Bangladesh’s per capita income to increase by $233 by June, estimated to be $2,824: BBS

[Khan_21]

@Khan_21 bhai this is totally off-topic question (sorry!!- ill delete if you want)
but I swear I saw you or at least someone with the same writing style on the Pakhtun forum some years ago?
were you a user of the Pashtun forum or I am mixing you with someone else?

Used to go there until they banned me. They were interested in hearing only one point of view.

 

[Khan_21]

I do not see the issue. BD stats are fairly accurate and revision is in line with predictions based on ground realities. Financial institutions such as ADB, IMF releases predictions and stats annually. Economic models are live with continious input of data.

BD economic council composed of BoB governers, commerce minister, economic advisors and industry leaders meets every thurday with the PM. The minister here is just stating the data that is being presented.

This is standard operating practice, you will only see an issue if you wish to. The same meet is also pointing out the growing trade deficit, pressure on reserves and increasing inflation. These news are covered extensively if you look.

Bangladesh’s GDP growth number does not hold water

Almost a year ago, in this column, I wrote about the obsession of our policymakers’ with the growth of Gross Domestic Product (GDP) (“Our incomprehensible obsession with GDP”, May 19, 2019). I discussed in brief how GDP is estimated, and its inherent weaknesses which is why this indicator should...

www.thedailystar.net

Almost a year ago, in this column, I wrote about the obsession of our policymakers with the growth of Gross Domestic Product (GDP) ("Our incomprehensible obsession with GDP", May 19, 2019). I discussed in brief how GDP is estimated, and its inherent weaknesses which is why this indicator should not be taken so seriously.
Unfortunately, the fascination about GDP growth among our policymakers has led to yet another questionable number for the fiscal year 2019-20 (FY2020). Bangladesh Bureau of Statistics (BBS) has recently published the provisional data of the economy for FY2020. This shows the progress of various sectors and the GDP for the past fiscal year. The provisional GDP growth for FY2020 is estimated to be 5.24 percent. During a time when the whole world is facing the ravage of the ongoing Covid-19 and economies around the world have collapsed irrespective of their size and phases of development, Bangladesh's growth number is not only astonishing but also misleading.

This is what I am talking about. This obsession of releasing per capita number almost every month. Not only that but its data fudging if you keep doing it at that intervals

 

[mb444]

Bangladesh’s GDP growth number does not hold water

Almost a year ago, in this column, I wrote about the obsession of our policymakers’ with the growth of Gross Domestic Product (GDP) (“Our incomprehensible obsession with GDP”, May 19, 2019). I discussed in brief how GDP is estimated, and its inherent weaknesses which is why this indicator should...

www.thedailystar.net

Almost a year ago, in this column, I wrote about the obsession of our policymakers with the growth of Gross Domestic Product (GDP) ("Our incomprehensible obsession with GDP", May 19, 2019). I discussed in brief how GDP is estimated, and its inherent weaknesses which is why this indicator should not be taken so seriously.
Unfortunately, the fascination about GDP growth among our policymakers has led to yet another questionable number for the fiscal year 2019-20 (FY2020). Bangladesh Bureau of Statistics (BBS) has recently published the provisional data of the economy for FY2020. This shows the progress of various sectors and the GDP for the past fiscal year. The provisional GDP growth for FY2020 is estimated to be 5.24 percent. During a time when the whole world is facing the ravage of the ongoing Covid-19 and economies around the world have collapsed irrespective of their size and phases of development, Bangladesh's growth number is not only astonishing but also misleading.

This is what I am talking about. This obsession of releasing per capita number almost every month. Not only that but its data fudging if you keep doing it at that intervals

Your views are your own and if you think they misleading we will have to leave it at that.

As i said alongside GDP growth figures they are also publishing worrying figures in other fields.

I will maintain that this is not a political stunt. Media reports focuses on particular issues but the economic modeling is releasing the holistic position of BD economy which is influencing policy descisions.

The same holistic set of figures were used to justify increased restriction on luxury imports and controlled devaluation of taka. Everything is not rosy and GoB is not pretending that it is.

The reason why you do not see the mass swanky development in BD is because our development is broadbased and money is channeled into grassroots projects. We are seeking to live within our means hence percentage wise our national debt is below 40% whilst pakistans is over double that. See infographics below...BD is in is the outer ring following the same trajectory as indonesia. You guys with a smaller economy has greater debt both in absolute term and percentage that has been translated into these projects.

BD also has the lowest tax revenue collection and swanky real estates/cars and other ostensible sign of wealth immediately attracts tax authorities. However that is not to say they are not there...there is an entire thread devoted to it in the forum.

 

[fallstuff]

I was reading this news yesterday on daily Star, as I was reading it I was getting a feeling that this would end up on PDF and start a shi*storm !

 

[mb444]

Yes, I have read somewhere that Mustafa was telling one trillion dollars economy is not that difficult to create. But, he will create this on the paper only.

BD still remains an underdeveloped LDC where industrialization has yet to start. This is why it imports all the mechanical products. Think of railway locomotives and coaches, Investment money is in short supply, the annual FDIs are only $2 billion or so, but yet without these investments BD has become a $500 billion economy.

BD people/ politicians/ bureaucrats are not sincere in their approach towards the welfare of the country and they love to portray itself as a fast developing country with dubious economic figures.

Well, this may be our national character that can be seen also in the posts created by many participants from BD.

Oh dear, our resident clown has been banned... thats a shame....must have employed islamaphobic racist name calling against the wrong person.

 

[Khan_21]

Your views are your own and if you think they misleading we will have to leave it at that.

As i said alongside GDP growth figures they are also publishing worrying figures in other fields.

I will maintain that this is not a political stunt. Media reports focuses on particular issues but the economic modeling is releasing the holistic position of BD economy which is influencing policy descisions.

The same holistic set of figures were used to justify increased restriction on luxury imports and controlled devaluation of taka. Everything is not rosy and GoB is not pretending that it is.

Well this is not me only saying this is it ? This is your media. I find it true because if they keep releasing these per capita press conferences each month by the end of 2022 BD will be ahead of US.

Unmeaning per capita income increase, GDP growth

AN INCREASE in the per capita income to $2,824 in the outgoing 2022 financial year from $2,591 the financial year before, an estimate that the government has done but experts have doubted, appears not to have any reflection on living...

www.newagebd.net

AN INCREASE in the per capita income to $2,824 in the outgoing 2022 financial year from $2,591 the financial year before, an estimate that the government has done but experts have doubted, appears not to have any reflection on living standards of citizens. A growing number of poor people, with 32.4 million surveyed by the Power and Participation Research Centre and the BRAC Institute of Governance and Development in November 2021 to have freshly slid below the poverty threshold during the still ongoing protracted Covid outbreak, and a widening income inequality make the proposition meaningless. The planning minister who made the per capita income disclosure at a briefing at the Planning Commission, however, failed to give any figure for the current number of poor people and noted that it is for the Bangladesh Bureau of Statistics to calculate. The per capita income, which is the national income divided by the population size, appears not to have added to the standards of living as the economic benefits that are created in the economy do not reach people of all strata commensurately. In addition, experts have also doubted the figure of the gross domestic product, which is used along with the population estimate to calculate the per capita income.

Doubt over GDP growth not illogical

Bangladesh began a trend way back to inflate the Gross Domestic Product (GDP) growth rate.

en.prothomalo.com

Bangladesh began a trend way back to inflate the Gross Domestic Product (GDP) growth rate. The World Bank does not accept the growth due to lack of its credibility. But it is true that we cannot say our economy is doing bad.

 

[mmr]

Bbs is full of shit

Ppl are struggling to buy food and daily necessities. Its all over the media. Rampant inflation.

Dollar outside selling for taka 93 but govt peg it to 86 artificially showing higher per capita income in usd. Honestly in free exchange 1 usd should be 100 taka or more.

 

[Wood]

Bbs is full of shit

Ppl are struggling to buy food and daily necessities. Its all over the media. Rampant inflation.

Dollar outside selling for taka 93 but govt peg it to 86 artificially showing higher per capita income in usd. Honestly in free exchange 1 usd should be 100 taka or more.

Both can be true at the same time. Rise in GDP with high inflationary growth

 

[mb444]

Your views are your own and if you think they misleading we will have to leave it at that.

As i said alongside GDP growth figures they are also publishing worrying figures in other fields.

I will maintain that this is not a political stunt. Media reports focuses on particular issues but the economic modeling is releasing the holistic position of BD economy which is influencing policy descisions.

The same holistic set of figures were used to justify increased restriction on luxury imports and controlled devaluation of taka. Everything is not rosy and GoB is not pretending that it is.

Well this is not me only saying this is it ? This is your media. I find it true because if they keep releasing these per capita press conferences each month by the end of 2022 BD will be ahead of US.

Unmeaning per capita income increase, GDP growth

AN INCREASE in the per capita income to $2,824 in the outgoing 2022 financial year from $2,591 the financial year before, an estimate that the government has done but experts have doubted, appears not to have any reflection on living...

www.newagebd.net

AN INCREASE in the per capita income to $2,824 in the outgoing 2022 financial year from $2,591 the financial year before, an estimate that the government has done but experts have doubted, appears not to have any reflection on living standards of citizens. A growing number of poor people, with 32.4 million surveyed by the Power and Participation Research Centre and the BRAC Institute of Governance and Development in November 2021 to have freshly slid below the poverty threshold during the still ongoing protracted Covid outbreak, and a widening income inequality make the proposition meaningless. The planning minister who made the per capita income disclosure at a briefing at the Planning Commission, however, failed to give any figure for the current number of poor people and noted that it is for the Bangladesh Bureau of Statistics to calculate. The per capita income, which is the national income divided by the population size, appears not to have added to the standards of living as the economic benefits that are created in the economy do not reach people of all strata commensurately. In addition, experts have also doubted the figure of the gross domestic product, which is used along with the population estimate to calculate the per capita income.

Doubt over GDP growth not illogical

Bangladesh began a trend way back to inflate the Gross Domestic Product (GDP) growth rate.

en.prothomalo.com

Bangladesh began a trend way back to inflate the Gross Domestic Product (GDP) growth rate. The World Bank does not accept the growth due to lack of its credibility. But it is true that we cannot say our economy is doing bad.

Figures can be doubted, it is a free country and perceptions and political bias leads to such healthy debates. That is fine. How do you judge between two opposing media reports? Is one better than the other because it confirms your position?

BD released figues are ultimately confirmed by international finance organisations and sovereign rating agencies albait usually with a years time lag. I am unaware of a single instance where that has not been the case. As such I am fine with what BBS releases as it is the organisation that is closest to the pulse of the economy. I am also cool with your position.

 

[mb444]

Both can be true at the same time. Rise in GDP with high inflationary growth

Indeed, for example UK is predicting unprecedented 10% inflation and 3.2% GDP growth simultaneously in 2022.

The GDP growth BD that is being quoted is at a nominal rate. ... on PPP basis the growth rate would be lower.

BD current inflation is around 6% with projected nominal GDP growth this year I think just over 7%. There really is nothing unusual here.

 

[mb444]

Bbs is full of shit

Ppl are struggling to buy food and daily necessities. Its all over the media. Rampant inflation.

Dollar outside selling for taka 93 but govt peg it to 86 artificially showing higher per capita income in usd. Honestly in free exchange 1 usd should be 100 taka or more.

I completely believe you and as you have said it has been widely reported that price of basic foodstuff is rising really fast. This is the case all over the world and will cause a lot of social unrest globally.

TK has always been artificially tied to dollar.. the difference between official rate and market rate is the percentage basis that will deflate PPP basis of BD GDP growth.

 

[UKBengali]

This is what I don't get. With countries like India/PK you can see alot of visible prosperity in alot of areas and even in Middle class urban areas. In BD I don't see those swanky posh houses , Housing societies etc etc. Even when I see annual car sales they are half of PK. Almost all the brands that I see abroad are in PK but absent in BD. You would think they would capitalize on the recent economic growth?

For example here is Lahore where you can see visible improvement/prosperity/money in terms of infrastructure/cars/homes/cleanliness or quality of roads. And the video is 20 mins long so you can get an idea of the whole city. I don't see alot of this in BD cities apart from maybe in small stretches.

Here is Bahria town In Karachi which is almost a tiny city in itself and just being built.

Won't copy paste Islamabad because that's a 100% planned city. Where do the middle class/upper class in BD cities live? Haven't seen much of those areas.

What is wrong with you as this has been explained to you MULTIPLE times already?!

BD and it’s citizens are poorer than both Pakistan and India as it has been behind the per capita incomes since only the last 5 years.

The “accumulated wealth” in BD is less than the other two countries.

Think of the difference between a young person who has just started earning the same as a much older person. That does not mean the young person has the same wealth and assets as the older person!

In this decade you will see BD cities and citizens surpassing Pakistan and potentially India early next decade.

Please let go as this serious case of butt-hurt is bad for your health.

BD works more like an efficient East Asian economy than a chaotic and messy S Asian one.

 

[BananaRepublicUK]

What is wrong with you as this has been explained to you MULTIPLE times already?!

BD and it’s citizens are poorer than both Pakistan and India as it has been behind the per capita incomes since only the last 5 years.

The “accumulated wealth” in BD is less than the other two countries.

Think of the difference between a young person who has just started earning the same as a much older person. That does not mean the young person has the same wealth and assets as the older person!

In this decade you will see BD cities and citizens surpassing Pakistan and potentially India early next decade.

Please let go as this serious case of butt-hurt is bad for your health.

BD works more like an efficient East Asian economy than a chaotic and messy S Asian one.

I just don’t understand why people cannot grasp the difference between wealth and income.

24 year old on 100k a year is poorer than a 60 year old who has been earning 25k a year.

60 year old is able to cash in on their equity to boost spending power.

Whereas the 24 year old is saddled with student loans and a mortgage.

This is exactly the case with my nephew and his neighbour who bought his house in the 80s for 60k. The house is now worth 600k!

 

[UKBengali]

I just don’t understand why people cannot grasp the difference between wealth and income.

24 year old on 100k a year is poorer than a 60 year old who has been earning 25k a year.

60 year old is able to cash in on their equity to boost spending power.

Whereas the 24 year old is saddled with student loans and a mortgage.

Unfortunately there are a few Pakistanis and Indians that are still in denial about BD’s economy.

Most have now accepted that BD economy is strongest in the region and credit to them for letting facts change their previous opinion.

In 10-15 years the pictures of BD cities and wealth of its citizens will be too much for even them to try to deny anymore.

The average garment worker in BD earns 120 US dollars a month, up from just 40 dollars 10 years ago. Such high salary increases do not lie and cannot be fudged by BD government.

 

[BananaRepublicUK]

Unfortunately there are a few Pakistanis and Indians that are still in denial about BD’s economy.

Most have now accepted that BD economy is strongest in the region and credit to them for letting facts change their previous opinion.

In 10-15 years the pictures of BD cities and wealth of its citizens will be too much for even them to try to deny anymore.

The average garment worker in BD earns 120 US dollars a month, up from just 40 dollars 10 years ago. Such high salary increases do not lie and cannot be fudged by BD government.

Due to the size and density of Bangladesh - the transformation will be rapid.

In India and Pakistan a 100km road or power grid won’t transform the lives of many people.

In Bangladesh equivalent road would transform the lives of 10s of millions of people.

One bridge on the Jamuna has transformed the lives of 20 million.

Our investment on infrastructure just goes much farther due to geography!