DesiGuy, following is a clip from Bangladesh Economy thread in this Forum. Sending herewith for you to read and appreciate. Also, read all the economic news about BD in that thread before you make further derogatory comments about BD.
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Quote:
Originally Posted by white_pawn
Per capita income increases
Bangladesh Sangbad Sangstha . Dhaka
Despite decrease in the Gross Domestic Product, the per capita income increased in the 2008-09 fiscal year, ended on June 30.
The latest data of the Bangladesh Bureau of Statistic shows per capita income rises to US690 dollars at the end of June this year, which was US608 dollars in 2007-08 financial year.
‘The per capita income rises due to the increase in the remittance inflow and export earning,’ said economist professor Abu Ahmed.
Besides, he said the GDP declined slightly last year, but growth in agriculture sector was positive, which also helped increase per capita income.
According to the BBS statistic, the per capita income in local currency was Taka 47,373 and the population was 14.42 crore in the 2008-09 financial year.
The statistic also showed law inflation during the period, which was a major contributory factor to the increase in the per capita income.
The point-to-point inflation decreased to a six-year low of 2.25 in the end of June. Earlier in 2003, the country saw the lowest 2 per cent inflation on point-to-point basis. The inflation, however rose to a record high of 11 per cent in January 2008, according the BBS statistics.
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Originaslly posted by eastwatch.
Thanks white_pawn for posting the article. I had this one in my computer memory, but somehow I lost it.
The US$690 per capita income is small, but when multiplied with the number of population, which stands at 144.2 million, the Gross National Income (GNI) becomes $99.498 billion. Compare this nearly 100 billion dollar GNI with the 1971 GDP, when we fought out of an union with Pakistan. The GDP was only 10 billion dollar and the per capita GDP was only $130.
With so many infrastructural and industrial projects now either undertaken or in the planning stage, it is only a matter of time when our GDP will grow double digit every year. A 10 year preparation time is required to reach that stage. A 10% growth per year means doubling the economy in only seven years.
Govt has decided to remove bottlenecks that hamper all other development efforts. Inadequacy in electricity production and absence of a number of long bridges over big rivers are two of these bottlenecks. Another bottleneck is the absence of a deep seaport. All these are being taken care of.
When the deep seaport is built at a cost of $10 billion, it will serve not only BD, but also many Indian east coast ports including Kolkata, and its almost landlocked NE as well as Yunan province of China, Nepal, Bhutan and hopefully Burma. Indeed, the new port will be very busy.
At present, the oceangoing large ships carry goods to Singapore, where the goods are transhipped via smaller ships to the respective ports. Large ships cannot enter even most of the Indian seaports. Neither the sea is deep nor the ports have the needed facilities in those ports. After the construction, the Chittagong deep seaport will take over many of the jobs now undertaken by Singapore.
BD still has an image problem, but it will go away in due time. Even with this bad image, BD has been receiving orders to build small and medium ships from european countries like Germany, Holland and Denmark. Shipbuilding will pull up the BD GDP.
Germany alone has ordered US$355 million worth of ships to this country. Yes, we are a country that started with ship breaking but is now building nice looking ships for the european countries.
BD wants to remain a moderate Muslim country, where religious fanaticism is not championed. We believe the country's development can only come through education and hard labour, and not through the barrels of guns.
Many govts of the developed world have opened their markets for 'Made in Bangladersh' products so that BD shuns away from guns, can keep on developing and rise up the ladder. We truly appreciate their cooperation.