Rise of Bangladesh: An economic success story

Bangladesh has been marred by tragedy including: the 1971 Liberation War, poverty, natural disasters—and now—one of the world's largest refugee crises after receiving an influx of 750,000 Rohingya Muslims who fled persecution in neighboring Myanmar.

However, with remarkably little international attention, Bangladesh has also become one of the world's economic success stories. 

Aided by a fast-growing manufacturing sector—its garment industry is second only to China's—Bangladesh's economy has averaged above 6% annual growth for nearly a decade; reaching 7.86% in the year through June, reports Nikkei Asian Review.

From mass starvation in 1974, the country has achieved near self-sufficiency in food production for its more than 166 million people. Per capita income has risen nearly threefold since 2009, reaching $1,750 this year. 

Meanwhile, the number of people living in extreme poverty—classified as under $1.25 per day—has shrunk from about 19% of the population, to less than 9%, over the same period, according to the World Bank.

‘Developing economy’

Earlier this year, Bangladesh celebrated a pivotal moment when it met United Nations criteria to graduate from "least developed country" status by 2024. Prime Minister Sheikh Hasina considers the elevation of status to "developing economy"  a significant boost to the nation's self-image.

Bangladesh's economic performance has even exceeded government targets on many fronts.
Source: https://www.dhakatribune.com

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