Bangladeshi economy is growing fast in the South Asian region as it compete with other major economic players including China
Bangladesh leaves India far behind in economic battle. Between 2013 and 2016, World Bank reported growth in South Asian countries increased from 6.2% to 7.5% while developing nations got flat or went negative.
In South Asia, the World Bank expects growth of 6.3% in 2020 and almost 6.7% in 2021. South Asian economies do have share in revenues from exports, they also put domestic shares into it. These nations have liberalized their economies progressively in recent years to compete with the world economies.
In the time of newly emerged COVID-19, world’s economy is under stake. India tried very hard to control the virus and made efforts to stabilize the economy.
Bangladesh in 2041
Now things are being changed and many global powers are going to pivot their attention towards Dhaka. Bangladesh’s economy is growing fast even in the pandemic. It has entered in rank of middle income country and it is being predicted that by 2041 Bangladesh will become a developed country.
Other economic growth, South Asia is raising important diplomatic opportunities, the United States will definitely attempt to maintain its hegemonic role in the region and make Bangladesh its partner, and on the other hand Dhaka will continue its strategic partnership with Beijing.
In 1975 the Father of Independence of Bangladesh, President Mujib ur Rahman and many of his own family have been murdered in a military coup that ended the close relationship with India and the socialist economic coverage of the authorities. At the Islamic Summit in Lahore in 1974 Pakistan had identified Bangladesh’s independence; America, China and subsequently Saudi Arabia hooked up as economic family members.
Per Capita Income of Bangladesh vs India
The IMF, in its latest file, stated that India’s GDP boom is probable to agreement by 10.3 -10.6 percent consistent with this economic whereas Bangladesh is possibly to put up a growth of 4 per cent. According to IMF’s evaluation, Bangladesh’s in line with capita GDP at $1,888 is predicted to surpass India’s $1,877. Though a few economists, maximum substantially former Chief Economic Advisor Arvind Subramanian, have recommended in opposition to analysing an excessive amount of into those numbers, but the trend continues to be revealing and miserable from the Indian point of view.
And now the Bangladesh has come to be an export energy house and a prime player within the global textiles and garment area. In phrases of maximum social guides health and schooling Bangladesh ratings better than India. Even from the gender point of view Bangladesh appears to be outscoring India as women there experience higher fitness, mortality and schooling repute. In the recently launched Global Hunger Index, India has been ranked at 107, even as Bangladesh is a whole lot in advance at seventy five.
Chinese corporations are making an investment billions of dollars in extraordinary sectors in other nations in South Asia. China has invested USD 2.59 billion in Pakistan, USD 2.Fifty five billion in Sri Lanka, USD 1.34 billion in Nepal and USD 2.10 billion in Myanmar between 2016 and 2018.
Thus, Bangladesh leaves India far behind in economic battle.