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With the current pace of its growth, the economy of Bangladesh will be 24th largest in the world, according to a study prepared by a UK based think tank.
Bangladesh, like many other Asian countries, is set to witness a major economic growth in the next 15 years, said the World Economic League Table (WELT) annually published at London in the United Kingdom by the Centre for Economics and Business Research (CEBR). The CBER report, published in December last year, also forecasts that Bangladesh’s economy will gradually go up to 36th position in 2023 and 27th by 2028. At this count the country’s economy, during these 15 years, will improve by 19 notches. In the WELT, Bangladesh has been ranked 41st, up two notches from 43rd in 2018, among the largest economies in the world in 2019.
“We expect annual rates of GDP growth (in Bangladesh) to average 7.0% between 2018 and 2033. This will see the country…to become the world’s 24th largest economy by 2033,” said the 10th edition of CEBR report.
The country has largely benefitted from garments exports, robust increase in remittances, duty free access to the Indian market, domestic consumption expenditure and government spending, the report added.
“Around 43% of Bangladeshis work in the agriculture sector, mostly producing rice and jute. Maize, vegetables and wheat play a smaller albeit growing role in the country,” it said.
However, Bangladesh “runs the risk of negating gains from its successful export sector through its growing appetite for imports,” it said, adding that the country is struggling with the Rohingya refugee crisis.
In this regard, the government needs to look at alternatives on how to increase revenues in order to finance for infrastructure as well as keeping up the social safety net, the report said.
According to the report, other Asian economies will also see a rise during this period with South Korea becoming the 10th-largest, Indonesia 12th, Thailand 21st, the Philippines 22nd and Malaysia 25th.
“Despite global uncertainty and tightening in US monetary policy, which have pushed down some of the emerging market currencies, the 21st century is still likely to be the Asian century,” said Douglas McWilliams, deputy chairman and founder of CEBR.
CEBR predicts that China (1st), India (3rd) and Japan (fifth) will be the three among the top five global economies by 2033 with the US making to the second and Germany to the fifth position.
Currently, China is the second largest economy of the world. According to the analysis, USA, China, Japan, Germany and India make the top five economies in 2019.