Bangladesh to become 20th largest economy by 2038
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According to the London-based Center for Economics and Business Research (CEBR), Bangladesh is poised to become the world's 20th-largest economy by 2038 due to continued economic growth.
CEBR predicts that annual gross domestic product (GDP) growth will accelerate to an average of 6.8% between 2023-24 and 2027-28.
Over the next 15 years, Bangladesh will continue to rise rapidly in the rankings of the World Economic League Table (WELT).
CEBR predicts that Bangladesh will register a sizable jump of 17 spots by 2038, from its current position of 37th. Bangladesh will climb to 3rd spot by next year and reach the 23rd spot by 2033. CEBR - has forecast economic growth in 192 other countries besides Bangladesh.
As of 2023 estimates, Bangladesh's purchasing power parity (PPP)-adjusted GDP per capita is $8,673, and is projected to be classified as a lower-middle income country. After the economy expanded by 7.1% in 2021-2022, growth is expected to moderate to 6.0% in the last fiscal year.
The sharp depreciation of the local currency, the rupee, and the rise in fuel and energy prices in the domestic market led to a significant increase in production and transportation costs. After that, this contributed greatly to the rise in consumer prices.
By 2023, inflation is projected to reach 9%, a significant increase over the average inflation rate observed over the ten years to 2021. In response to this inflationary pressure, Bangladesh Bank followed a tighter monetary policy and increased the policy rate to 6.50%. CEBR said there has been a paradigm shift in the overall monetary policy framework in Bangladesh over the past year. A transition from a monetary target framework to an interest rate target framework.
As a share of GDP, government debt rose to 39.4% in 2023, and 37.9% in 2022. The government has managed a high fiscal deficit of 4.5% in 2023. It has worked to boost the economy over the past month. CEBR said that the global economic outlook has become more uncertain than usual.
CEBR also said that India is set to become the world's third-largest economy by 2032 and eventually overtake China and the US to become the "world's largest economic superpower" by the end of this century.
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Source- The daily star
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10 个月Nice article. In 2021, the global population was 7.9 billion and is projected to reach 9.7 billion by 2050. Similarly (if inflation is not accounted for), the world's GDP was estimated at $101 trillion in 2022 and is likely to continue to grow at a historical annual rate of 3.5%. If this growth persists, the global GDP is expected to be around $260 trillion by 2050. According to the Carnegie Foundation, Brazil, Russia, India, China, Indonesia, and Mexico will experience an annual GDP growth of 6% between 2021-2050, potentially reaching $138 trillion in 2050. Assuming these nations invest 2% of their GDP in infrastructure development during this period, the cumulative expenditure could be approximately $45 trillion and would create an estimated 725 million jobs. Furthermore, many of these jobs, associated with infrastructure and essential services, are likely to require no more than a high school education. Hence, this investment is expected to have a significant impact on employment, particularly in countries with substantial working populations and a high Support Ratio. More about this topic: https://lnkd.in/gPjFMgy7
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