According to the International Monetary Fund, the size of the country’s economy has exceeded one trillion dollars for the first time in terms of purchasing power. The organisation says the growth is due to a reinvigoration of expatriate income and exports. On the other hand, the World Bank has predicted that Bangladesh will be ahead of the rest of the world in achieving growth in the fiscal year 2022-23, even if it is only ahead of India in the current fiscal year.
The country’s export sector remained strong despite the COVID-19 pandemic. This sector has recovered mainly based on ready-made garments. Besides, the expatriate income has been revitalised.
As a result, the size of the country’s economy in terms of purchasing power has reached the milestone of one trillion or one thousand billion dollars for the first time this month. This will exceed one and a half-trillion dollars by 2026. This information has come up in the IMF report.
According to the IMF, the size of the country’s economy was only 267.99 billion dollars in the fiscal year 2005-06 on a PPP basis. In 2021, it was 966.485 billion dollars.
And in 2022, it will increase to 1061.571 billion dollars. The Padma Bridge will be opened in June this year, Metrorail and Karnaphuli Tunnel in December. The IMF thinks that due to its positive effects, the country’s economy will cross one and a half trillion in 2026.
Meanwhile, global economic growth has slowed down due to the effects of COVID-19. At the same time, the rise in infections of the new variant Omicron has increased the risk of a global recession. As a result, growth will slow down further by 2023.
