Bangladesh becomes a lender for first time

[mb444]

So when is Bangladesh, graduating from LDC? Hopefully soon, and hope they don't apply for GSP+ status as well. Then we will see what actual progress and GDP growth looks like.

Any particular reason why BD should not apply for advantageous trade concessions under GSP or GSP+?

Pakistan and India were both LDCs and remain so today. In the 1970s when LDC designation was created, countries with high population had a choice if they wished to be LDCs or not. Pakistan and India choose not be and missed out on some of the GSP benefits, Bangladesh on the other hand choose to be an LDC.

However they also missed out on some of the negatives of being an LDC such as high cost of borrowing.

BDs economic magagement is based on low borrowing and steady growth that prioritises jobs for all approach rather that massive value addition. It has worked for BD and these policies will continue irrespective of who is in power.

BD grows based on own economic engine primarily although remitence and export no doubt helps. The dynamics are very different compared to pakistan. LDC graduation will help BD as in our main export market, US, BD RMG do not get GSP concessions. Removal of LDC tag will reduce the import duties in US market.

In the european market BD do enjoy GSP concessions and it is hoped that trade deal will guarantee these in the long run.

 

[SpaceMan18]

BD Government should spend money on the impoverished people and try to make itself into a welfare state.what’s the point of keeping money in the bank.

We need less population and a more educated population with jobs if we want to become a welfare state or even have free healthcare

 

[Destranator]

BD Government should spend money on the impoverished people and try to make itself into a welfare state.what’s the point of keeping money in the bank.

Forex reserve is not "money in the bank". It does not work like that.

 

[Indos]

I never thought I'd see this day. Wow.

Sri Lanka has been a good neighbor and it never hurts to support a decent neighbor in need. I also think the risk is minimal and worth it. They are in danger of defaulting for now but Sri Lanka will be back one day.

What is SL position in Royingya case ?

 

[Death Professor]

Pakistan and India were both LDCs and remain so today.

Last time I checked, nopes. But yeah Bangladesh is still in LDC and enjoying the status for quite some time and should have graduated a couple of years back but didn't because it's growth was and is dependent on LDC status. And still the reluctance is there, you guys are and have been looking for ways to remain and enjoy the status, but are forced to graduate.

Like what do you actually export? Textile, Garments, Footwear what else? A little bit of fish and barely nothing. You think you will stay competitive against regional players after you graduate from LDC? Good luck, if you think so...

 

[bluesky]

We need less population and a more educated population with jobs if we want to become a welfare state or even have free healthcare

But I wonder how jobs can be created without setting up millions of industries?

I can assume the GoB wants its people to work abroad, and remit money to facilitate the govt to import many consumer goods for the rich.

 

[UKBengali]

Last time I checked, nopes. But yeah Bangladesh is still in LDC and enjoying the status for quite some time and should have graduated a couple of years back but didn't because it's growth was and is dependent on LDC status. And still the reluctance is there, you guys are and have been looking for ways to remain and enjoy the status, but are forced to graduate.

Like what do you actually export? Textile, Garments, Footwear what else? A little bit of fish and barely nothing. You think you will stay competitive against regional players after you graduate from LDC? Good luck, if you think so...

Dude….

Smartphones to USA, TVs to Germany and software to Japan.

BD produces 98% of its own drugs and exporting to dozens of countries at this time.

 

[Death Professor]

Dude….

Smartphones to USA, TVs to Germany and software to Japan.

BD produces 98% of its own drugs and exporting to dozens of countries at this time.

https://oec.world/en/profile/country/bgd

Bangladesh’s Top Exports 2022

Bangladesh’s major exports in 2022 plus main product surpluses & deficits

www.worldstopexports.com

1. Knit or crochet clothing, accessories: US$20.3 billion (44.5% of total exports)
2. Clothing, accessories (not knit or crochet): $19.4 billion (42.4%)
3. Footwear: $1.1 billion (2.4%)
4. Miscellaneous textiles, worn clothing: $1 billion (2.2%)
5. Paper yarn, woven fabric: $603.3 million (1.3%)
6. Fish: $532.9 million (1.2%)
7. Leather/animal gut articles: $368.3 million (0.8%)
8. Headgear: $332.6 million (0.7%)
9. Raw hides, skins not furskins, leather: $139.8 million (0.3%)
10. Plastics, plastic articles: $113.2 million (0.2%)

Should I quote more sources? Or are we making claims out of thin air? Sure, Bangladesh is the number 1 exporter of LCD, computer chips, heavy machinery, electric cars, Lithium Batteries, Solar Panels and much more /s



My bad for even commenting on the thread. I know this is a feel good thread and most of the contribution on this thread are from Bangladeshi's. Anyways carry on and pardon my intrusion.

 

[F-6 enthusiast]

Last time I checked, nopes. But yeah Bangladesh is still in LDC and enjoying the status for quite some time and should have graduated a couple of years back but didn't because it's growth was and is dependent on LDC status. And still the reluctance is there, you guys are and have been looking for ways to remain and enjoy the status, but are forced to graduate.

Like what do you actually export? Textile, Garments, Footwear what else? A little bit of fish and barely nothing. You think you will stay competitive against regional players after you graduate from LDC? Good luck, if you think so...

un SEC GEN announced BD graduation from LDC status few months ago.

I agree with your opinion about GSP+ . BD should look to get GSP+ facilities from EU though

 

[UKBengali]

https://oec.world/en/profile/country/bgd

Bangladesh’s Top Exports 2022

Bangladesh’s major exports in 2022 plus main product surpluses & deficits

www.worldstopexports.com

1. Knit or crochet clothing, accessories: US$20.3 billion (44.5% of total exports)
2. Clothing, accessories (not knit or crochet): $19.4 billion (42.4%)
3. Footwear: $1.1 billion (2.4%)
4. Miscellaneous textiles, worn clothing: $1 billion (2.2%)
5. Paper yarn, woven fabric: $603.3 million (1.3%)
6. Fish: $532.9 million (1.2%)
7. Leather/animal gut articles: $368.3 million (0.8%)
8. Headgear: $332.6 million (0.7%)
9. Raw hides, skins not furskins, leather: $139.8 million (0.3%)
10. Plastics, plastic articles: $113.2 million (0.2%)

Should I quote more sources? Or are we making claims out of thin air? Sure, Bangladesh is the number 1 exporter of LCD, computer chips, heavy machinery, electric cars, Lithium Batteries, Solar Panels and much more /s



My bad for even commenting on the thread. I know this is a feel good thread and most of the contribution on this thread are from Bangladeshi's. Anyways carry on and pardon my intrusion.

True the current volume is low but you need to look at the much higher growth rate of higher-tech engineered products over lower-tech like textiles.

If IMF,ABD,CEBR all think that BD economy will grow 7%+ a year average till 2035 then let us go with that.

 

[Vapnope]

Good going Bangladeshi bros. All the best from our side.

 

[Death Professor]

If IMF,ABD,CEBR all think that BD economy will grow 7%+ a year average till 2035 then let us go with that.

Well, the international financial institutions for this year said Pakistan would have a growth rate of 1.5% and we have 4%. So I don't really have much faith in their estimations. They base their estimates on constant, still data, but real world there is always change, there are always anomalies. So one can always underperform or overperform in reality. Their figures should be considered more like predications than estimates, because a
lot of the time they are way off.

Who knows what would really happen tomorrow, what if we face a new variant of Corona, and who knows how every country handles that situation.

 

[UKBengali]

Well, the international financial institutions for this year said Pakistan would have a growth rate of 1.5% and we have 4%. So I don't really have much faith in their estimations. They base their estimates on constant, still data, but real world there is always change, there are always anomalies. So one can always underperform or overperform in reality. Their figures should be considered more like predications than estimates, because a
lot of the time they are way off.

Who knows what would really happen tomorrow, what if we face a new variant of Corona, and who knows how every country handles that situation.

They have consistently underestimated BD growth over last 20 years by 0.5-1% a year.
Anyway I wish Pakistan well with its economy,

 

[Bilal9]

Last time I checked, nopes. But yeah Bangladesh is still in LDC and enjoying the status for quite some time and should have graduated a couple of years back but didn't because it's growth was and is dependent on LDC status. And still the reluctance is there, you guys are and have been looking for ways to remain and enjoy the status, but are forced to graduate.

Like what do you actually export? Textile, Garments, Footwear what else? A little bit of fish and barely nothing. You think you will stay competitive against regional players after you graduate from LDC? Good luck, if you think so...

Please research a bit more so your posts are more credible and accurate.

If you require information - ask nicely, and it will be provided.

But cavalier attitudes will honestly not solicit any responses from informed folks.

 

[DalalErMaNodi]

Last time I checked, nopes. But yeah Bangladesh is still in LDC and enjoying the status for quite some time and should have graduated a couple of years back but didn't because it's growth was and is dependent on LDC status. And still the reluctance is there, you guys are and have been looking for ways to remain and enjoy the status, but are forced to graduate.

Like what do you actually export? Textile, Garments, Footwear what else? A little bit of fish and barely nothing. You think you will stay competitive against regional players after you graduate from LDC? Good luck, if you think so...

Saltier than the lad in the Profile Picture.

Congratulations.

They have consistently underestimated BD growth over last 20 years by 0.5-1% a year.
Anyway I wish Pakistan well with its economy,

No need to wish anything..


In ten years time when reality will rear it's ugly head towards them... They will understand.


Wish not the ignorant good luck for its in vain.