Bangladesh has been classified as a "Next Eleven" emerging market by Goldman Sachs. The JP Morgan has labelled Bangladesh as one of the ‟Frontier Five‟ economies with high potential to become an attractive destination for investment as well. Besides, according to the latest report of the Pricewaterhouse Coopers, Bangladesh will become the 23rd largest economy in the world by 2050 (Bangladesh currently ranks 39th, nominal, according to IMF).
Bangladesh GDP stands at US Dollar 315 billion (IMF). The service sector accounts for 52% of GDP, the industrial sector 36% and agriculture 14%. Bangladesh is a major agricultural producer, particularly in the production of rice (4th), fisheries (5th), jute (2nd), tea (10th) and tropical fruits (5th). Major industries include textiles, pharmaceuticals, shipbuilding, steel, electronics, telecommunications, energy, fertilizer, cement, leather, food processing and ceramics.
Bangladesh has sustained a GDP growth rate above 6% over the last ten years and it crossed 8% in the last financial year. The central bank reserve is over US$ 32 billion. The per capita national income of Bangladesh is now US$ 1,827. According to World Bank, Bangladesh has now been upgraded from its status of low income country to lower middle income country.
Bangladesh’s exports amounted to US$ 40.53 billion in the fiscal year 2018–19. About 80% of export earnings came from the textile industry, Bangladesh being the world’s second largest textile exporter (after China). Remittances from the Bangladeshi diaspora and overseas workers provide foreign exchange earnings, accounting for US$ 16.41 billion in FY 2018-19.
Bangladesh economy is substantially integrated regionally and globally. Its membership in SAARC, BIMSTEC, BMIC and D-8 and its contiguity with ASEAN bode well for its potential for becoming a economic hub in the region. The duty free status of Bangladesh in the major markets of EU, Canada, Australia and so on makes Bangladesh a ideal place for investment.
