Bangladesh to surpass Taiwan by 2030 with rising GDP growth: Minister

Citing an Australian think tank’s survey, Planning Minister AHM Mustafa Kamal yesterday said Bangladesh will surpass Taiwan by 2030 with the continued increase in its gross domestic product (GDP) growth, reports UNB.

“Bangladesh has ranked 18th among the 25 most powerful countries in the Asia-Pacific in the survey of the Lowy Institute. It will rank 8th (actually 9th) in the future in the Asia Power Index measures,” he said.

The minister was addressing a commemorative meeting on Awami League leader freedom fighter Abu Taher organised by Bagmara Dakkhin union unit of the ruling party marking his first death anniversary.

He said the present government has taken the country to a dignified position. “It’s been proved that there’s development in the country whenever Awami League is in power,” he said.

Mustafa Kamal also said the GDP rate and per capita income in the country are now better than any other time.

Talking about Bangabandhu-1 satellite, he said it will help get advance warning about natural calamities, thus saving lives and property.

According  to Wikipedia Taiwan, is the 7th largest economy in Asia, and is included in the advanced economies group by the International Monetary Fund and gauged in the high-income economies group by the World Bank,[12] and ranked 15th in the world by the Global Competitiveness Report of World Economic Forum, has a developed capitalist economy that ranks as the 22nd-largest in the world by purchasing power parity (PPP), ranks as 18th in the world by gross domestic product (GDP) at purchasing power parity per capita (person), and 24th in nominal GDP of investment and foreign trade by the Republic of China (ROC) government, commonly referred to as Taiwan. As of 2018, telecommunication, financial services and utility services are three highest individuals paid sectors in Taiwan.The economy of Taiwan ranks the highest in Asia for 2015 Global Entrepreneurship Index (GEI) for specific strengths.

The market-based economy of Bangladesh is the 44th largest in the world in nominal terms, and 32nd largest by purchasing power parity; it is classified among the Next Eleven emerging market economies and a Frontier market, according to Wikipedia.

According to the IMF, Bangladesh's economy is the second fastest growing major economy of 2016, with a rate of 7.1 pc. Dhaka and Chittagong are the principal financial centers of the country, being home to the Dhaka Stock Exchange and the Chittagong Stock Exchange. The financial sector of Bangladesh is the second largest in the subcontinent.

In the decade since 2004, Bangladesh averaged a GDP growth of 6.5pc, that has been largely driven by its exports of ready made garments, remittances and the domestic agricultural sector. The country has pursued export-oriented industrialisation, with its key export sectors include textiles, shipbuilding, fish and seafood, jute and leather goods. It has also developed self-sufficient industries in pharmaceuticals, steel and food processing. Bangladesh's telecommunication industry has witnessed rapid growth over the years, receiving high investment from foreign companies. Bangladesh also has

substantial reserves of natural gas and is Asia's seventh largest gas producer.