It is encouraging to note that Bangladesh will become the 25th largest economy by 2035.
As reported by Centre for Economics and Business Research (CEBR), the size of the economy will nearly treble to US$855 billion in 2035 from the $301 billion in 2020.
Reportedly, government debt as a share of GDP rose to 39.6 per cent in 2020, which remains a low level. The government operated a fiscal deficit of 6.8 per cent in 2020, facilitated in part by the low debt to GDP ratio.
Despite the pandemic, country's major macroeconomic indicators like the growth rate of GDP too have remarkably increased and Bangladesh has set a target to achieve 8.51 percent GDP growth by 2025.
In order to sustain our economic growth and make it more
inclusive, the government must continue its efforts to create
more jobs both in the public and private sectors
It needs no emphasising that the the country’s economy witnessed a record growth in the ten years on the back of its robust exports and remittance. We have repeatedly reiterated our gratification over the robust growth our economy achieved over the last decade.
But what is disconcerting is that the rich-poor divide has been growing over the past decade and the fruits of the robust growth have not trickled down to the masses at the expected level. Hence, in order to sustain our economic growth and make it more inclusive, the government must continue its endeavours to create more jobs both in the public and private sectors.
In Bangladesh, hundreds of thousands of students pass out of colleges and universities with higher degrees every year but many of them remain unemployed. Boosting private sector investment can change this bleak scenario and make the growth more meaningful. In order to push Bangladesh to the next level of growth, private investment has to be promoted further.
