Story of Bangladesh’s Economic Leap

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IMF projection back in March this year

 

The world has a lot to learn from the development leap of Bangladesh. Once the so-called bottomless basket has now turned into an overloaded basket. Bangladesh gained independence just half a century ago. The country was devastated back then. The then richer and more powerful Pakistanis reaped all the profit the Bangladeshis made and treated them awfully. Bangladesh as a country was prey to deprivation since it was together with Pakistan and was called East Pakistan. Even the history before that was not so charming for Bangladesh. It was ruled by the British for so long as 200 years.

Many might not want to take that deprivation, discrimination into account. But, it was significant. Well, we will see how.

Bangladesh, then Bangla was one of the richest zones back then around 400 years from now. Our capitals Kolkata and Dhaka were hotspots for business, culture, excellence, etc. It was also one of the most desired and habitable places in all of the world. So, the British made most of the profit from this region alone. It was so like this part of Bangla what we call Bangladesh today was deprived even more. As the input from both the parts of Bangla was nearly the same but this part was mostly overlooked as we had egoism in store for us quite a lot. As a result, this part of Bangla could not receive the same amount of output in turns of return.

With that being said it is clear that Bangla was way richer than many rich parts of the world let alone the South Asian counterparts. So, Bangladesh had a hard time in history and suffered quite a lot.

After the independence Henry Kissinger, then US Secretary of State coined the term “basket case” and compared Bangladesh with Bottomless Basket.

Now, let’s dive into the present leaving all these past experiences behind. Bangladesh’s GDP per capita raises to $2,227 growing at a rate of 9 percent. Its neighbors in the region have now fallen way behind Bangladesh. 70% richer Pakistan is now 45% poorer than Bangladesh. Pakistani experts even think that they might need to seek a loan from Bangladesh as early as 2030.

India was so confident that it was considered as the only economy that mattered. Now Bangladesh has joined the league.

Bangladesh is emerging as a new strong economy in the region. It is progressing and progressing fast. Bangladesh might even give up the GSP privileges by 2026.

Bangladesh has already decided to give loans as its foreign reserve is so promising now. As its economy matures over time it is more likely that soon Bangladesh will give loans to many other countries as well.

Bangladesh is slowly ascending in economic order. It already has shown sustainability and better growth than its neighbors. Soon it may well surpass all the nations of South Asia. The other three countries that are currently ahead of Bangladesh are Bhutan, Sri Lanka and Maldives do not have as densely a population as Bangladesh. That’s why they are a bit ahead in terms of GDP per capita income.

Bangladesh experienced this growth as pillars like exports, social progress, and prudence in fiscal decisions are wisely taken by Bangladesh. In near future, Bangladesh will do even better and reach predictions even faster than estimates suggest.

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