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BD to be among top drivers of global economic growth

Published : 21 Oct 2019 09:28 PM | Updated : 07 Sep 2020 10:23 PM

Bangladesh is among the 20 countries which are expected to be top drivers of global economic growth not only in 2019 but also in the next five years, according to a Bloomberg study made public on Monday. The global economy, weighed down by tensions that have stalled international trade and heightened uncertainty, is expected to see slower growth in the next half decade across a wide swath of economies.

Weaker global growth, expected to fall to 3% this year and the slowest since the global financial crisis in 2008, will affect 90% of the world, according to estimates released this week by the International Monetary Fund. Bloomberg used International Monetary Fund projections, adjusted for purchasing power parity, to identify the 20 countries which are expected to drive world economic growth engines in the next five years.

Bangladesh occupies 18th place among the 20 countries, including India, which are projected to contribute 78.5 per cent global GDP rise in the next half a decade. Bangladesh also figures in the list of 20 countries which will contribute 85.8 per cent of global growth in 2019 and is placed 17th among them.

The Bloomberg projection comes on the back of Bangladesh’s impressive year-on-year economic growth under Prime Minister Sheikh Hasina’s government in the last decade. It is also a ringing endorsement of the economic policies and initiatives pursued by the Hasina government.

The U.S., while still expected to contribute a sizable portion to world growth, is projected to fall to third place, after India. America’s share of global growth is expected to slip from 13.8% to 9.2% by 2024, while India’s share is projected to rise to 15.5% and eclipse the U.S. over this five-year period.

Indonesia will remain in the fourth spot as its economy is expected to have a 3.7% growth share in 2024, a slight downward adjustment from 3.9% in 2019. The U.K. will see its importance wane amid Brexit as its economy drops from ninth as a share of world growth in 2019, to 13th.

Although world GDP growth attributable to Russia is at 2% now and expected to stay there in five years, the country is likely to displace Japan as the number five growth contributor. Japan will fall to the ninth spot by 2024. Brazil is projected to move up from No. 11 to No. 6. Germany’s share of growth is expected to remain at 1.6% and 7th on the list.

Besides Bangladesh, the 19 countries which are projected to dominate the world GDP growth in the next five years are: US, China, India, Japan, Germany, France, Russia, UK, Brazil, Indonesia, Malaysia, Egypt, South Korea, Egypt, Spain, the Philippines, Thailand, Poland, Canada and Vietnam.

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