A Country to watch with health, education and growth improving

Market Development (Bangladesh)

With a population approaching 150m and GDP rising at +5% Bangladesh is surely a country to watch.

Over the past 20 years, Bangladesh has made some of the biggest gains in the basic condition of people’s lives ever seen anywhere. Bangladeshis now have a life expectancy four years longer than Indians, despite the Indians being, on average, twice as rich. Even more remarkably, the improvement in life expectancy has been as great among the poor as the rich.

Bangladesh has also made huge gains in education and health.

The belief that growth brings development with it—the “Washington consensus”—is often criticised on the basis that some countries have had good growth but little poverty reduction. Bangladesh embodies the inverse of that: it has had disproportionate poverty reduction for its amount of growth.

Driven by sustained economic growth, exports, domestic demand and remittances.

Despite challenges,the country has maintained robust growth. Its exports have rebounded – primarily led by the Ready-Made Garments (RMG) sector – with a 6.33% growth in FY18, compared with 4% in the previous year. A 17% growth in remittances, with more Bangladeshis going to work abroad, and stronger legal and fiducial controls, may have contributed to the recovery.

Despite macroeconomic challenges, GDP growth is projected to be robust.

Growth is projected to be in the 6.5 to 7 percent range during FY18-20. The key growth drivers are expected to be exports, driving manufacturing growth, and services, driven primarily by domestic consumption. Despite being affected by recurring floods in 2017, the agriculture sector rebounded. Private investment, which stagnated in recent years, is expected to pick up with growing confidence on infrastructure development prospects, strong domestic demand, and stronger global markets.

The government and the people of Bangladesh have their eyes fixed on the horizon, working hard to realize the twin dreams of eradicating extreme poverty and achieving middle-income status by 2021.

The country’s success in achieving the Millennium Development Goals has shown that this is not only possible, but highly likely.

Exalta – Your partner in Bangladesh

Contact

Nazmul Chowdhury

Acssociate

Tel 0044-7850 114774

Nazmul@exalta.co.uk

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