What's new

Per capita income to reach $2,785 in FY22: Finance Minister

Black_cats

ELITE MEMBER
Dec 31, 2010
8,275
-5
12,677
Per capita income to reach $2,785 in FY22: Finance Minister

ECONOMY

TBS Report
26 January, 2022, 10:15 pm
Last modified: 26 January, 2022, 10:34 pm


Finance Minister AHM Mustafa Kamal. Sketch: TBS
Finance Minister AHM Mustafa Kamal. Sketch: TBS

Finance Minister AHM Mustafa Kamal. Sketch: TBS

Finance Minister AHM Mustafa Kamal on Wednesday said the country's economy will recover to normal very soon, expressing optimism that the per capita income will reach $2,785 in the current fiscal year.

According to the provisional estimates of the Bangladesh Bureau of Statistics, the per capita income at the end of the last fiscal year stood at $2,554.

This year $231 more will be added to our per capita income, according to the minister.

The country's high economic growth, which was somewhat hampered because of the pandemic, has quickly been turning around, thanks to various initiatives taken by the government, the finance minister said while explaining the progress in budget implementation in the first quarter of the current fiscal year in Jatiya Sangsad.

"Our economy is returning to its previous state. Key macroeconomic indicators, including revenue collection, export growth, forex reserves, money supply and inflation are now at satisfactory levels. The exchange rate is stable. The implementation of the annual development programme is also having a positive impact," he noted.

"As a result, the economy is likely to return to normal soon," he said.
Talking about declining remittance inflows, the finance minister put a fall in remittance inflows in the first quarter of FY22 down to global downturn in economic growth, a rise in unemployment, and dwindling global trade under effects stemming from the second wave of Covid-19.

However, the finance minister hopes that remittance inflows will return to the previous level as manpower exports have resumed.

Although there is a possibility of an uptick in inflation owing to a rise in fuel prices, it will still be at a tolerable level by the end of the current fiscal year, he said.

The finance minister said credit flow to the private sector increased by 8.77% year-on-year at the end of September.

The growth was still on the lower side because economic recovery efforts were underway to offset Covid effects and the Bangladesh Bank instructed banks to reduce existing bad loans and not to disburse loans to the unproductive sector, he said.

The private sector credit growth is expected to reach close to 14.8% by the end of the current fiscal year as economic activities will get back full momentum in the current financial year, the minister noted.

Mustafa Kamal said even in this pandemic situation, the government has kept on its efforts to ensure uninterrupted credit to the priority sectors, such as agriculture, export-oriented industries, and CMSMEs.
 

UKBengali

ELITE MEMBER
May 29, 2011
19,110
7
23,688
Country
Bangladesh
Location
United Kingdom
BD economy is in a good growth trajectory and we should see per capita rising rapidly into the high single thousands of US dollars towards the latter part of this decade.

While BD is almost certainly assured of reaching "middle-income" status by 2035-2040, it still needs to do a lot more in order to one day try to attain "high-income" status.
 

Bilal9

ELITE MEMBER
Feb 4, 2014
21,576
2
33,433
Country
Bangladesh
Location
United States
BD economy is in a good growth trajectory and we should see per capita rising rapidly into the high single thousands of US dollars towards the latter part of this decade.

While BD is almost certainly assured of reaching "middle-income" status by 2035-2040, it still needs to do a lot more in order to one day try to attain "high-income" status.

Yeah as everyone by now should know, either vocational skills and/or education levels have to go up a LOT before we get to proper middle income status (say close to $8000 per capita nominal GDP). Dilli door ast - but achievable with proper planning, above all LASER FOCUS and conviction. Gotta keep our eyes on the ball...
 

Bilal9

ELITE MEMBER
Feb 4, 2014
21,576
2
33,433
Country
Bangladesh
Location
United States
One of these days someone will adjust Bangladesh GDP to inflation and it will be hilarious to see the effect.

View attachment 811363


Why are you cross posting the same information in different threads, you know this is against forum rules.

Besides - figures from 2015?

When did we ever mention comparing anything with India on this thread??

Useless troll...
 

KrimesKaster

FULL MEMBER
Dec 22, 2021
250
0
136
Country
Canada
Location
Canada
Why are you cross posting the same information in different threads, you know this is against forum rules.

Besides - figures from 2015?

When did we ever mention comparing anything with India on this thread??

Useless troll...
Its not cross posting if it is relevant. LOL!
 

bluesky

ELITE MEMBER
Jun 14, 2016
13,762
0
15,221
Country
Bangladesh
Location
Japan
BD economy is in a good growth trajectory and we should see per capita rising rapidly into the high single thousands of US dollars towards the latter part of this decade.

While BD is almost certainly assured of reaching "middle-income" status by 2035-2040, it still needs to do a lot more in order to one day try to attain "high-income" status.
Yes, we should celebrate whatever Finance Minster Mostofa says. BD is the only country in this world where both local and foreign investments are almost nothing to nil. Yet, its GDP keeps on rising. BD must have an Aladin's Magic Lamp.

Please, read what internet sources say about the BD economy and the total FDIs. Yet, we should all celebrate because Mostafa wants us to do so. However, only a $16.9 billion FD investment was made until 2019. This much of FDI is producing about $5 to $6 billion worth of goods in the country.

Now, tell me if I am another Saratchandra who can write fictions. Did I write fiction here? No. But, someone please tell me where I am wrong.

"Bangladesh’s Foreign Direct Investment (FDI) stock was $16.9 billion in 2019, with the United States being the top investing country with $3.5 billion in accumulated investments. Bangladesh received $1.6 billion FDI in 2019. The rate of FDI inflows was only 0.53 percent of GDP, one of the lowest of rates in Asia".

 

Indos

PDF THINK TANK: ANALYST
Jul 25, 2013
17,222
23
19,692
Country
Indonesia
Location
Indonesia
Who are you really dude?

You have only been here for a month and so suspicions will grow that you are a persistant troll that changes his handle from time to time.

You are basically under tight watch from Indian Defense Forum members, the thread Sinking Bangladesh keep running there LOL

He can be any body from that forum, despite 99 % are Indians but that forum has already had large members, comparable to this forum since Indian alone has 1.4 billion population
 

hydrabadi_arab

FULL MEMBER
Jul 31, 2015
1,096
4
2,224
Country
Pakistan
Location
Pakistan
I was just talking about this a few days ago. BD per capita is moving in hundreds of $$ in a matter of few days. Hilarious😀

Stable currency, low population growth are the reason. Pakistan GDP for this FY will be $375b, could have been over $400b if currency didn't devalue once again from Rs160 to Rs175 per dollar.
 

UKBengali

ELITE MEMBER
May 29, 2011
19,110
7
23,688
Country
Bangladesh
Location
United Kingdom
I was just talking about this a few days ago. BD per capita is moving in hundreds of $$ in a matter of few days. Hilarious😀


First was rebasing which all countries do every 5-10 years and this is for the next fiscal.

Please remember to stock up on enough Burnol next time you are at the supermarket.

Stable currency, low population growth are the reason. Pakistan GDP for this FY will be $375b, could have been over $400b if currency didn't devalue once again from Rs160 to Rs175 per dollar.


You forget to mention high GDP growth as well.
 
Last edited:

Users Who Are Viewing This Thread (Total: 1, Members: 0, Guests: 1)


Top Bottom