrated our tremendous resilience to ensure that while our shared development journey might have slowed, it has not been halted. We remain as committed as ever in fostering a business-friendly climate, so that we can continue on our journey of inclusive progress and prosperity.”
Standard Chartered’s client service agenda focuses not only on providing banking and financial services to its patrons, but also provides the opportunity for clients to access proprietary research material on industry landscape, economic trends and market dynamics. Standard Chartered’s Global Research Briefing, led by the Bank’s Global Research Team, is one of the Bank’s flagship annual events. The program agenda includes sessions on the global economic outlook, Bangladesh outlook, and global FX movements.
This year, the findings were presented by Eric Robertsen, Global Head of Research and Chief Strategist; Divya Devesh, Head of ASA FX Research and Saurav Anand, Economist, South Asia. This year’s research findings follow on from forecasts presented during the 2020 round of the Bank’s Global Research Briefing, when researcher remained optimistic about the growth prospects of the Bangladesh, even at the height of the pandemic.