Bangladesh is expected to become the 24th largest economy in the world by 2030 despite a rise in poverty, unemployment and income losses due to the severe impact of the COVID-19 pandemic, according to the National Human Development Report (NHDR) prepared by the government’s economic relations division (ERD). “By 2041, Bangladesh will also become a digital economy,” it said.

Bangladesh now has a steady economic growth of nearly 7 per cent per annum. The $35-billion economy of the mid-1990s was a $330-billion economy in 2020.

During the same period, the per capita income of Bangladesh has registered a nearly seven-fold rise from $300 to $2,064. The poverty incidence has fallen from 58 per cent in 1990 to nearly 21 per cent in 2019.

Bangladesh is likely to turn the 24th largest economy in the world by 2030 despite a rise in poverty, unemployment and income losses due to the severe impact of the COVID-19 pandemic, according to the National Human Development Report prepared by the government’s economic relations division. “By 2041, Bangladesh will also become a digital economy,” it said.

Over the past three decades, the life expectancy has increased significantly in Bangladesh—from 58 years to about 72.6 years, an increase of about 15 years.

The expected years of schooling—the number of years that a child of school-age can expect to receive education—rose from five years to 11 years between 1990 and 2019, media reports said citing the NHDR report.

Today Bangladesh has achieved a life expectancy of 72.6 years as opposed to India’s 70 and Pakistan’s 67. The under-five mortality rate is 28 in 1,000 live births, compared to 48 in India and 81 in Pakistan.

The pandemic is a new challenge that would affect the future human development journey of Bangladesh, the report noted.

Fibre2Fashion News Desk (DS)