The World Economic Forum (WEF) has featured Bangladesh in its new video as the new “Asian Tiger” for its top economical performances in Asia over the past few decades.
The video was shared on Facebook on Wednesday.
The video shared on Wednesday states that Bangladesh’s economy has grown at an average of 6%, over the past 10 years, and that the nation is relishing such growth with the support of the textile industry which makes 80% of the country’s export.
Besides, Bangladesh has also taken 66% of China’s low-end manufacturing share in Europe.
However, the WEF also depicts that Bangladesh needs to develop the environmental and infrastructural investment in order to diversify out of the garment trade.
WEF reports, poor infrastructure hinders the transportation of goods across the country. In addition, more than 20% of the population is disconnected to the power grid. Therefore, companies often have to use their own back-up power generators because of the high vulnerability to blackouts.
The WEF also considers corruption as a major drawback for the country’s business sector.
According to Capital Economics, "more needs to be done on reducing corruption, simplifying customs procedures, making land acquisition easier, improving private sector companies’ access to credit and making the security situation more stable", so that companies can pursue their business without any obstacles.
On April 6, the Business Insider UK said that Bangladesh would be a potential candidate for being on the list of Asian Tigers which already includes countries like Hong Kong, Singapore, South Korea and Taiwan – the four countries that experienced rapid growth between the 1960s and 1990s.
The Bangladesh government targets to achieve an ambitious growth of 8% by 2020.
Also Read: Bangladesh: The new Asian Tiger