Tuesday, 18 January, 2022

Bangladesh economy grows 4 times in 12 yrs: Kamal

  • Staff Correspondent
  • 3 January, 2022 12:00 AM
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Bangladesh economy grows 4 times in 12 yrs: Kamal

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Bangladesh economy grew four times in the last 12 years thanks to better planning and its execution under the leadership of Prime Minister Sheikh Hasina, Finance Minister AHM Mustafa Kamal said on Sunday.

“The country’s economic achievement in the last 12 years is quite extraordinary,” Kamal remarked while addressing an event of Economic Relations Division (ERD). 

“Bangladesh economy took 38 years to reach $100 billion mark. In contrast, it grew four times to $411 billion in the last 12 years driven by proper planning and its execution. By next fiscal, it would reach $500,” he said.

By 2030, Bangladesh will be able to end hunger and poverty, and by 2031, it will be escalated to a higher-middle income country, the minister said.

He noted that the Centre for Economics and Business Research of the UK in a recent study showed that Bangladesh will be the 24th largest economy of the world by 2036.

In 10 years before corona, Bangladesh registered 188 percent growth. Even amid the corona crisis, when the global economy shrank 3.1 percent, Bangladesh’s all economic indicators showed an uptrend, he noted.  

In the last 12 years, the rate of poverty and extreme poverty was halved, literacy rate rose from 54 percent to 75 percent, while nearly 21 million new jobs were created and per capita income also rose four times from $686 to $2,554, the finance minister informed the event.

Meanwhile, remittance increased three times from $7.9 billion to nearly $25 billion, exports also rose three times from $14 billion to $45 billion and reserve grew by seven times from only $6.1 billion to $47 billion and it is expected to reach the $50 milestone soon.

On November 24, the UN finally approved the LDC graduation proposal for Bangladesh, which the government has decided to celebrate as a great achievement for the whole nation.

The year 2021 was an important year for the nation as we simultaneously observed the birth centenary of Father of the Nation Bangabandhu Sheikh Mujibur Rahman and the 50 years of independence and Victory.

“With these historic events, the country graduated from the LDC group in the same year, which was the most important achievement after independence. So, it will be marked as a golden year for the nation,” Kamal noted.

Speaking on the occasion, ERD Secretary Fatima Yasmin said the LDC graduation was an outcome of judicious financial management.

The country’s foreign aid dependency has now come down remarkably as grants portion in aid slipped from 88 percent after independence to only 4 percent.

She also mentioned that Bangladesh is now building Padma Bridge with own resources and even money is being lent to some other countries.