Home / Knowledge / News / Textiles / Bangladesh to be 30th largest economy by 2024: CEBR

Bangladesh to be 30th largest economy by 2024: CEBR

07
Jan '20
Pic: Shutterstock
Pic: Shutterstock
Bangladesh’s economy will outshine that of Malaysia, Hong Kong and Singapore with its presence as the 30th largest economy in the world by 2024, according to a new report by the Centre for Economics and Business Research (CEBR), which said the country’s economy will further climb from the 40th place in 2020 to 26th and 25th position respectively by 2029 and 2034.

The report called ‘World Economic League Table 2020’ offers forecasts for 193 countries to 2034.

With a purchasing power parity (PPP)-adjusted gross domestic product (GDP) per capita of $5,028 in 2019, Bangladesh is a lower middle-income country, CEBR said.

Bangladesh’s economy performed well last year, recording a 7.8 per cent growth. The country recorded 7.9 per cent growth in 2018.

The country’s population increased at a rate of 1 per cent per year since 2014. This has meant that per capita incomes have grown considerably in recent years. The government debt as a share of GDP rose to 34.6 per cent last year. This is up from 34 per cent in 2018.

Despite this increase, the public sector finances remain in good shape. The relatively low debt burden has provided the government with the fiscal headroom to operate a budget deficit of 4.8 per cent in 2019.

The annual rate of GDP growth is forecast to slow to an average of 7.3 per cent between 2020 and 2025, according to the report.

CEBR forecasts that the economy will remain at this impressive rate over the subsequent nine years.

China is predicted to become the world’s largest economy in 2033, overtaking the United States with growth boosted by technology.

China’s population is forecast to peak at 1,416.4 million in 2028 before falling to about 1 billion by 2100.

Fibre2Fashion News Desk (DS)


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 22nd Jan 2021

Industry 4.0 could transform Cambodian garment sector: ADB

Cambodia should consider developing industry transformation maps in...

Pic: Shutterstock

Textiles | On 22nd Jan 2021

China leads global economic recovery

China has turned the only major economy to end up with a positive GDP ...

Pic: Shutterstock

Apparel/Garments | On 22nd Jan 2021

Bangladesh apparel exports decline 2.99% in H1 FY21

Readymade garment exports from Bangladesh declined by 2.99 per cent...

Interviews View All

Arvind Saraf, Triveni Sarees

Arvind Saraf
Triveni Sarees

e-Commerce is still evolving fast with constant flux and surprises

Textile Industry, Head honchos

Textile Industry
Head honchos

Consumer sentiment will be conservative after lockdown

Rajiv Sirohi, Shara

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Nantas Montonati,

Nantas Montonati

The Riri Group is a one-stop supplier of metal accessories for the luxury...

Valter De Carli,

Valter De Carli

Savio Macchine Tessili is at the head of a group that holds a know-how of...

Milva Morani,

Milva Morani

Brighi Technologies began in 1970 with trading and repairing sewing...

Asif Rahman, MIP

Asif Rahman
MIP

MIP is a manufacturer and distributor of high-performance textiles and...

Paolo Ocleppo, Sandvik Hyperion

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Hemant Bheda, Arevo

Hemant Bheda
Arevo

Arevo, based in Silicon Valley in California, develops technology to...

Akta Adani, India Boulevard

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Sweta Agarwal, A Humming Way

Sweta Agarwal
A Humming Way

A Humming Way (AHW) is inspired by the old-world regalia of Rajasthan...

Aditi Somani, Aditi Somani

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


January 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search