World Bank prediction on GDP trashed

Take steps to translate the words into action

The significant economic growth that the country has been witnessing over the recent years has been commendable to say the least. Government’s holistic approach is leading us to great economic achievements. 

As a small country, we are competing in terms of GDP growth with our friendly neighbour India from neck to neck. In some aspects we are even in a better position than them. According to recent data, per capita income of Bangladesh has now increased from $2064 to $2227. It is $280 higher than India’s per capita income which is $1947.

If the remaining economic complexities 

are removed it will bolster the already 

augmented GDP growth

In that continuity, government said the country is going to witness 6.1% GDP growth in contrast to World Bank’s 5.1% growth prediction for the fiscal year 2021-22. The way the macroeconomic trend has turned positive in May-June towards the end of the financial year, the government believes that we can achieve above 6.1 percent of GDP growth. 

More foreign direct investments should be attracted and exports should be maximised so that we can maintain a trade surplus. To attract more foreign investments in our resilient garment sector, government can target the companies which are recently shifting away from China, and if we can get part of it and attract some of those companies, that would be a good opening to diversify the economy too.

For a sustainable economic growth, government should consider making economic reforms. If the remaining economic complexities are removed it will bolster the already augmented GDP growth.