The Bangladesh economy registered an impressive 6.91 percent growth in the Financial Year (FY) 2020-21 exceeding the provisional estimate by 1.51 percent, according to the report of the Bangladesh Bureau of Statistics (BSS). The GDP growth rate in 2019-20 was recorded to be 3.45 percent. The accelerated growth rate has taken place on the back of the rebound in the industrial sector, especially the cottage, small, medium and large industries.
The information was shared at the meeting of the Executive Committee of the National Economic Council (ECNEC) Chaired by Prime Minister Sheikh Hasina on Tuesday.
The industrial sector showed a sharp rise in growth rate from 3.61 percent in FY 2019-20 to 10.29 percent in FY 2020-21. Within the industrial sector, micro, small and medium industries grew at 13.89 percent in FY 2021 from 6.03 a year earlier. Agriculture sector grew at 3.17 percent showing a decline from 3.42 percent in 2019-20. Services sector also showed an increase from 3.93 percent in 2019-20 to 5.73 percent in 2020-21.
The size of Bangladesh GDP stood at USD 416 billion compared to USD 411 billion in the primary estimate. The per capita income of Bangladesh now stands at USD 2591 rising from the previously estimated USD 2554.
The GDP growth figures are higher than those estimated by international organisations earlier. The IMF had estimated the growth rate to be 4.6 percent and the Asian Development Bank (ADB) at 5.5 percent for the FY 2020-21. The World Bank had estimated Bangladesh growth rate for 2020-21 to be 5 percent.
Planning Minister M A Mannan called it a miracle amid the pandemic while most of the other countries suffered reduction in GDP. State Minister for Planning Prof. Shamsul Alam said that the impressive GDP growth rate has come on account of higher exports and remittances.
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