Bangladesh (An update)
Economic growth in Bangladesh was resilient in Fiscal Year 2015 despite political protest that hindered exports and private investment. Global headwinds notwithstanding, growth is expected to edge up in the next 2 years on steady expansion in garment exports. The goal of graduating from low- to middle-income status requires much higher investment and thorough reform to improve the business environment, boost budget revenue, and strengthen financial discipline. Read more from Asian Development Outlook 2016
- GDP growth in Bangladesh picked up to 6.6% in FY2015 from 6.1% in FY2014.
- Bangladesh economy to grow 6.7% in FY2016 on strong garment exports, rising consumption.
- Bangladesh is now the world's second-largest garment exporter after the PRC.
Reductions in Poverty and Inequality
Alongside the progress in education, health, and gender equity, Bangladesh is also in the midst of a growth takeoff that has reduced poverty and doubled per capita income (measured at purchasing power parity) since 2002. The Bangladesh government deserves praise for putting in place the essential preconditions that have allowed private sector dynamism to fuel economic growth over the last two decades. Structural reforms in the 1980s and 1990s led to broad macroeconomic stability and low fiscal deficits. This allowed the banking system to cater primarily to private investment needs and caused a significant rise in the investment-to-GDP ratio (currently at 27% of GDP). Successive governments have also had considerable success at keeping inflation at a moderate level. Bangladesh has not managed to attract high levels of foreign direct investment (FDI), but the strong performance of remittance inflows has taken on the role of FDI in bolstering the foreign exchange account and smoothing out fluctuations in GDP due to varying domestic economic conditions.
Persistent poverty is without a doubt an important issue for Bangladesh, but perhaps less so than for many other developing countries.Persistent poverty is without a doubt an important issue for Bangladesh, but perhaps less so than for many other developing countries. There are fewer class- and ethnicity-based barriers to social mobility than in many other developing countries, and the benefits of economic growth have tended to reach most levels of society, including the very poor. The main stimulus to economic growth in the country has come from labor-intensive garment exports, a vibrant and dynamic private sector, micro-and small-scale enterprises in manufacturing and services, remittances from migrant workers, and rise in the size of middle class. Moreover, estimates for the period from 2000 to 2005 suggest that the process of increasing income inequality that many other developing countries have experienced has actually slowed down or even reversed in Bangladesh.
Road to Middle-Income Status
Bangladesh has earned a reputation in the global market for low-cost, high-quality manufacturing through its garments sector. The impact of this reputation was demonstrated by the fact that the exports of readymade garments from Bangladesh rose by a sharp 19.95 percent year-on-year during the first half of financial year 2013-14, defying various odds like image crisis and political instability prevailing during the period. Due to recent increases in wages in China and India, it is likely that manufacturing in other industries may also shift to Bangladesh in the next few years, including in pharmaceuticals, plastic and ceramic goods, leather goods, shipbuilding, and light machinery (such as bicycles and batteries). An emerging export-based IT sector will also contribute to growth.
Diversification in the country's export profile may be complemented by increased access to major markets in the region, including India and China. India has already offered duty-free market access to nearly all Bangladeshi products, and China has indicated that it may expand zero-tariff facilities to 95 percent of Bangladeshi goods. The manufacturing and service industries will also be supported by robust growth in domestic demand, which will come about as Bangladesh reaps a "demographic dividend" of increased labor supply, lower dependency ratio, and increased savings. The major challenges seem to be the political stability, predictability of policy environment, competent bureaucracy, and quality of education.
The government and the people of Bangladesh have their eyes fixed on the horizon, working hard to realize the twin dreams of eradicating extreme poverty and achieving middle-income status by 2021. The country's success in achieving the Millennium Development Goals has shown that this is not only possible, but highly likely.
So, really Bangladesh has been ranked eighth as happiest country among 140 nation and specially the most aggressive and fast growing country in Asia. People need to be really positive, need to improve bad attitude, need to take consultancy / corrective measures to develop cognitive function from early mental retardation. People of Bangladesh are looking for better job, better accommodation, rehabilitation in other modern and developed countries like USA, England, Switzerland etc but not really in India now a days. People relly need to change their old and rotten mis-conceptual thoughts.
We really expecting the highest growth and development of total Asia to dominate the world in near future.
Thank you all. Best of luck....take care...
saimul
Bangla Desh may be greener than India, but that alone does not make the people of the country happy. Definitely there is some thing wrong with the criteria for determining the happiness of people. If Bangla Desh is better than India for 'sustainable well being" which makes the people happy, why so many Bangla Deshies come to India to do menial jobs to make a living.
In the ranking of happiness according to UN sponsored study, Bangla Desh ranks 110.
T.M
From: keep_mailing@googlegroups.com <keep_mailing@googlegroups.com> on behalf of saimul <saimul.unigroup@gmail.com>
Sent: Monday, August 1, 2016 9:36 PM
To: keep_mailing@googlegroups.com
Subject: [ ::: ♥Keep_Mailing♥ ::: ]™ Bangladesh has been ranked eighth greenest and happiest country among 140 nationsNews Desk, bdnews24.com
Published: 2016-07-31 14:38:27 BdST
Bangladesh has been ranked eighth greenest and happiest country among 140 nations.
UK-based New Economics Foundation (NEF) released its 'World Happiness Report' on Friday, where it said Bangladesh has scored 38.4 points.
Costa Rica tops the index with a score of 44.7 points while Chad at the bottom with 12.8 points.
"The Happy Planet Index measures what matters: sustainable wellbeing for all. It tells us how well nations are doing at achieving long, happy, sustainable lives," reads the website developed by NEF for the report.
It says that four factors—wellbeing, life expectancy, inequality of incomes and ecological footprint—have been considered for calculating the 'Happy Planet Index.'
The report said that Bangladesh has made 'sustainable progresses' in human development in the last 25 years.
Bangladesh was in the top 10 countries worldwide in 2014, employing people in the renewable energy sector, it said.
"Bangladesh's wellbeing and life expectancy scores are fairly low, yet they are significantly higher than those of countries with similar levels of GDP per capita."
With a life expectancy rate of 70.8 years, Bangladesh has been ranked 81st among the 140 countries in this category.
But it has been ranked second in the issue of ecological footprint.
"What Bangladesh manages to achieve with this very low environmental impact is remarkable," the report says.
Wealthy Western nations, however, faired poor in the ranking.
The UK ranked at 34, Germany 49, Japan 58, China 72, Australia 105 and the US 108.
Bangladesh tops the list among South Asian countries with Sri Lanka at 28, Pakistan 36, Nepal 42, India 50, Bhutan 56 and Myanmar 81.
But it's Bhutan which lists Gross National Happiness as its national goal and prioritises happiness rather than wealth as the benchmark for the country's progress.
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