Bangladesh economy moves up 14 places on World Bank, IMF scale in two years

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The World Bank and International Monetary Fund think Bangladesh economy, which has been maintaining over 6 percent growth, is gradually gaining a strong footing.

According to WB’s World Development Indicators Database and IMF’s World Economic Outlook, Bangladesh advanced 14 steps from the 58th position to 44th in the world economy in the last two years.

Planning Minister AHM Mustafa Kamal presented the reports of the two global lending agencies at a meeting of the Executive Committee of the National Economic Council (ECNEC) on Tuesday.

Prime Minister Sheikh Hasina presided over the meeting.
According to the WB and IMF reports, Bangladesh economy ranked 58th in the world with a GDP of $149.99 billion based on current price in 2013.

In 2015, the GDP grew to $205.3 billion taking Bangladesh to the 44th position in the world economy.

The WB and IMF published the reports in April.

After the reports were presented at the ECNEC meeting, the prime minister said: “We maintained over 6 percent GDP growth in the last six years. It’s really an outstanding achievement for us.”

The planning ministry in a media statement quoted her as telling the meeting: “Everybody has contributed to this achievement. I hope the economy will continue to surge ahead.”

Hasina stressed structural changes with ‘proper management’ of the resources the nation had.

Indian Prime Minister Narendra Modi during his recent Dhaka visit also described over 6 percent growth for last several years as ‘outstanding’.

After the ECNEC meeting, the planning minister said: “Our position in the global economy is improving by the day. We’re benefiting from the over 6 percent GDP growth for six years on a row.”
Bangladesh’s economic advance has pleased the World Bank’s Dhaka office Chief Economist Zahid Hossain.

He told bdnews24.com the progress had brightened Bangladesh’s image in the international arena.

“Foreign investors will now show their interest to bring funds into Bangladesh. It will play a positive role in securing foreign loan and aid,” he added.

The US economy maintained its top position in the world in 2015 with a GDP of $18.12 trillion. It was followed by China ($11.21 trillion), Japan ($4.92 trillion) and Germany ($3.41 trillion).

In 2013, the GDP of the four countries was $16.77 trillion, $9.24 trillion, $4.21 trillion and $3.73 trillion respectively.

The United Kingdom now ranks fifth and France sixth.

According to the reports, India moved three places to seventh position from 10th. The South Asian country’s GDP stood at $2.31 trillion in 2015.

The reports suggest Bangladesh surpassed Vietnam, Tajikistan, Portugal, Qatar, New Zealand and Peru.