Bangladesh GDP to be rebased upwards by at least 15%

[UKBengali]

Finally here is a somewhat definitive figure:



GDP size to be bigger by 15 per cent this year :: Financial Express :: Financial Newspaper of Bangladesh

"The size of the country's gross domestic product (GDP) is likely to be larger by at least 15 per cent in the current year as the country's national statistical organisation is set to bring in some new areas under its coverage and rebase the base year."

This means the GDP/capita will be more than 900 dollars for the current financial year.

Compare with 1300 for Pakistan and 1600 for India.

 

[mb444]

I believe the rebasing would be based on 2005 base year. The real GDP would be much higher as even accounting for statistical error BD economy has grown above 5% year on year.

 

[Banglar Lathial]

Finally here is a somewhat definitive figure:



GDP size to be bigger by 15 per cent this year :: Financial Express :: Financial Newspaper of Bangladesh

"The size of the country's gross domestic product (GDP) is likely to be larger by at least 15 per cent in the current year as the country's national statistical organisation is set to bring in some new areas under its coverage and rebase the base year."

This means the GDP/capita will be more than 900 dollars for the current financial year.

Compare with 1300 for Pakistan and 1600 for India.

1. How did you arrive at those figures for India? That's highly questionable. Have you seen their 'official' statistics?

2. This figure of 15% has been bandied about in another article elsewhere in Bangla newspaper Naya Diganta, I do not think 15% is much to be elated about. For Nigeria, the upward revision is expected to be in the order of 40%, for Turkey, it was around 31% in 2008. For Ghana, it was a massive 60%. Compared to those numbers, 15% seems to be way too low.

If accurate, this only shows the true extent of economic mismanagement and policy failures (coupled with widespread misrule and loot) during BAL tenure. Otherwise, the upward revision should have been in the order of 31-40% (between Nigeria and Turkey).

 

[Roybot]

1. How did you arrive at those figures for India? That's highly questionable. Have you seen their 'official' statistics?

Thats the first thing that struck u? He didn't come up with that figure, he was merely quoting the news article.

Report for Selected Countries and Subjects

But knowing you, IMF is probably a Zionist organisation which cannot be trusted.

 

[MandarK]

Only 15%??

Some people were claiming it to be as high as 70% and the minimum expected was 50%?

 

[Chinese-Dragon]

Only 15%??

Some people were claiming it to be as high as 70% and the minimum expected was 50%?

It is way higher actually.

Most developing economies have absolutely enormous underground economies.

Not just street vendors who simply don't report any income for taxation purposes, but also big companies who understate their revenues in order to pay less taxes. It is all around and everywhere, even in my own city HK which is classified as an advanced economy.

 

[Ayush]

Good for them . best of luck.

 

[arp2041]

It is way higher actually.

Most developing economies have absolutely enormous underground economies.

Not just street vendors who simply don't report any income for taxation purposes, but also big companies who understate their revenues in order to pay less taxes. It is all around and everywhere, even in my own city HK which is classified as an advanced economy.

@Chinese-Dragon Isn't GDP calculated in Current Prices rather than base year prices??

& is changing the base make sense anyway??

Can GDP be increased by magic by changing the base years??

 

[Yogi]

i got 1 question here :
Does this mean BD Takka would be revalued 15% upward as the actual economic output remains the same nor that people will start disclosing there undisclosed incomes???

What do u think @Chinese-Dragon ?

 

[animelive]

Can GDP be increased by magic by changing the base years??

It will be more accurate, not fully accurate but way more than the previous one.

 

[arp2041]

i got 1 question here :
Does this mean BD Takka would be revalued 15% upward as the actual economic output remains the same nor that people will start disclosing there undisclosed incomes???

What do u think @Chinese-Dragon ?

Changing the base year has nothing to do with the currency.

Earlier they used to calculate there GDP at 1995 prices (which were obviously less b'coz of less inflation), now they are just changing it to 2005 prices.

Just like the price of a house will be less in 1995 & price of the same house will be more in 2005.

 

[MandarK]

It is way higher actually.

Most developing economies have absolutely enormous underground economies.

Not just street vendors who simply don't report any income for taxation purposes, but also big companies who understate their revenues in order to pay less taxes. It is all around and everywhere, even in my own city HK which is classified as an advanced economy.

I do understand.

Almost all the developing countries have huge underground economies (or Black economy).

However, My comment was specifically meant for a particular Bangladeshi Member who argued with me for almost 100 pages that by adopting 2005 as a base year, BD economy will increase by a minimum of 50%.

 

[eastwatch]

It is way higher actually.

Most developing economies have absolutely enormous underground economies.

Not just street vendors who simply don't report any income for taxation purposes, but also big companies who understate their revenues in order to pay less taxes. It is all around and everywhere, even in my own city HK which is classified as an advanced economy.

Not only the street vendors and big merchants who hide their income, it is also the GoB who intentionally keeps on hiding the strength of the country's economy. The reason is not exemption from taxation, but is to get all the facilities an LDC can get from the donor western countries. Well, it is not a thing to be proud of, but we also need this kind of assistance, specially project loans, for many more years to come. Because, this is a big source of income for our politicians of all the parties, except, perhaps, Jammmat. So, Long Live LDC status of Bangladesh with a low GDP!!!!

 

[Banglar Lathial]

Thats the first thing that struck u? He didn't come up with that figure, he was merely quoting the news article.

Report for Selected Countries and Subjects

But knowing you, IMF is probably a Zionist organisation which cannot be trusted.

1. It is none of your concern what 'struck me' first. Get lost!

These bloody two-bit low IQ Indians polluting the Bangladesh sub-forum is what makes it seem like a Hindutva gathering for mass-suicide.

2. Nowhere in the news article is the word "Pakistan" or the word "India" mentioned. Illiterate Indian.

3. Yes, IMF is a Zionist organization, but true to your illiterate nature, you failed to read simple tables.

Here's the relevant part that ought to have been highlighted.



Let's see if your tiny brain can process that bit of 'information'.

4. On my ignore list.

Each time a bloody Hindostani barks, it's as if I have just shed 5 IQ points. Now people might say that's not a lot of IQ points, but it's not just one bloody Hindostani that plagues this subforum. We have literally hundreds of them infesting this subforum, even responding to 40 of 'these' would seem to be sufficient to bring my IQ down to their level.

Thankfully there is some intelligent Chinese member but unfortunately not many intelligent members of other nationalities in this forum. Japanese and Koreans are also intelligent, it's no wonder they don't frequent these lowly mudfests suited for low IQ creatures.

I'll try and respond to an intelligent Chinese member next, hopefully that would compensate for the great loss of time and effort spent on educating an illiterate nation.

 

[Banglar Lathial]

It is way higher actually.

Most developing economies have absolutely enormous underground economies.

Not just street vendors who simply don't report any income for taxation purposes, but also big companies who understate their revenues in order to pay less taxes. It is all around and everywhere, even in my own city HK which is classified as an advanced economy.

Indeed, most economies do have shadow economies. In Bangladesh's case, there is no good (reliable) estimate for the size of the shadow economy. Some crude estimates put that closer to 40%+ of the economy.

The point is there should have been lots of (unreported), new economic activities (probably involving 'new' economic sectors altogether) that would have been included had pro-growth, sustainable development policies been implemented. Instead, BAL (government) ruined it all by widespread looting, policy paralysis, nepotism and corruption, diplomatic inertia/failure, and the fact that BAL is a stooge so it would never take any step to propel Bangladesh economy to a greater height than that of its "dadababus" (its masters across the border wearing "dhotis").

Bangladesh has been using a base year of 1995-1996 to produce National Accounts statistics for as late as 2011-2012. And yet, all they can add upon shifting to a new base year of 2005-2006 is 15%? For Nigeria, shifting from a base year of 1993-1994 to the current/next year, the GDP revision is slated to be upwards of 40%.