Bangladesh has achieved remarkable economic development and become a role model for countries all over the world. The present government has implemented various programmes for building an economically advanced country. The consistent growth of the country is complemented by an increase in per capita income, lower poverty rate and improved standard of living.
Due to the country’s remarkable growth in a relatively short time, multinational corporations and development companies are ready to invest in Bangladesh as they predict further growth and prosperity. Bangladesh’s phenomenal growth has been accentuated by key infrastructure development projects and timely initiatives of the government.
The country has targeted to officially reach the status of a middle income country by 2021 and a developed country by 2041. The public sector is central to Bangladesh’s development journey. It has been notably successful in bringing in foreign investment as well as foreign revenue in terms of imports. The private sector is now being considered as the catalyst of Bangladesh’s economic growth journey.
Due to the country’s remarkable growth in
a relatively short time, multinational corporations
and development companies are ready to
invest in Bangladesh as they predict
further growth and prosperity
Moving ahead, the private sector and government must collaborate closely in order to tackle the challenges and utilize opportunities. Of particular importance in the development journey are the agriculture sector, industrial sectors like readymade garments, leather, pharmaceuticals, energy and power as well as service sectors like banking, capital market, ICT, etc.
Bangladesh is the 32nd largest economy in PPP terms and the 43rd largest in nominal terms, according to World Bank reports. Currently it is one of the fastest growing economies in the world with a GDP growth of 8.13 percent. A structural transformation is currently taking place in the country’s economy and the effects are reflected in nearly all sectors, from agriculture to industry and service sector.
The government must properly utitlize the growth rate of the country and should further strengthen the infrastructure in order to ensure uninterrupted development. Attention must be paid to the crucial sectors which are contributing to the economy. Newer sectors and those which are falling behind should also be emphasized to ensure uniform growth.
