Bangladesh entered the New Year riding of success in all fields of economy development which have made the country a role model for other South Asian countries.
The country is set to break out of LDC category in 2018 and become a developed country by 2024 thanks to sustain GDP growth around 7 per cnt, higher exports (mostly readymade garments) and remittances from Bangladeshis working abroad, mostly in the Middles East, Gulf and Malaysia.
Bangladesh attracted over $2 billion foreign investment in 2015-16 (July-June) fiscal year and achieve highest foreign exchange reserves at $32 billion. The country has established more than 100 economic zones to lure investors from all around the globe and generate huge employment in the country. Over 7 lakh Banglkadeshis went out on overseas employment in 2016 alone, according to sources in the Expatriate Welfare Minstry.
Bangladesh’s readymade garments sectors has withstood challenged from other regional exporters including China, Vietman, Pakistan, India and Sri Lanka despite suffering from order loss and restricted buying over international criticism for repeated industrial accidents claiming around 1500 lives in recent years. Besides, workplace safety is also a critical issue in Bangladesh.
As the government tries to address all these issues both business and economic indicators area rising, officials said. Bangladesh and China last year initialed 27 agreements and MOUs opening doors for huge local and foreign investment in the
country.
In the backdrop of significant economic advancement, Prime Minister Sheikh Hasina is now attending the World Economic Forum (WEF) summit in Davis, Switzerland – the first by any Bangladesh premier.
Poverty level has been reduced to less than half at 23 per cent.
United Nation Conference on Trade and Development Organization (UNCTAD) in its 2016 report said Bangladesh would come out of LDC (Least Developed Country) list in 2018. It is already a lower middle-income country and become a middle income country by 2021 and a developed country in five years from then.
By 2024 Bangladesh is going to be one of 16 countries who will get Developed country Certificate, one official said.
Electricity production was 4000 megawatt (MW) in 2010 which has now increased to 15000 MW. Annual per capita income has soared to $1465 last year from $559 in 2006. Export earnings have risen to $34 billion now from $11 billion in 2006, the official said. Bangladesh is now striving to raise the annual export income to $50 billion in 2021.
Bangladesh’s current forex reserves are $32 billion, the highest so far. Bangladesh made no payment for Asian Clearing House (ACH) import bill last year which helped the spike in forex reserves. It was first time Bangladesh was spared from paying ACH bill.
Inflation came down to 5.38 per cent in November 2016. National Board of Revenue (NBR) collected Tk 154784 crore as revenue in 2016 against target of Tk176370 . The 2016-17 FY revenue target is Tk 203152 crore, NBR sources said.
Export earning in the first five months of the current fiscal year was $US 1369 crore compared to $1288 crore in the corresponding period of last year.
