Kamal: Bangladesh GDP reaches $411bn

[UKBengali]

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

HDI will naturally not improve as fast now as the low hanging fruit has already been picked.
It is still going up slowly and that is the main thing.

BD needs to try to aim to get to 1 trillion US dollars before 2030 and then it could say it has achieved something decent since independence as 411 billion US dollar economy for 165 million people is still very small.

 

[RangeMaster]

HDI will naturally not improve as fast now as the low hanging fruit has already been picked.
It is still going up slowly and that is the main thing.

BD needs to try to aim to get to 1 trillion US dollars before 2030 and then it could say it has achieved something decent since independence as 411 billion US dollar economy for 165 million people is still very small.

The way BBS is calculating GDP figures, I bet you guys'll have a trillion dollar GDP by 2025.

 

[bluesky]

The way BBS is calculating GDP figures, I bet you guys'll have a trillion dollar GDP by 2025.

And our great economist @UKBengali would love very much that 1 trillion dollar GDP by 2025.

Anyway, BD is the only country that is making tremendous progress in GDP rise without investing anything at all in the industrial sector.

In order to fulfill your wish to make a 1 trillion dollar GDP, BD must revise the base year from the current 2015 to 2020.

I think the BBS/ GoB is making preparations for the time when the value of Taka will be 120 to a dollar.

 

[Mohsin A]

Regardless of how these figures are calculated, we as Pakistan's can learn a lot from our Bangladeshi brothers. They've had a one party rule for ages and in-front of us are the results. Meanwhile, we're here experimenting with democracy when the country just isn't ready for it.....and all the while, the economy is getting shafted whilst the pro-democracy politicians take it in turns to line their pockets with IMF loans.

 

[bluesky]

Regardless of how these figures are calculated, we as Pakistan's can learn a lot from our Bangladeshi brothers. They've had a one party rule for ages and in-front of us are the results. Meanwhile, we're here experimenting with democracy when the country just isn't ready for it.

Please do not blame democracy for the state of affairs of Pakistan. BD is suffering from a lack of democracy.

How about rethinking the money your govt spends on your military buildups? Should not any country first build up its economy before it indulges in wasting money on the military?

Military spending is a waste of money. Much of this money should be transferred to build industries where new wealth is produced every second of an hour.

Where are your 22 famous families/ houses/ industrial operators today? Have they been discouraged to invest any more? Only two (Ispahani and AK Khan) of these 22 were in the east and remainder in the west. Where are they now?

 

[UKBengali]

The way BBS is calculating GDP figures, I bet you guys'll have a trillion dollar GDP by 2025.

Butt-hurt alert detected.

BD nominal GDP growth is in line with PPP that cannot be manipulated by the government.[/QUOTE]

 

[Destranator]

Butt-hurt alert detected.

BD nominal GDP growth is in line with PPP that cannot be manipulated by the government.

FYI - GDP PPP is calculated by simply applying a mutiplier based on exchange rates to GDP nominal - it has no impact whatsoever on the quality of GDP data.

GDP Nominal × exchange rate based multiplier = GDP PPP

 

[Bilal9]

The way BBS is calculating GDP figures, I bet you guys'll have a trillion dollar GDP by 2025.

Well you have to take most of the optimism with a grain of salt. But even if GDP does not change, other things will - by 2030.

There is an independent projection done (not by anyone in Bangladesh) that we will have 35% join middle class status by 2030 instead of the 23% right now. That has long term implications. Even if we get to 30% middle class. this is significant. And every contributing factor I have seen for this, bears this out.

If we have 33% middle class, which is about (180 Million divided by 3 =) 60 million people, that is larger than the population of many EU countries and about one fifth of the population of the US. Think about that. These people will have enough money to afford TV's, refrigerators and maybe even a small car - so the consumer market will be rather large.

The scope for an independent self-sustaining consumption-based economy is rather clear.

 

[Bilal9]

Please do not blame democracy for the state of affairs of Pakistan. BD is suffering from a lack of democracy.

How about rethinking the money your govt spends on your military buildups? Should not any country first build up its economy before it indulges in wasting money on the military?

Military spending is a waste of money. Much of this money should be transferred to build industries where new wealth is produced every second of an hour.

Where are your 22 famous families/ houses/ industrial operators today? Have they been discouraged to invest any more? Only two (Ispahani and AK Khan) of these 22 were in the east and remainder in the west. Where are they now?

@bluesky bhai I don't think Pakistan has a choice in the matter. Their hands are tied in that situation.

It's either engage in an arms race with India or perish.

We are lucky that we toe Indian line via diplomacy and have avoided an arms buildup so far.

 

[Peaceful Civilian]

Bangladesh is new tiger of south Asia. Soon it will become top 5 economies of asia . They are on right track.

 

[bluesky]

@bluesky bhai I don't think Pakistan has a choice in the matter. Their hands are tied in that situation.

Engage in an arms race with India or perish.

We are lucky that we toe Indian line via diplomacy and have avoided an arms buildup so far.

Bold Part: Pakistan has this macho culture of fighting against India for nothing. No one can say anything against it. Take over Kashmir or perish.

This is exactly what India wants Pakistan to do. It wants Pakistan to perish by overspending money on the military. The arms race is harming India, too. But it has a bigger economy and a bigger base of wealth compared to Pakistan.

India still remains poor but it has almost caused the demise of the Pakistani economy. Now, the Pak Rupee is 177 to 1 dollar. It is 75.79 Indian for 1 US.

 

[UKBengali]

Bangladesh is new tiger of south Asia. Soon it will become top 5 economies of asia . They are on right track.

Thank you brother.

BD has a good chance of becoming a middle-income country by 2035-2040.

Wish the best for Pakistan as well. If BD is successful then that is Pakistan’s success and vice-versa.

 

[SaadH]

Bold Part: Pakistan has this macho culture of fighting against India for nothing. No one can say anything against it. Take over Kashmir or perish.

This is exactly what India wants Pakistan to do. It wants Pakistan to perish by overspending money on the military. The arms race is harming India, too. But it has a bigger economy and a bigger base of wealth compared to Pakistan.

India still remains poor but it has almost caused the demise of the Pakistani economy. Now, the Pak Rupee is 177 to 1 dollar. It is 75.79 Indian for 1 US.

So '71 invasion of it's eastern wing was just Pakistan's macho culture. Looks like after non-sensical of fudging your GDP numbers, you lot have lost total sense. Pakistan doesn't have the luxury to neglect it's defense and live under the yolk of Baniya hegemony, which you lot have become totally accustomed to.

 

[mb444]

The way BBS is calculating GDP figures, I bet you guys'll have a trillion dollar GDP by 2025.

Rebasing is about having up to date figures. This is not some mysterious process. BD should rebase every year if not more frequently. BD should rebase prior to budget.

It should be done so that government can set appropriate policy and fiscal stance. It has nothing to do with other countries.

 

[RangeMaster]

It's $455 billion now as the fiscal year is ending. Give it a couple of months it'll be well above $500 billion.

From $350 billion in FY20-21 to $411 billion in late 21 to $455 billion in early 2022 and then all the way above $500 billion in mid 2022. BBS is working tirelessly.


@Bilal9 @bluesky Congratulations guys but what is happening? That's above 20% growth rate annually?

Bangladesh poised to become $500b economy by next fiscal

Bangladesh is gunning to become a half-a-trillion-dollar economy next fiscal year buoyed by a successful vaccination campaign and a steady growth in agriculture and industry.

www.thedailystar.net

Bangladesh projected to be a $500 billion economy by next fiscal year

The GDP is estimated to be $455 billion at the current price this fiscal year, up from $411 billion.

asianews.network