Leading economists of Standard Chartered have
observed that growth will be sustained over 7 percent in FY22-26 and this
should drive Bangladesh’s GDP up to US$ 500 billion and per capita to $3,000
by FY26.
Bangladesh remains a compelling growth story, despite the global pandemic,
they opined.
Members of the bank’s global research team were speaking at a media session
held today following the 2021 Bangladesh session of the Bank’s Global
Research Briefing series, said a press release.
Planning Minister MA Mannan graced the event as the chief guest, while
around 300 of the bank’s clients joined via video conferencing during the
virtual event.
In his speech, MA Mannan said, “The people of Bangladesh, including the
government and our business community, have once again demonstrated our
tremendous resilience ensuring that our shared development journey might have
slowed, though it has not been halted. We remain as committed as ever in
fostering a business-friendly climate, so that we can continue on our journey
of inclusive progress and prosperity.”
Global Head of Research and Chief Strategist of the Standard Chartered
Eric Robertsen said, “While the pace and distribution of global recovery
remains highly uneven, Bangladesh has made a strong comeback with one of the
highest GDP growths in the world in 2020. A robust vaccination program and
implementation of strategic infrastructure projects are expected to further
increase momentum towards the nation’s LDC graduation”.
Standard Chartered Economist for South Asia Saurav Anand said,
“Bangladesh’s economy is set to accelerate after a speed bump, with GDP
growth forecast at 5.5 percent in FY21 and 7.2 percent in FY22. The momentum
will be driven by an export demand recovery, strong remittance inflows and
public investment. Policy support is a prerequisite for a smooth transition
to middle-income status, with per capita GDP set to reach $3,000 by FY26.”
Chief Executive Officer of the Standard Chartered Bangladesh Naser Ezaz
Bijoy said, “The government of Bangladesh has navigated the internal and
external challenges of the pandemic remarkably well. The resilience of
Bangladesh economy gives us cause for optimism. As the vaccination drive
continues, the economy is set to accelerate, while lower debt levels compared
to its peers provide medium term fiscal runway for growth. There are
significant opportunities for productivity gains through technology adoption,
technology inclusiveness through mobile-based solutions and the ITES sector,
while growth-supportive policies focus sectors will continue to spur private
investment and FDI.”