Bangladesh economic miracle continues with 5.2% GDP growth as trade touches $97.34 bn in a tough year

0
70

News Highlights:

  1. Bangladesh’s economy is poised to grow at 5.1 percent in the current fiscal year (July 2021-June 2022), according to the World Bank
  2. Bangladesh’s GDP has grown 5.2 percent to US$324.24 billion last year, making it the 40th largest economy in the world;
  3. COVID-19 affected Bangladesh’s foreign trade that declined 11.12 percent to US$97.34 billion in 2020-2021, down from US$109.53 billion in 2019-20 financial year.
  1. The total value of imports declined to US$64.18 billion last year from US$68.10 billion the previous year while the value of imports crossing US$33.16 in 2020-21, down from US$41.43 billion the year before
  2. Despite COVID-19 pandemic, bilateral trade between Bangladesh and the UAE marginally grew to US$1.85 billion (Dh6.8 billion) in 2020-2021 financial year, up from US$1.84 billion recorded in 2018-19.
  1. The UAE, home to more than 1 million Bangladeshi expatriates, remains Bangladesh’s largest trading partner in the Middle East with two-way trade exceeds US$1.85 billion – as both countries celebrate 50 years of development;
  2. With a per capita Gross Domestic Product (GDP) of US$2,227, Bangladesh is now ahead of its regional peers;
  3. Remittances by 12 million Non-Res¬ident Bangladeshis (NRBs) jumped 36 percent to US$24.77 billion in 2020-2021 from US$18.2 billion in 2019-2020, that pushed up foreign currency reserves from $36.0 billion in June 2020 to $48 billion in August 2021.
  1. Bangladesh received foreign direct investment (FDI) net inflows of $2.6 billion in 2020, according to the United Nations Conference on Trade and Development (UNCTAD). Bangladesh is developing 100 economic zones that will transform the country into an economic powerhouse with massive industrialization that could push export earnings to US$100 billion by 2030.
  2. Despite COVID-19 pandemic, bilateral trade between Bangladesh and the UAE marginally grew to US$1.85 billion (Dh6.8 billion) in 2020-2021 financial year, up from US$1.84 billion recorded in 2018-19

LEAVE A REPLY

Please enter your comment!
Please enter your name here