Image Copyrighted by The Prestige

The Rise In Economic Power Of Bangladesh

 

According to the October 2020 report of the International Monetary Fund (IMF), even though the per capita GDP of Bangladesh was 40% lower than that of India just 5 years ago, we have overtaken them.

 

During the 60s and 70s, when East Pakistan was facing all sorts of oppression, suppression, and discrimination by the West Pakistan, our annual income was US$5.31, literacy rate was just 17%, and as much as half of the countrymen were malnourished. The development curve was not steep, and the 9-month-long War of Independence just made it worse to the point that the United Nations (UN) estimated the reconstruction cost of the country to be about US$938 million.


 

When Bangabandhu Sheikh Mujibur Rahman, the father of the nation, was to rebuild it from what was left after attaining liberation, many questioned the viability of his plans as the task was indeed daunting and seemed close to impossible. But due to the hard work and dedication of all the farmers, garments force, factory workers, and every other person with a job, slowly but surely the tables are turning.

 

Last year, Sheikh Hasina, the prime minister of Bangladesh, stated that the country has the 4th highest production of rice, 2nd highest of jute, 4th of mangoes, 5th of vegetables, and 4th of inland fisheries in the world! The country has been undergoing 6% of growth since 2009, is 1 of the most crucial entities in the global textile industry, and won the ‘South-South Award’ in 2013 for poverty alleviation progress.

 

According to a UK-based firm, PwC, the country is set to become the 23rd largest world economy within the next 30 years. It has the potential to become a prominent economic hub in South Asia, and in 2018, Bangladesh was already the 2nd highest recipient of foreign direct investment in the region, increasing from US$700 million in 2009 to US$3613 million.

 

 

 

You. Yes, you.
If you are an aspiring writer and wish to get your pieces published/work as a contributing writer for the Prestige Magazine, send us a non-fictional sample write-up on any of our five streams: fashion, lifestyle, arts and entertainment, food and technology. Please choose any topic you like under any of the five streams.

e-mail:

Recent Posts