👉Bangladesh Economy is Booming -- Could it become the next Asian Tiger ?

Bangladeshi economy is doing very well in recent times, growing about 8 percent per annum, and currently, it is one of the fastest-growing economies in the world. Being one of the fastest doesn't mean everything about business is good here as Bangladesh is continuously ranked almost bottom of the Ease of Doing Business Index made by the World Bank. The economy of Bangladesh is a developing market economy. It's the 39th largest in the world in nominal terms, and 29th largest by purchasing power parity; it is classified among the Next Eleven emerging market middle income economies and a frontier market. In the first quarter of 2019, Bangladesh was the world's seventh fastest-growing economy, with a rate of 7.3% real GDP annual growth. Dhaka and Chittagong are the principal financial centers of the country, being home to the Dhaka Stock Exchange and the Chittagong Stock Exchange. The financial sector of Bangladesh is the second largest in the subcontinent, although Bangladesh is one of the world's fastest-growing economies. It is usually overshadowed by regional superpowers India and Pakistan. But the nation, which was once called a "basketcase," is now being termed as the new "Asian tiger," all thanks to its economic growth. As for the first time, Bangladesh's GDP of $317 billion in 2019 has surpassed that of Pakistan. With a GDP growth rate three times that of Pakistan, Bangladesh is sure to increase this lead over Pakistan in leaps and bounds going forward. Bangladesh was carved out of Pakistan in 1971. The comparison of the two economies has since been of immense importance to economists. Having a rough start, Bangladesh had ends to meet during the early years of independence from Pakistan, but over the years, they saw a massive boom in their economy. Some economists also term Bangladesh as the next Asian Tiger while Pakistan has a fairly unstable economic situation. Not only that, but according to some experts, Bangladesh economy to outshine Malaysia, Singapore, Hongkong by 2024. Welcome to The Atlantis Report. The economy of Bangladesh is a developing market economy. It's the 39th largest in the world in nominal terms, and 29th largest by purchasing power parity; it is classified among the Next Eleven emerging market middle income economies and a frontier market. Bangladesh is a country that was once called bottomless basket now being termed as new Asian tigers. Bangladesh now becomes 2nd fastest growing economy in 2020. Bangladesh's GDP is continuously rising and is rising very fast, like the last one decades its average GDP was 6.50%, which is a remarkable achievement. Also, there is some mega project like Padma bridge, metro rail, many expressways, seaports, airports, and so on after these projects are complete, Bangladeshi's GDP growth could go above 10%. Bangladesh's economy has grown roughly 6% per year since 1996 despite prolonged periods of political instability, poor infrastructure, endemic corruption, insufficient power supplies, and slow implementation of economic reforms. Although more than half of GDP is generated through the services sector, almost half of Bangladeshis are employed in the agriculture sector, with rice as the single-most-important product. Bangladesh is emerging from a low-income to lower-middle-income status, but it is too dependent on the heavily subsidized Ready-Made Garment (RMG) sector, which totally dominates their export pattern and accounts for millions of jobs. Export was $42 billion in the past fiscal year, and in this fiscal year, there is a high chance that it will touch or even surpassed $50 billion, which is higher than the target of $44 billion set by the government. The increase of the immigrant's remittance, Garments export, Shipbuilding, Boost on the Pharma, IT, and Electronics export are the main reasons! Also, the successfully established Green Factories in the Special Economic Zones are also making a huge impact [good impressions] to the foreign investors to invest in Bangladesh. The government has given land to India, China, Japan, Korea to set up their own Special Economic Zones for attracting investors from their countries to establish industries. Thanks to the prime minister Sheik Hasina for stopping religious radicalism, and also taking steps to aid the private businesses. Tax-free import of raw materials and constant electricity. Before she took power, a lack of electricity harmed the manufacturing sector. Now Can Bangladesh meet the huge infrastructure deficit which threatens to undermine the process of urbanization and transition to a more diversified economy? To reach its full potential and attain sustainable double-digit growth, Bangladesh needs to keep on improving its road, rail, and water infrastructures. The electricity and energy sector should continue to get the highest priority, and most importantly, the bureaucratic red tape should be removed through continuous reforms. According to the World Bank, one of the most densely populated countries in the world, with a population of 100 million, Bangladesh's extreme poverty rate has dropped to 12.5 percent in 20 years. World Bank President Jim Young Kim praised Bangladesh's major development in poverty alleviation, where the poverty rate has dropped from 8.2 percent in the year 2006 to 7.6 percent in 20 years. Bangladesh is making unprecedented progress in reducing its poverty rate, and according to the World Bank, Bangladesh has a great opportunity to eradicate extreme poverty by 20 years. One of the leading causes of poverty is local corruption and an inept government that has played little role in building infrastructure and good law. One of the major causes of rural poverty is the geographical and demographic characteristics of the country. A large part of the country is located in low lying areas and is at risk of flooding. Many rural poor people live in places that are subjected to annual floods, and that causes massive damage to their crops, homes, and livelihoods. In order to rebuild their homes, they often have to resort to moneylenders, which leads them into deeper poverty. In addition, these natural disasters cause cholera, diarrhea, and other waterborne diseases. Dengue and malaria reduce their physiological and their productivity levels. Another reason for rural poverty is the rapidly rising population rate. This creates huge stress on the environment, causing problems like erosion and floods, which in turn reduces productivity in agriculture. The causes of urban poverty are limited employment opportunities, declining environment, poor housing, and sanitation — the urban poor work as laborers, which affects their health status. Therefore, the urban poor is in a difficult situation to survive poverty. About 5% of the country is located in the flood plains of the Ganges, Brahmaputra, Meghna, and other small rivers, resulting in the outbreak of floods. GNI per capita gross national income (GNI) is surprisingly well below the 120 US Dollar, while per capita GNI purchasing power equals US $ 1 US. This is a scandalous figure compared to other developed economies. Although the poverty rate in Bangladesh has decreased, the work is being done at a slow rate of less than 2% per year. 5% of the population is still below the poverty line. Poverty is a factor because it affects many factors of growth - education, population growth rate, employment, and public policies. Poverty is most concentrated in the rural areas of Bangladesh and therefore creates discrimination between rural and urban areas. However, urban poverty is also a problem. Hasina and co are one of the most corrupted regimes in the world. If Hasina is not in power, the growth of the country will increase significantly. In reality, the people of Bangladesh are not benefiting from this growth. Only Hasina and her party activists are benefiting . The condition of democracy in Bangladeshi is in crisis. In the last few years, the condition is worsening. From educational institutes to any organization, government, and non-government, people who are close to the ruling party are at the top of the hierarchy. The University of Dhaka, also known as the birthplace of democratic resistance, is currently going through a severe crisis situation. The real crisis is exposed to the public when the vice president of the Dhaka University Central Student Union, Nurul Haque Nur, is assaulted in front of his office at the campus. Later, a case of attempt to murder was launched against him, the victim, in connection to this. Public university students are being tortured in residence halls in the name of ragging and guest-room culture. Public universities of Bangladesh have a strong relationship with democratic resistance, and that legacy is being hampered because scopes of freedom of expression in these institutes are increasingly shrinking. In such a crisis of democracy, student politics and resistance are no longer showing us any hope of light. Moreover, people’s vote to right, a basic concept of democracy in Bangladesh, is damaged. The ruling party Bangladesh Awami League is holding power with muscle. The proof is the last two national elections — January 5, 2014, and December 30, 2018. .Now, a pillar of independence, democracy, is at risk. When Bangladesh is at an important phase, democracy is going through a severe crisis. At the end of 2019, police brutality on Left Democratic Alliance protests and Awami League Activist’s assault on a program in Sylhet protesting the attacks on Dhaka is giving hints to something new. 2020 will be a year full of incidents. The major duty of every citizen should be restoring democracy at any cost and dispelling autocratic tendencies from power quarters. Let this year be the year when autocracy is uprooted. 28% of the nation is forecast to be below sea level by 2100, including the whole of Dhaka, which rather hinders the developed bit. A 3 to 4-celsius degree average temperature rise and an associated >6m sea-level rise is forecast by some for this century, so much of the country may be below the waves by 2070 and or susceptible to flooding well before. So things aren’t looking good before you start to crunch the numbers. This was The Atlantis Report. Please Like. Share. And subscribe. Thank You
















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