- The Citi group has listed Bangladesh as one of the most growth prospective 11 countries until 2050. The JP Morgan has labelled Bangladesh as one of the ‟Frontier Five‟ economies with high potential to become an attractive destination for investment as well. Besides, according to the latest report of the Pricewaterhouse Coopers, Bangladesh will become the 23rd largest economy in the world by 2050 (Bangladesh ranks 38th now).
- Bangladesh GNP stands at US Dollar 205 billion. The service sector accounts for 51% of GDP, the industrial sector 30% and agriculture 19%. Bangladesh is a major agricultural producer, particularly in the production of rice (4th), fisheries (5th), jute (2nd), tea (10th) and tropical fruits (5th). Major industries include textiles, pharmaceuticals, shipbuilding, steel, electronics, telecommunications, energy, fertilizer, cement, leather, food processing and ceramics.
- Bangladesh has sustained a GDP growth rate above 6% over the last six years. The central bank reserve is on the rise and it is now over US$ 25 billion. The per capita national income of Bangladesh is now US$ 1,314. According to World Bank, Bangladesh has now been upgraded from its status of low income country to lower middle income country.
- Bangladesh’s exports amounted to US$ 31.2 billion in the fiscal year 2014–15. About 80% of export earnings came from the textile industry, which is the world’s second largest textile exporter (after China). Remittances from the Bangladeshi diaspora and overseas workers provide foreign exchange earnings, accounting for US$ 15.31 billion in FY 2014-15.
- Bangladesh economy is substantially integrated regionally and globally. Its membership in SAARC, BIMSTEC, BMIC and D-8 and its contiguity with ASEAN bode well for its potential for becoming a economic hub in the region. The duty free status of Bangladesh in the major markets of EU, Canada, Australia and so on makes Bangladesh a ideal place for investment.
BALANCE OF TRADE
|(In million US$)|
(Sources: Bangladesh Bank for import and Export Promotion Bureau for export)
- In 2012, Bangladesh peacefully resolved the maritime dispute with Myanmar through arbitration under the International Tribunal for Law of the Sea (ITLOS). Similar resolution of maritime boundary with India was achieved at the International Court of Arbitration in 2014. This has extended Bangladesh’s rights to 118,813 square kilometers in the Bay of Bengal and has opened enormous opportunities for exploration of gas and petroleum and other offshore resources including deep sea fishing.
- Bangladesh has repeatedly demonstrated its resilience to overcome crises. Today, despite the world’s financial and economic crisis, frequent natural disasters like floods, droughts, cyclone and tidal bores as well as being particularly vulnerable to climate change and environmental degradation, overpopulation, the development growth of this country is remarkable. Bangladesh is steadily moving towards becoming a middle -income country by 2021, the year when Bangladesh will celebrate the golden jubilee of her independence and as envisaged in the Vision 2021.