Page 23 - November 2020

International Bangladesh a few years ago in inland water bodies, behind
terms of per capita GDP. Thanks to
China and India, according to a
Monetary Fund its massive rise in exports, report of Food and Agriculture
(IMF) recently Bangladesh has managed to Organization (FAO).
2. Exports - The country's
significantly close the gap. Not
published a report only that, IMF’s report also shows merchandise shipments during
the first quarter (Q1) of the
that Bangladesh is already set to
which states that post the highest per capita GDP current fiscal year (FY), 2020-21,
Bangladesh’s GDP growth rate in South Asia and the grew by 2.58 percent to US$ 9.89
fourth-highest in the whole of
billion over that of the same
has been seen to Asia in 2020 compared to that of period of last fiscal. The
increase by 4% to a last year, comfortably ahead of July-September export earnings
India and China. The country's per
also surpassed the target set for
value of $1,888; while capita GDP growth would become the period by 2.45 percent,
the sixth highest in the world in
the GDP of India the current calendar year, despite according to provisional data of
the Export Promotion Bureau
declined by 10.3% to a all the economic setbacks that all (EPB). The export recovery has
the countries had to go through
started in June and continued in
diminishing value of due to the global coronavirus September also and as the
$1,877. Experts state pandemic. gradual reopening of western
Experts have dissected this
markets is taking place, the
that this spectacular achievement of placement of new orders coupled
phenomenon has Bangladesh and have identified with the revival of the majority of
the key factors that have played a
the previously suspended or
occurred mostly due major role in it. They have stated canceled ready-made garment
that the three pillars of growth
to the rapidly rising that have made this herculean (RMG) work-orders are
significantly contributing to the
levels of agricultural task achievable are – turnaround.
1. Agriculture – Bangladesh's rice
3. Remittance - Bangladeshi
production, the production rose by 2 million expatriates have made a new
export of multiple tonnes alone last fiscal year record in outward remittance by
compared to that a year ago. Prior
sending over $6.71 billion in the
goods and services, to the pandemic, Bangladesh has July-September period in the
gained significant success in
and the high inflow agriculture, achieving midst of the coronavirus
pandemic. The amount is 48.57
of remittance from third-fastest growth in vegetable percent more than the money
production, fourth position in rice
received in the same period last
the Bangladeshi production, third in fish year. In September alone, the
expats. production from inland water expatriates remitted more than
bodies, fifth in aquaculture
$2.15 billion, the second-highest
production and seventh position in a month after $2.6 billion in
in mango production in the world.
Analysts and economists are The country has been ranked July. Finance Minister AHM
perceiving India’s economic third in producing fish from Mustafa Kamal hopes the
performance as a dire signal. This remittance inflow in the 2020-21
contraction is reportedly the third fiscal year will total over $24
sharpest fall in the world; right billion.
All the countries across the phenomenon has occurred after Spain and Italy. If IMF’s While the entire country
globe have witnessed economic mostly due to the rapidly rising forecast is accurate, then India celebrates this massive success
and social transformations in levels of agricultural will only be ahead of Nepal and and is working collectively to
2020, largely because of the production, the export of Pakistan’s GDP in terms of a take the country to greater
pandemic. But Bangladesh has multiple goods and services, regional comparison. On the other heights, we must ensure that
managed to go against the and the high inflow of hand, the remaining countries of these achievements are sustained
odds; in a spectacular run and remittance from the South Asia – the ones that are in the long run. Such small steps,
is set to overtake its neighbor Bangladesh’s GDP has been Bangladeshi expats. experiencing tremendous growth through repetition, will
India in terms of per capita seen to increase by 4% to a Bangladesh has been highly – shall be well ahead of India. eventually solidify our presence
gross domestic product (GDP) in value of $1,888; while the GDP praised by the media of both This cohort comprises of and impact on the global stage. It
2020. International Monetary of India declined by 10.3% to a countries; including a bravo Maldives, Sri Lanka, Bhutan and is time that we ensure that such
Fund (IMF) recently published a diminishing value of $1,877. from one of India’s key political not to mention Bangladesh. economic growth and progress is
report which states that Experts state that this figures. India was well ahead of one of the many more to come.

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