Bangladesh is showing rapid development in all sectors after the Gross Domestic Products (GDP) of the country exceeded more than 8 percent. Political stability, infrastructural development and prudent political leadership acted as main factors behind the rapid economic development.
These observations were made in a Japanese business report titled ‘Bangladesh Booming’ published by Mainichi Asia Business Report.
Bangladesh has the second largest textile industry in the world after China, the report said adding that, intensive infrastructure development using yen loans are ongoing.
“Bangladesh is a huge market with a population of 160 million. The fastest-growing Bangladesh is witnessing an economic growth rate exceeding 8 per year,” the study said. According to Koji Sagawa, the President of Maruhisa Pacific, “There are 373 cotton or spinning mills, 5,200 RMG factories specifying in exporting products, and more than 5 million employees in RMG industry in Bangladesh.”
“When looking at other markets, China has 9.58 million, Indonesia has 3 million, Vietnam has 2.5 million, Cambodia has 730,000, Myanmar has 200,000 employees in RMG industry. This proves that Bangladesh has a large scale of RMG industry in South Asia,” Koji said.
RMG industry has fast changing trends with numerous products, so it is quite difficult to rely on automated production, Sagawa said, adding that a huge amount of labor in sewing is needed and the employment cost holds the key to the production cost.
Bangladesh Ambassador to Japan Rabab Fatima said, “Japan is our single largest bilateral development partner.” Bangladesh continues to grow steadily, supported by Japan’s government development assistance and private sectors’ investment, she said adding that, Japan is the largest donor country for Bangladesh, and Bangladeshi's trust toward Japan is extremely strong.
Bangladesh has made tremendous progress over the years both in terms of economic development and social advancements, the study said. “Today, as the 32nd largest economy, we are being recognized as one of the fastest growing in the world,” the report mentioned. Our annual GDP growth has been steady in the last decade, and was 8.13 percent this year. In fact IMF has just projected that Bangladesh will be the second fastest growing economy globally, the report said.
World Bank has ranked Bangladesh among the five fastest growing economies in the world. Asian Development Bank projected Bangladesh to log the fastest economic growth in Asia Pacific in 2019-20. Bangladesh has changed and the people are now witnessing the advent of a new Bangladesh.
Bangladesh's economy is growing at a steady pace under Prime Minister Sheikh Hasina's development and growth roadmaps, Vision 2021 and Vision 2041, which place an inclusive, knowledge-based and participatory development model at the center of all national development efforts aspiring to become a middle income country by 2021 and a developed nation by 2041.
