Economy of Bangladesh: It Simply Keeps growing

Bangladesh is one of the growing fast economies in the world. Now-a-days, all of its economy indicators including per capital income are rising fast. According to the IMF, Bangladesh's economy is the second fastest growing major economy of 2016, with a rate of 7.1% GDP growth. Now Bangladesh is the 31st largest economy by purchasing power parity and 42nd largest economy in the world in nominal terms. The provisional GDP growth rate for consecutive three years (2016, 2017, 2018) indicates that Bangladesh's economy is expanding in real sense. In recent years, Bangladesh has become one of Asia's most remarkable and unexpected success stories.

Presently, the per capita income of Bangladesh has become $1751 which helps us for being the middle income country leaving the group of least developed countries group. In health and education index: Bangladesh strides a long way making the average life expectancy by above 70 years. Our GDP size increased to Tk. 22.5 trillion ($274.11 billion) in fiscal year 2017-18, rising from Tk. 19.76 trillion in fiscal year 2016-17. According to the Bangladesh Bureau of Statistics, in the fiscal year 2017-18, the contribution of the agriculture sector to the country's GDP was 13.82% and 50% respectively. It also published that the GDP growth was 6.55% in fiscal year 2014-15, 7.11% in 2015-16 and 7.28% in 2016-17.

The overall development of a nation largely depends upon the amount of investment. The more the investment a country receives, the more the development will take place. According to the recent • studies, the investment to GDP ratio increased at 31.23% where 7.97% is public investment and 23.36% is private investment.

HSBC's long-term growth model projections showed that the real GDP growth of Bangladesh would be 7.1% per year up to 2030, the highest among the 75 countries. The country is projected to grow 7.3% from 2018 to 2023, 7.0% from 2023 to 2028 and 7.2% form 2028 to 2033. According to this report, Bangladesh will be a $700 billion economy in 2030 from $300 billion now.

The following chart published by the HSBC shows that Bangladesh will be the biggest mover in global GDP ranking in 2030.

Project ranking changes by 2030 compared with 2018.

Source: HSBC Estimates and Projections.

In fine, to write the writing up, it can be said that the economy of Bangladesh is rising fast due to the on going development activities as well as the tireless effort of industrious people