The government has approved a new visionary perspective plan to achieve the status of a developed country by 2041. Highlighting the target to eliminate extreme poverty by 2031 and moderate poverty by 2041, Bangladesh will be a prosperous developed country compatible with the modern world.
Besides, the plan has a target to grow the GDP at 9 percent by 2031 and 9.9 percent by 2041. Planning Minister MA Mannan disclosed the above information while presenting details about the new perspective plan at a post-meeting press briefing at the planning commission in the city’s Agargaon area on Tuesday.
Approval of the plan came on the day from the National Economic Council (NEC) meeting, presided by the Premier Sheikh Hasina at the NEC conference room. “By 2030, the country is predicted to be free of poverty as the government has outlined several special initiatives to eliminate poverty,” said Mannan adding that the information is an outline of the economy to eliminate poverty ensuring development.
“Implementation of the plan will bring down extreme poverty rate to below 3 percent by 2031 and moderate poverty to below 3 percent by 2041 as well,” he added. Mannan said, “The government wants to ensure transparency, good governance and to develop human capital to ensure sustainable development of the country.”
He mentioned, "The country's second perspective plan will guide the government to achieve the status of a developed country, adding, “This plan will help to achieve the developed country status by 2041, raising the per capita income to $12,500.” Mannan further said, “The new plan will put emphasis on developing skilled human resources, technology, energy, power, transportation, good governance and empowering the local governments.”
General Economics Division (GED) member of the Planning Commission Dr Shamsul Alam termed the plan as historic and dream document for the country which gives a guideline where Bangladesh would have tremendous socio-economic growth within the next 20 years. He said the meeting also underscored the need for highlighting the issue of reducing the income inequality and rich-poor disparity.
The document of the plan highlights that the country’s export earnings is expected to reach $150 billion each year by 2031 and $300 billion by 2041. The 2nd Perspective Plan also aims to contain the inflation at 4.7 percent in FY 2031 and at 4.4 percent in FY 2041, to raise the investment ratio to 40.6 percent of GDP in 2031 and 46.9 percent of GDP in 2041.
The 229-page document having 12 chapters also aims to raise the national savings ratio to 41 percent of GDP in 2031 while 46.7 percent of GDP in 2041, to raise the revenue ratio to 19 percent of GDP in 2031 and thus lift it to 24.1 percent of GDP in 2041. The Plan also eyes keeping the gross government expenditure at 24.4 percent of GDP in 2031 while keeping it at 29.6 percent of GDP in 2041.
The Plan also projected that the expected life expectancy of the country’s people will increase to 75 years in 2031 while to 80 years in 2041 and the population growth will remain at 1 percent both in 2031 and 2041. Prime Minister Sheikh Hasina gave some instructions at the meeting including preparing documents in Bangla, the documents included data of 2017 as base year and using data from 2019.
She also ordered to prepare final report within one month, to give more emphasize on Internet of Things (IoT), blockchain technology, Artificial Intelligence (AI) and to meet the challenges of fourth industrial revolution. She also emphasized on conducting research on agriculture to diversify product in order to mitigate the challenges arising due to climate change and to expand coverages on social security programmes.
