Per capita income drops to $2738 in Bangladesh

Bangladesh’s per capita income decreased by 46 US dollars and stood at $2738 in the fiscal year 2023-24, according to the final calculation by the Bangladesh Bureau of Statistics (BBS).

BBS data showed on Monday that the country's per capita income has been declining for last three consecutive years, according to media reports.

In 2021-22, it reached its highest at $2,793, before dropping to $2,749 in 2022-23. The downward trend continued in the latest fiscal year, with income falling further.

The primary reason for this decline is the rising exchange rate of US dollar. The BBS calculation for 2023-24 was based on an average exchange rate of Tk 111.06 per dollar reflecting the ongoing depreciation of Bangladeshi taka over the past two years.

Despite the decline in dollar terms, per capita income has increased in Bangladeshi taka. It has now surpassed Tk 0.30 million, reaching Tk 3,04,102 in 2023-24, compared to Tk 2,73,360 in the previous fiscal year.

The decreasing per capita income highlights the pressing need for comprehensive economic reforms to reverse this trend.

However, the country’s economy grew at its slowest pace in four years, with gross domestic product (GDP) expanding just 4.22 per cent in the FY24.