Our country’s phenomenal growth has become one of the world’s happiest economic stories from South Asia.
The country has a population of around 160 million which is as big as France, Germany, and the Netherlands combined.
In 1991, more than 40% of the population lived in extreme poverty.According to the World Bank, today, about 50 million fewer Bangladeshis are in extreme poverty as a result of the country’s development.The World Bank also stated that between 2005 and 2010, average incomes for the poorest 40% of households grew 0.5% faster than for the country as a whole.
Bangladesh’s economy grew by 7.1% in 2016, the fastest expansion in 30 years. 2016 also marked the sixth year in a row that the country’s GDP growth was greater than 6%.
In 2015, Bangladesh exported over $26 billion in clothing, second only to China. Clothing exports make up almost 14% of the GDP and 80% of all exports. Estimates suggest the garment sector grew by over 10% in 2016.
Bangladesh’s success in poverty reduction and health owes to the country’s high-performing NGOs.
Given its size and levels of poverty, it makes for quite the economic success story.
Source : World Bank
Quartz India
