Bangladesh emerging as a bright spot in Asian economy
Dhaka, October 10, 2021: South Asia is slowly emerging from the terrible grip of the coronavirus epidemic.
The economy of the region is moving again after overcoming the stagnation. But it is difficult to heal the wounds that Corona inflicted on the economy a year ago.
But even in such a difficult time, Bangladesh has maintained positive growth in the economy by showing great achievements.
Needless to say, Bangladesh is the only country in South Asia that has seen positive growth in the 2019-20 fiscal year.
That trend of development may continue in the years to come.
In that case, Bangladesh will once again lag behind most of the countries in South Asia, including India, in GDP growth in 2022-23.
The latest report on the South Asian economy (South Asia Economic Focus) released by the World Bank on Thursday (October 8th) revealed this information.
According to the World Bank, only Bangladesh (July-June) GDP growth in the 2019-20 fiscal year has been positive at 3.5 percent.
At the same time, the growth of all other countries in the region was negative. In that fiscal year, India's (April-March) growth was minus 7.3 percent, Maldives' (January-December) minus 33.6 percent, Sri Lanka's (January-December) minus 3.8 percent, and Bhutan's (July-June) minus 0.8 percent. , Nepal's (July-June) economic growth was minus 2.1 percent and Pakistan's (July-June) economic growth was minus 0.5 percent.
According to the World Bank's forecast, Bangladesh will continue to grow at a promising pace in FY 2021-22.
At this time, the growth of Bangladesh may be 7.4 percent. Besides, the growth of Nepal may increase to 3.9 percent and the growth of Bhutan may increase to 3.6 percent. In that year, the growth of the rest of the region may slow down. At that time, India's growth could slow to 7.5 percent, Pakistan's 3.4 percent, the Maldives' 11 percent and Sri Lanka's to 2.1 percent.
India's decline will continue in the years to come. In other words, in the fiscal year 2022-23, the country's growth will be further reduced to 7.5 percent.
The growth of other countries will increase a bit. Continuing the trend of development that year, Bangladesh will once again surpass India in GDP growth.
In the fiscal year 2022-23, the growth of Bangladesh will increase to 7.9 percent. At that time, Bangladesh would be lagging behind only Maldives in GDP growth in South Asia.