Bangladesh remains a compelling growth story, despite the global pandemic, economists opined
Leading economists of Standard Chartered have observed that growth will be sustained by over 7% in FY22-26 and this should drive Bangladesh's GDP up to $500 billion and per capita to $3,000 by FY26.
Bangladesh remains a compelling growth story, despite the global pandemic, they opined.
Members of the bank's global research team were speaking at a media session held today following the 2021 Bangladesh session of the Bank's Global Research Briefing series, said a press release.
Planning Minister MA Mannan graced the event as the chief guest, while around 300 of the bank's clients joined via video conferencing during the virtual event.
In his speech, MA Mannan said: "The people of Bangladesh, including the government and our business community, have once again demonstrated our tremendous resilience ensuring that our shared development journey might have slowed, though it has not been halted. We remain as committed as ever in fostering a business-friendly climate so that we can continue on our journey of inclusive progress and prosperity."
Global Head of Research and Chief Strategist of the Standard Chartered Eric Robertsen said: "While the pace and distribution of global recovery remain highly uneven, Bangladesh has made a strong comeback with one of the highest GDP growths in the world in 2020. A robust vaccination program and implementation of strategic infrastructure projects are expected to further increase momentum towards the nation's LDC graduation".
Standard Chartered Economist for South Asia Saurav Anand said: "Bangladesh's economy is set to accelerate after a speed bump, with GDP growth forecast at 5.5% in FY21 and 7.2% in FY22. The momentum will be driven by an export demand recovery, strong remittance inflows and public investment. Policy support is a prerequisite for a smooth transition to middle-income status, with per capita GDP set to reach $3,000 by FY26."
Chief Executive Officer of the Standard Chartered Bangladesh Naser Ezaz Bijoy said: "The government of Bangladesh has navigated the internal and external challenges of the pandemic remarkably well. The resilience of Bangladesh economy gives us cause for optimism. As the vaccination drive continues, the economy is set to accelerate, while lower debt levels compared to its peers provide a medium-term fiscal runway for growth.”
“There are significant opportunities for productivity gains through technology adoption, technology inclusiveness through mobile-based solutions and the ITES sector, while growth-supportive policies focus sectors will continue to spur private investment and FDI," he added.