According to the report published by World Economics, as of June 2023, out of 32 countries in the Asia Pacific, Bangladesh has been selected as the fastest growing economy among all.
On the basis of 10-year gross domestic product (GDP) and compound annual growth rate (CAGR), Bangladesh ranked as the fastest growing economy and the fastest growing frontier markets, report revealed.
CAGR over the last 10 years, 5 years and 3 years was 9.1%, 9.4% and 8.5% respectively. Compound annual growth rates (CAGR) are based on the World Economics Database which presents GDP in purchasing power parity terms, with added estimates for the size of the informal economy and adjustments for out-of-date GDP base year data.
Past 10 years, the global economy has grown at the rate of 35% and Bangladesh’s contribution was 1.9%. In 2022, Bangladesh contributed to global economic growth 0.9%.
The report stated that re-estimating Bangladesh’s GDP indicates that the economy is some 39% larger than official estimates and is the fourth largest economy in the frontier market group (FMG), 10th largest in the Asia-Pacific region and the 25th largest in the World. They also predicted that in terms of GDP, Bangladesh could overtake the economy of Poland and Taiwan within this decade. The report also said that “Despite the high but uncertain GDP per capita growth rate, we can be sure that Bangladesh remains a poor country.”
A leading economist Mr. Zahid Hussain said that the report is too rosy but if it is, it is good for the country. “But how have they calculated 9% growth is still not well understood, as our government official released it as 7.9% maximum. He further added, they have calculated the informal economy here. But our labor opportunities are shrinking. It has grown in the agriculture sector only. Nine percent growth on that alone is impossible. To me it looks like a mysterious 9% growth”. Executive Director of the Policy research institute of Bangladesh (PRI), Mr. Ahsan H Mansur said the growth shown here is out of question though.
Vietnam got second position in the Asia-Pacific region and China and India ranked fifth and seventh respectively.
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