Bangladesh will emerge as one of top 25 largest economies of the world by 2032, says UK-based think-tank Centre for Economics and Business Research (CEBR).
The Bangladesh economy is estimated to be the 41st one in the world in 2019 and it is set to be placed in 24th position by the year 2032.
“Bangladesh will climb 19 places in the World Economic League Table to become the world’s 24th largest economy by 2033,” according to the CEBR.
As per the World Economic League Table 2019 report, the country has seen robust growth with an average of 6.3 per cent per year over the past decade.
“We expect annual rates of GDP [gross domestic product] growth to average 7.0% between 2018 and 2033,” it added.
CEBR also said Bangladesh’s GDP per capita stands at $4,600 in PPP [purchasing power parity] international dollars, making it a lower-middle income country by the World Bank’s definition.
As per the CEBR forecast, countries like Switzerland, Sweden, Malaysia, Singapore, Vietnam and South Africa will fall behind Bangladesh by 2033.
Bangladesh will become 36th economy in 2023, 27th in 2028 and 24 in 2033.
The report said Bangladesh’s economic growth is driven by ‘domestic consumption expenditure, government spending, remittances and exports’.
Thus, it added, the country will also need to increase revenue to finance upgrades for infrastructures and to maintain the social safety net.
The USA has retained the top spot beating China which will overtake the Americans to become the world’s largest economy by 2032.
India has claimed 5th position in 2019 and will become 3rd by 2033.