Bangladesh economy demonstrated resilience during 2020-2021
Bangladesh in the Top 5 “Most Resilient Economic Resilient Countries”!
NEWSBANGLADESH NEWS
The World Bank increases on October 3rd at 6.4% Bangladesh’s GDP growth forecast for 2021, thanks to “strong remittance inflows and a rebound in export market [that] has helped the economy to start recovering gradually”.
Global rating agency “Fitch Solutions” is doing the same regarding GDP, forecasting 8.5% growth of private consumption and expecting a strong rebound of 17% in exports.
The export increase is mainly due to Ready Made Garment benefiting from the global increase in consumption, and to the problem Vietnam is facing with its Covid-19 outbreak resulting in factories being closed or Myanmar losing contracts and struggling with logistics due to their domestic civil conflict.
On October 6th Nikkei's Covid-19 Recovery Index put Bangladesh at the 26th position, ahead of countries like Norway, Turkey, Switzerland, Canada, Germany, or the United States. This means Bangladesh is closer to recovery with its low numbers of confirmed COVID-19 cases, better vaccination rates and less-stringent social distancing measures.
The combination of all those information help explain Bangladesh position in the world’s top 5 most economic resilient countries during the pandemic.
To finish, it is interesting to note that after all the government financial efforts to manage the economic repercussion of the Covid-19, on June 30th the foreign debt per capita is TK 24,890 (USD 291) up from USD 160 in June 2016, a very low amount compared to numerous countries around the world.
https://www.worldbank.org/en/country/bangladesh/overview#1
https://www.tbsnews.net/economy/fitch-revises-growth-projection-bangladesh-63-fy22-309775
https://en.wikipedia.org/wiki/List_of_countries_by_external_debt