Finance minister hopes per capita income to reach $3,069 in next FY 2023

[Black_cats]

Finance minister hopes per capita income to reach $3,069 in next FY 2023​

United News of Bangladesh . Dhaka | Published: 20:58, Jan 30,2022 | Updated: 21:05, Jan 30,2022

Finance minister AHM Mustafa Kamal.
Finance minister AHM Mustafa Kamal has expressed the hope that the country’s per capita income will go up to $3,069 dollars in the next financial year.
He was briefing reporters after the virtually held two consecutive meetings of Cabinet Committee on Economic Affairs and Cabinet Committee on Public Purchase on Sunday.
He also defended the government’s recent decision to allow some of the local enterprises to invest abroad and set up business ventures there.

‘If we don’t allow investment abroad, money will go to different countries through hundi’, he said adding that some export-oriented firms were given permission to invest abroad under certain conditions and compliances.

He said those firms which have been exporting goods will get the opportunity to invest abroad by 20 per cent of their retention money or on the basis of their net assets.

Responding to a question on the projection of the International Monetary Fund about slowing down the global economy, he said Bangladesh’s growth will continue.

‘Last year, our GDP growth rate was 5.43 per cent and this year, our GDP growth will be 7.2,’ he said defending his projection of $3609 per capita income.

He said the size of the country’s GDP will set a new milestone in the next fiscal year by touching the benchmark of half a trillion dollars.

‘Currently, our GDP is 455 billion and if it is divided into the total population, per capita income will stand at $2,785’.

He noted that the government expects the GDP growth will be 7.2 per cent while the IMF has made a prediction to be 6.6 per cent.

Meanwhile, the Economic Affairs Committee approved three proposals while 18 proposals were approved by the Cabinet Committee on Public Purchase.

$3,089 per capita income projected for FY23

Finance minister AHM Mustafa Kamal on Sunday predicted that the per capita income in Bangladesh would reach $3,089 in the financial year 2022–23. He also projected that the country’s gross domestic product would...

www.newagebd.net

 

[UKBengali]

Think the Finance Minister needs to stop talking about the GDP per capita in the future.

It will probably rise to the level he says but it is a pointless thing to predict and far better that he engages himself with a more pressing need to raise BD's abysmally low 8% tax to gdp ratio.

 

[Black Tornado]

Okay so, after rebasing BD gdp per capita = $2500 in FY2020-21
Which becomes $2750 in FY2021-22 and will reach $3069 the incoming fiscal?

Cool

 

[mb444]

Okay so, after rebasing BD gdp per capita = $2500 in FY2020-21
Which becomes $2750 in FY2021-22 and will reach $3069 the incoming fiscal?

Cool

You make it sound as if rebasing is an issue. Rebasing is done to reflect the most current position.

 

[bluesky]

Finance minister hopes per capita income to reach $3,069 in next FY 2023

Our Finance Minister is great. He is making the GDP upwards every other week.

 

[Black_cats]

Our Finance Minister is great. He is making the GDP upwards every other week.

For future years not for current year.

 

[aziqbal]

over $3000 by 2023?

but to be considered developing nation it must be over $5,000 isn't this correct

so another words we will come developing sometimes after 2030

and Vietnam by 2030 will be $10,000

and Malaysia is already at $10,000

 

[Bilal9]

Think the Finance Minister needs to stop talking about the GDP per capita in the future.

It will probably rise to the level he says but it is a pointless thing to predict and far better that he engages himself with a more pressing need to raise BD's abysmally low 8% tax to gdp ratio.

Chacha Mia'r ghilu gorbor hoia gesey.

He started to talk gibberish now. Half a trillion dollar economy - here we come!

I mean optimism is one thing, but this...

If you say something, you gotta base it on numbers and facts, otherwise your credibility goes out the window...

He is right though that foreign investment to other countries from Bangladesh is growing. There have been significant investments from EnergyPac to India and Italy. RFL-Pran and Summit Group also invested in Indian logistics and manufacturing infra AFAIK. And ingrate bhakts keep calling us names.

@mb444 bhai your thoughts...

 

[Homo Sapiens]

Kamal is very fond of talking about upward trajectory of per capita income. But I do not think he is bullshitting, he is just overenthusiastic about normal growth trend.

After base year upgradation-

2020-2021= $2554 instead of $2227 due to base year effect.
2021-2022=$2785 (9.0% growth)
2022-2023=$3069 (10.2% growth)

This 9%-10% growth in per capita income is very normal for an economy which is growing 6-7% per year considering that this growth is not calculated in constant Dollar but current Dollar which does not adjust for inflation. According to IMF, Bangladesh's economy is supposed to grow 6.6 percent this year, abstract 1% population growth rate. So, per capita GDP growth rate is 5.6 percent, add to this the yearly Dollar inflation. So 9% growth in per capita income(GDP+inward remittance-remittance outflow divided by population) is nothing abnormal.

 

[bluesky]

For future years not for current year.

Yes, the Ramayan was written long long before Ram was even born.

 

[Imran Khan]

he is just few steps away from declare Bangladesh is equal to QATAR in economy GDP PER CAPITA

 

[bluesky]

he is just few steps away from declare Bangladesh is equal to QATAR in economy GDP PER CAPITA

He does inflate the figures every other week to make the BAL brats in the PDF happy. These cronies become elated.

 

[mb444]

Chacha Mia'r ghilu gorbor hoia gesey.

He started to talk gibberish now. Half a trillion dollar economy - here we come!

I mean optimism is one thing, but this...

If you say something, you gotta base it on numbers and facts, otherwise your credibility goes out the window...

He is right though that foreign investment to other countries from Bangladesh is growing. There have been significant investments from EnergyPac to India and Italy. RFL-Pran and Summit Group also invested in Indian logistics and manufacturing infra AFAIK. And ingrate bhakts keep calling us names.

@mb444 bhai your thoughts...

There is an element of positive projection and why not, this is for the global consumption and you are not going to be getting investments by talking down your country.

As homosapian indicates maths does add up.

The growth rates to me maybe 1-2% inflated but with BDs huge black economy, low tax net maybe these are just compensating percentages that has been built in.

BD growth rates, reserves, credit rating etc is a testimony to its economic progress and credibility. Let other cast doubt, that fine. My opinion BD needs to maintain course, economy has reached lift off and we need to nurture this phase by having political stability.

BD has proved nay-sayers wrong many times. If the numbers are there or thereabouts i welcome the critical analysis as it will really highlight BD position.

 

[Khan_21]

Next statement = BD per capita to reach $5000 in 2025. Statement to come to come in 5 days. Mark it.

Whats with this obsession of BD minister inflating data each data with some new statement?

 

[Bilal9]

Next statement = BD per capita to reach $5000 in 2025. Statement to come to come in 5 days. Mark it.

Whats with this obsession of BD minister inflating data each data with some new statement?

I think we need to treat you with some Karachi Halwa and Cold Rooh Afza (or Pakola) with ICE, to calm you down.

Relax. A growing Bangladesh is not a threat to Pakistan, in fact the opposite.

That is - if you are Pakistani. Hard to tell in this forum sometimes.