Bangladesh will be the 24th largest economy in the world by 2030

Despite rising poverty, unemployment, and income losses as a result of the Covid-19 pandemic, Bangladesh is anticipated to become the world’s 24th largest economy by 2030. 

Mustafizur Rahman, from the Centre for Policy Dialogue (CPD), and Selim Jahan, former head of the UNDP’s human development report office and an adviser to NHDR, contributed to the report, which was published yesterday by the Economic Relations Division (ERD). 

Bangladesh’s economy is growing at a constant rate of nearly 7% per year, and the country’s GDP has risen more than nine-fold since the mid-1990s, from $35 billion to $330 billion in 2020. 

During the same time period, Bangladesh’s per capita income increased by about sevenfold, from $300 to $2,064. Poverty rates have decreased from 58 percent in 1990 to approximately 21% in 2019. 

Bangladesh’s life expectancy has improved dramatically during the last three decades, rising from 58 years to over 72.6 years, a 15-year increase. 

Between 1990 and 2019, the expected years of schooling — the number of years a child of school age can expect to acquire education – increased from 5 to 11 years. 

Bangladesh now has a life expectancy of 72.6 years, compared to 70 in India and 67 in Pakistan. 

Bangladesh has a 28 per 1,000 live births mortality rate, compared to 48 in India and 81 in Pakistan. 

Bangladesh’s contribution to international peacekeeping is noteworthy. Bangladesh has sent 163,887 peacekeepers to UN missions in more than 40 countries thus far. 

The country contributes a total of 6,731 peacekeepers to UN peacekeeping missions. 

Bangladesh’s future human development trajectory would be informed and influenced by the Covid-19 pandemic. 

In order to successfully deal with it, it is necessary to identify its negative economic and non-economic repercussions and formulate all viable short and medium-term plans. 

The Covid-19 is a new challenge that will have an impact on Bangladesh’s future human development. 

Women’s time allocation for unpaid care work is expected to increase by 51% and for unpaid domestic work by 29% as a result of the pandemic. 

For example, the pandemic will have a greater impact on marginalized and vulnerable populations, and they will have a harder time recovering. 

Students from lower-income families would be at a disadvantage because most learning is now done online. 

As a result, learning and living possibilities will differ between affluent and poorer households. 

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