Bangladesh economy 41st largest in 2019: Study

FE Online Desk | Published: January 07, 2019 13:35:37 | Updated: January 13, 2019 16:54:42

Bangladesh is the 41st largest economy in the world in 2019, according to a UK-based think tank.

It is up by twp steps from last year, when the country was ranked 43rd largest economy, the Centre for Economics and Business Research (CEBR) said in a report.

The report forecast that Bangladesh would emerge as 36th largest economy in 2023, 27th in 2028 and 24th in 2033.

"We expect annual rates of GDP growth (in Bangladesh) to average 7.0% between 2018 and 2033. This will see the country climb 19 places in the World Economic League Table to become the world’s 24th largest economy by 2033," said the CEBR in its 10th edition report published in London in December last year.

According to the report, growth in Bangladesh’s economy is driven by domestic consumption expenditure, government spending, remittances and exports.

“Around 43% of Bangladeshis work in the agriculture sector, mostly producing rice and jute. Maize, vegetables and wheat play a smaller albeit growing role in the country,” it said.

“As for the economy, the report, however, said, “Bangladesh runs the risk of negating gains from its successful export sector through its growing appetite for imports. The current account tipped into a deficit in 2017, and this is expected to widen in 2018.”

“The government will also need to explore options on how to increase revenues in order to finance upgrades for infrastructure while maintaining the social safety net,” it added.

The report noted, “The country is further grappling with the Rohingya refugee crisis.”

With the United States on top of the CEBR’s World Economic League Table (WELD), China, Japan, Germany and India have led the chart as top five economies.

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