Bangladesh GDP grows at 6.91 per cent

Dhaka:The Bangladesh economy registered an impressive 6.91 per cent growth in the financial year 2020-21 exceeding the provisional estimate by 1.51 per cent, according to the Bangladesh Bureau of Statistics (BSS). The GDP growth rate in 2019-20 was 3.45 per cent. The accelerated growth rate has taken place on the back of the rebound in the industrial sector, especially the cottage, small, medium and large industries. The information was shared at the meeting of the Executive Committee of the National Economic Council (ECNEC) chaired by Prime Minister Sheikh Hasina on Tuesday. The industrial sector showed a sharp rise in growth rate from 3.61 per cent in FY 2019-20 to 10.29 per cent in FY 2020-21. Within the industrial sector, micro, small and medium industries grew at 13.89 per cent in FY 2021 from 6.03 a year earlier. Agriculture grew at 3.17 per cent, showing a decline from 3.42 per cent in 2019-20. The Services sector showed an increase from 3.93 per cent in 2019-20 to 5.73 per cent in 2020-21. The size of Bangladesh GDP stood at $416 billion compared to $411 billion in the primary estimate. The per capita income of Bangladesh now stands at $2,591, rising from the previously estimated $2,554. The GDP growth figures are higher than those estimated by international organisations. The IMF had estimated the growth rate to be 4.6 per cent and the Asian Development Bank (ADB) at 5.5 per cent for the FY 2020-21. The World Bank had estimated Bangladesh growth rate for 2020-21 to be 5 per cent. Planning Minister M A Mannan called it a miracle amid the pandemic while most other countries suffered a reduction in GDP. State Minister for Planning Prof. Shamsul Alam said the impressive GDP growth rate has come on account of higher exports and remittances. UNI MAZ MR

Leave a Reply