Per capita income is used to measure the economy and to evaluate the living standards in different countries, nations or regions. Based on this it is possible to determine how much a country has developed.
Bangladesh’s per capita income has soared over the past few years going from $1,465 to $2,064 since the 2016 fiscal year. This is a great achievement that ticks off one from the check-list to become a middle-income country.
A report published in this daily showed that the country’s per capita income has increased and amount which is equivalent to Tk 1,75,502 in the 2019-20 fiscal year despite coronavirus pandemic across the world.
Besides that, the total market value of all finished products within the country's borders in a specific time period has reached 5.24 percent in the outgoing fiscal year. This is indeed an achievement and one that deserves commendations.
As per Bangladesh Bureau of Statistics, the GDP growth rate at constant prices in the industry sector increased by 6.48 per cent in the last fiscal year which was 12.67 per cent in FY19.
Bangladesh is on the track to attain the
target of per capita income to become
an upper middle-income country
This increment is the embodiment of how speedily the country is moving towards attainment of the goal of becoming a middle-income economy.
According to international standards, world's Middle Income Countries (MICs) are divided into two types -- lower middle-income economies with a GNI per capita between $1,006 and $3,955, and upper middle-income economies with a GNI per capita between $3,956 and $12,235 (2018).
Based on this structure, it is already evident that Bangladesh is on the track to attain the target of per capita income to become an upper middle-income country.
We need to be optimistic and look toward the future for a better and developed nation that is slowly gaining its foothold in becoming a middle-income country by 2024.
And based on the above explications, it can be surmised that it is only a matter of time before the required per capita income to become an upper middle-income country is achieved.