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Kamal: Bangladesh GDP reaches $411bn

Black_cats

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Dec 31, 2010
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Kamal: Bangladesh GDP reaches $411bn
Tribune Report
  • Published at 08:48 pm December 8th, 2021
ahm-kamal

File photo of Finance Minister AHM Mustafa Kamal

Also said that Bangladesh has made unprecedented attainments in the macro economy

Finance Minister AHM Mustafa Kamal on Wednesday said that the GDP size of the country has increased by four times over the last 12 years to reach $411 billion, just when Bangladesh is celebrating its golden jubilee of independence.

“In all the macroeconomic fronts and in the socioeconomic sector, Bangladesh has made unprecedented attainments. Bangladesh is also now in a very good position in the social development index," he added.

The finance minister said this while replying to queries of reporters virtually after chairing two separate meetings on the Cabinet Committee on Economic Affairs (CCEA) and the Cabinet Committee on Government Purchase (CCGP.)

He expressed his optimism that Bangladesh would become the 25th top economy of the world by 2035 while it is also expected to make its place among the top 20 globally by 2041.

By the year 2041, Bangladesh would be much ahead in materializing the dream of building "Sonar Bangla" as dreamt by Bangabandhu Sheikh Mujibur Rahman. Prime Minister Sheikh Hasina is moving ahead with the country accordingly, Kamal further said.

Kamal also said that Bangladesh has made unprecedented attainments in the macro economy and also in different socio-economic fields over the last 50 years since the country's independence.

Think tanks and economists across the globe are now praising Bangladesh regarding its achievements over the last 50 years since independence, he said.

Asked about the release of the latest Pandora Papers where eight Bangladeshis have been named, Kamal said the Anti Corruption Commission (ACC) has submitted its report before the High Court following the alleged involvement of Bangladeshis in such papers leak.

He declined to make further comments on the issue since it was a sub-judice matter.

Kamal said that the ACC has been conducting its investigation over such alleged scams while any comment by him could hamper their work.

He mentioned that a list of 43 individuals have already been submitted before the High Court adding, "I believe that justice will be ensured and we'll accept the court verdict."

Eight Bangladeshis and five addresses with links to Bangladesh were included in the latest document released under the Pandora Papers late Monday night; all of them owned business establishments in the British Virgin Islands.

However, it does not suggest any wrongdoing and the International Consortium of Investigative Journalists (ICIJ) also said that the names being mentioned on the list do not necessarily mean they were involved in any illegal activities.

The leaks show that the names of the entities are largely foreign sounding, but the addresses used are located in Bangladesh.

 

Bilal9

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Kamal: Bangladesh GDP reaches $411bn
Tribune Report
  • Published at 08:48 pm December 8th, 2021
ahm-kamal

File photo of Finance Minister AHM Mustafa Kamal

Also said that Bangladesh has made unprecedented attainments in the macro economy

Finance Minister AHM Mustafa Kamal on Wednesday said that the GDP size of the country has increased by four times over the last 12 years to reach $411 billion, just when Bangladesh is celebrating its golden jubilee of independence.

“In all the macroeconomic fronts and in the socioeconomic sector, Bangladesh has made unprecedented attainments. Bangladesh is also now in a very good position in the social development index," he added.

The finance minister said this while replying to queries of reporters virtually after chairing two separate meetings on the Cabinet Committee on Economic Affairs (CCEA) and the Cabinet Committee on Government Purchase (CCGP.)

He expressed his optimism that Bangladesh would become the 25th top economy of the world by 2035 while it is also expected to make its place among the top 20 globally by 2041.

By the year 2041, Bangladesh would be much ahead in materializing the dream of building "Sonar Bangla" as dreamt by Bangabandhu Sheikh Mujibur Rahman. Prime Minister Sheikh Hasina is moving ahead with the country accordingly, Kamal further said.

Kamal also said that Bangladesh has made unprecedented attainments in the macro economy and also in different socio-economic fields over the last 50 years since the country's independence.

Think tanks and economists across the globe are now praising Bangladesh regarding its achievements over the last 50 years since independence, he said.

Asked about the release of the latest Pandora Papers where eight Bangladeshis have been named, Kamal said the Anti Corruption Commission (ACC) has submitted its report before the High Court following the alleged involvement of Bangladeshis in such papers leak.

He declined to make further comments on the issue since it was a sub-judice matter.

Kamal said that the ACC has been conducting its investigation over such alleged scams while any comment by him could hamper their work.

He mentioned that a list of 43 individuals have already been submitted before the High Court adding, "I believe that justice will be ensured and we'll accept the court verdict."

Eight Bangladeshis and five addresses with links to Bangladesh were included in the latest document released under the Pandora Papers late Monday night; all of them owned business establishments in the British Virgin Islands.

However, it does not suggest any wrongdoing and the International Consortium of Investigative Journalists (ICIJ) also said that the names being mentioned on the list do not necessarily mean they were involved in any illegal activities.

The leaks show that the names of the entities are largely foreign sounding, but the addresses used are located in Bangladesh.

I thought this was an annual thing. Are we supposed to get countdowns like this every month now?
 
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RangeMaster

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What's up with Bangladesh GDP figures?

The speed with which GDP is going up, BD growth rate must be above 20%. It was $324 billion last year. For it to be 411 billion in one year, growth rate should be well above 25-30%. If that's right, BD must be fastest growing country ever in the history of mankind.

Or... They are changing GDP base year every month?
 

Destranator

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What's up with Bangladesh GDP figures?

The speed with which GDP is going up, BD growth rate must be above 20%. It was $324 billion last year. For it to be 411 billion in one year, growth rate should be well above 25-30%. If that's right, BD must be fastest growing country ever in the history of mankind.

Or... They are changing GDP base year every month?
The 20%-30% growth you are calculating are based on current prices not constant prices. You don't measure GDP growth by simply calculating the difference between nominal GDP figures year on year.

Jump in BD GDP size at current prices is a combination of actual fast economic progress, GDP rebasing, inflation and BBS manipulation.
 
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Bilal9

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What's up with Bangladesh GDP figures?

The speed with which GDP is going up, BD growth rate must be above 20%. It was $324 billion last year. For it to be 411 billion in one year, growth rate should be well above 25-30%. If that's right, BD must be fastest growing country ever in the history of mankind.

Or... They are changing GDP base year every month?
Just take it like cake rusk with some doodh patti and enjoy.



We don't take it too seriously - no one else should either. :-)
 
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Pandora

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From almost 320 billion to 411 that is some serious climb in just 1 year. That is 22% growth o_O
 

Black_cats

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From almost 320 billion to 411 that is some serious climb in just 1 year. That is 22% growth o_O
Bangladesh upgraded base tear from 2005 to 2015 it’s the result of that. This upgraded the gdp by almost 15-18% as many sectors have been calculated which were not counted to gdp before.
 

PoondolotoPandalum

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GDP rebasing is a logical move. But no doubt the timing serves some political purpose I suppose ("look at our $411 billion economy")

Bangladesh is not the same country as it was in 2005. Many new industries have emerged which need to be accounted for. Though RMG retains the lion's share of export. Like most other countries, internal consumption accounts for the majority of the share in GDP. Dependence on imports has declined. People buy BD-made TVs, fridges, aircon, steel, etc, etc. Helps to retain capital within our borders.

A lot of work needs to be done in social mobility. Our human development indices have also somewhat stagnated. Or at the very least, not improving as fast as it did before
 

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