According to Trading Economics global macro models and analysts, Bangladesh’s GDP is predicted to reach 350.00 USD billion by the end of 2021. According to our econometric models, Bangladesh’s GDP will trend around 400.00 USD billion in 2022 and 430.00 USD billion in 2023 in the long run.
What will Bangladesh’s GDP be in 2020?
Bangladesh’s gross domestic product (GDP) increased to 323.06 billion dollars in 2020. This represents a 160 billion dollar gain since 2014, and the trend is expected to continue at least until 2026.
How is the GDP of Bangladesh calculated?
The market value of all final goods and services produced within a country’s border within a certain time period is known as GDP (gross domestic product) (generally one year). Y=C+I+G+X-M is the general GDP calculation formula for the expenditure approach, where C stands for consumption, I for investment, G for government expenditure, X for export, and M for imports.
Consider the following scenario: Bangladesh manufactures only two items inside its borders. 100-piece shirts and 100 tons of potatoes are the products in question. So this country’s entire GDP is 100 pieces of shirt + 100 tons of potato + market price of each ton of potato. We can compute a country’s overall GDP this way.
Land, labor, capital, technology, and natural resources are all determinants of gross domestic product.
Is Bangladesh a wealthier country than Pakistan?
This not only contributed to internal stability, but also to strong relations with India, the country’s powerful neighbor. As a result, Bangladesh might reduce its defense budget and put public funds to better use.
It’s important to look back at how Bangladesh’s core attitude differed from that of its former ruler, Pakistan. Bangladesh was the poorer of the two portions of Pakistan prior to independence, with the western section being 70% richer. The tables have been turned today.
Bangladesh, once a poor, disease-ridden backwater, is now wealthier than Pakistan, both in absolute and relative terms. With a per capita income of $2,554 compared to Pakistan’s meager $1,543, it is projected to be 45 percent wealthier.
Afghanistan
Continual violent strife, government corruption, and widespread income disparity plague this mountainous nation. The Taliban retook control of Afghanistan’s government after the United States and the United Nations withdrew their forces in mid-2021. While the long-term impact of this change on Afghanistan’s economy is unknown, the Taliban’s ongoing conflicts with ISIL, as well as its forcible closure of female-owned businesses and refusal to allow girls to attend school, are widely seen as conditions unlikely to lead to a more robust and stable economy.
North Korea
Although North Korea may be Asia’s poorest country, the country’s notoriously secretive leadership rarely provides data, so economists must rely heavily on expert estimates. The authoritarian regime’s weak governance is blamed for North Korea’s poverty. In North Korea, the free market is almost non-existent. According to estimates, around 60% of North Korea’s population would be poor by 2020.
Nepal
Political instability and corruption, a lack of industry, and a reliance on agriculture are all factors contributing to Nepal’s poverty. Despite its abundance of natural resources, Nepal has not taken advantage of them by exporting them to other countries.
Tajikistan
Tajikistan is routinely ranked as Asia’s second or third poorest country by most measures. Tajikistan’s economy is stalled due to a lack of infrastructure. Tajikistan has one of the world’s largest remittance economies, since many competent people leave the nation in quest of better job prospects. In addition, during the 1990s, Tajikistan’s civil conflict destroyed almost one-fifth of the country’s schools, robbing children of their right to an education, which is one of the most important factors in alleviating poverty.
Yemen
Yemen is ranked 168th out of 177 countries on the UN’s Human Development Index (HDI), indicating that it is one of the world’s poorest countries. Yemen’s poverty arises from the country’s protracted civil war, corruption, and mismanagement of the economy. As a result of the civil conflict, an increasing number of Yemenis are living in poverty. Approximately 79 percent of the population is poor, with 65 percent classified as extremely poor.
Kyrgyzstan
Kyrgyzstan is Asia’s fifth poorest country in terms of GDP per capita (current US$). Around 32% of Kyrgyzstan’s population lives in poverty. The country’s reliance on agriculture, as well as disparities in knowledge and resources among its people, are the main reasons of poverty in Kyrgyzstan. Kyrgyzstan also has few natural resources that are appealing to the rest of the world, with cotton and tobacco being the only products it can export. Furthermore, many parts of Kyrgyzstan lack basic banking and financial services, which discourages people from investing and slows economic progress.
Cambodia
Cambodia has a scarcity of human resources and a widening wealth gap. Despite recent economic gains, the country remains impoverished, and the government has done little to develop the infrastructure needed to raise millions of people out of poverty.
Myanmar
Around 26% of Myanmar’s population lives in poverty, with rural areas accounting for 70% of the country’s population. Poor government planning, internal unrest, a lack of foreign investment, a huge trade deficit, and insufficient infrastructure and know-how to take advantage of the country’s natural resources are the key contributors to slow economic growth.
Syria
Because Syria rarely releases official economic data, economists must rely on their best guesses, which depict a grim picture. As of 2017, almost 80% of Syrians lived in poverty or near poverty, a 45 percent rise from 2007. The Syrian Civil War, which has destroyed health-care infrastructure and educational facilities, is the primary reason of the significant rise in poverty. Education is one of the best ways out of poverty, but due to the conflict, about half of Syrian children no longer attend school. Syria has also seen extremely high inflation in recent years, hitting a high of 121.29 percent in 2014.
Pakistan
Despite Pakistan’s abundant natural resources, about 40% of the country’s population lives in abject poverty. Government corruption and elitism, religious and secular conflict, and a lack of democratic values are all factors contributing to this dysfunction. The government also spends the majority of its national budget on defense, with education accounting for only 2.6 percent of its overall GDP. As a result, about half of Pakistan’s population is illiterate.
India
Despite being the world’s fifth-largest economy in terms of GDP, roughly 21% of India’s population (269 million people) lives in poverty. Poverty in India is caused by illiteracy, gender discrimination, unequal economic distribution, and the country’s rapidly growing population.
Uzbekistan
Uzbekistan, a former Soviet republic, is a promising producer of commodities such as gold, copper, uranium, petroleum gas, cotton, and grapes. However, because to widespread governmental corruption, the earnings from these industries mostly benefit a small group of citizens. Economists believe corruption, as well as the income inequality it causes, to be a key impediment to the country’s progress out of poverty.
Timor-Leste
This half-island republic in the South Pacific (which may easily be regarded part of Oceania rather than Asia) is still growing after only gaining independence from Indonesia in 2002. Despite the fact that Timor-Leste (formerly known as East Timor) exports a lot of coffee, as well as marble, sandalwood, and an increasing amount of oil and gas, many of its people still rely on subsistence farming. Additional barriers to economic progress are typically highlighted as a rudimentary judicial system, a low but improving adult literacy rate, and particularly weak telecommunications infrastructure.
Is Bangladesh a wealthy nation?
Bangladesh has a strong track record of economic development and poverty alleviation. Over the last decade, it has been one of the world’s fastest growing economies, owing to a demographic dividend, robust ready-made garment (RMG) exports, and stable macroeconomic conditions. Exports and consumption would continue to recover in fiscal year 2021-22, boosting growth rates to 6.4 percent.
Bangladesh provides a stunning story of poverty reduction and progress to the rest of the globe. Bangladesh went from being one of the poorest countries in the world when it was founded in 1971, with the tenth lowest per capita GDP in the world, to becoming a lower-middle-income country in 2015. In 2026, it is expected to be removed from the UN’s list of Least Developed Countries (LDCs). Based on the international poverty line of $1.90 per day, poverty decreased from 43.5 percent in 1991 to 14.3 percent in 2016. (using 2011 Purchasing Power Parity exchange rate). Furthermore, human development outcomes increased in a variety of ways.
Bangladesh, like other countries, is facing a difficult task in fully recovering from the COVID-19 epidemic, which has hampered economic activity and reversed some of the achievements made in the previous decade. In 2020, the COVID-19 epidemic slowed economic growth. Poverty reduction halted, exports fell, inequality worsened across multiple dimensions, and the poverty rate rose to 18.1 percent in 2020, up from 14.4 percent in 2015. Nonetheless, robust remittance inflows and a recovery in the export market have aided the economy’s steady recovery.
Bangladesh must face the challenge of limiting COVID-19 in order to completely recover and accomplish its growth goals of reaching upper-middle income status. Vaccinating the population will reduce disease incidence and death, allowing for a full recovery of economic activity. Bangladesh must also address the issue of job creation by fostering a competitive business environment, increasing human capital and skilled labor, improving infrastructure, and fostering a policy environment that encourages private investment.
Diversifying exports outside the RMG sector, deepening the financial sector, making urbanization more sustainable, and strengthening public institutions are among the other development priorities. Addressing infrastructural gaps will hasten growth and minimize disparities in opportunity across regions and cities. Addressing Bangladesh’s vulnerability to climate change and natural catastrophes will aid the country’s resilience to future shocks. Shifting to green growth would ensure the long-term viability of development outcomes for future generations.
What accounts for Japan’s high GDP?
Japan has one of the world’s largest and most sophisticated economies. It boasts a highly educated and hardworking workforce, as well as a huge and affluent population, making it one of the world’s largest consumer marketplaces. From 1968 to 2010, Japan’s economy was the world’s second largest (after the United States), until China overtook it. Its GDP was expected to be USD 4.7 trillion in 2016, and its population of 126.9 million has a high quality of life, with a per capita GDP of slightly under USD 40,000 in 2015.
Japan was one of the first Asian countries to ascend the value chain from inexpensive textiles to advanced manufacturing and services, which now account for the bulk of Japan’s GDP and employment, thanks to its extraordinary economic recovery from the ashes of World War II. Agriculture and other primary industries account for under 1% of GDP.
Japan had one of the world’s strongest economic growth rates from the 1960s to the 1980s. This expansion was fueled by:
- Access to cutting-edge technologies and major research and development funding
- A vast domestic market of discriminating consumers has given Japanese companies a competitive advantage in terms of scale.
Manufacturing has been the most notable and well-known aspect of Japan’s economic development. Japan is now a global leader in the production of electrical and electronic goods, automobiles, ships, machine tools, optical and precision equipment, machinery, and chemicals. However, in recent years, Japan has given some manufacturing economic advantage to China, the Republic of Korea, and other manufacturing economies. To some extent, Japanese companies have offset this tendency by shifting manufacturing production to low-cost countries. Japan’s services industry, which includes financial services, now accounts for over 75% of the country’s GDP. The Tokyo Stock Exchange is one of the most important financial centers in the world.
With exports accounting for roughly 16% of GDP, international trade plays a key role in the Japanese economy. Vehicles, machinery, and manufactured items are among the most important exports. The United States (20.2%), China (17.5%), and the Republic of Korea (17.5%) were Japan’s top export destinations in 2015-16. (7 per cent). Export growth is sluggish, despite a cheaper yen as a result of stimulus measures.
Japan’s natural resources are limited, and its agriculture sector is strictly regulated. Mineral fuels, machinery, and food are among Japan’s most important imports. China (25.6%), the United States (10.9%), and Australia (10.9%) were the top three suppliers of these items in 2015. (5.6 per cent). Recent trade and foreign investment developments in Japan have shown a significantly stronger involvement with China, which in 2008 surpassed the United States as Japan’s largest trading partner.
Recent economic changes and trade liberalization, aiming at making the economy more open and flexible, will be critical in assisting Japan in dealing with its problems. Prime Minister Abe has pursued a reformist program, called ‘Abenomics,’ since his election victory in December 2012, adopting fiscal and monetary expansion as well as parts of structural reform that could liberalize the Japanese economy.
Japan’s population is rapidly aging, reducing the size of the workforce and tax revenues while increasing demands on health and social spending. Reforming the labor market to increase participation is one of the strategies being attempted to combat this trend. Prime Minister Shinzo Abe’s ‘Three Arrows’ economic revitalisation strategy of monetary easing, ‘flexible’ fiscal policy, and structural reform propelled Japan’s growth to new heights in 2013.
Do you want to know more? Download the Japan Country Starter Pack or look through our other Indonesia information categories.
What is the complete form of GDP?
The total monetary or market worth of all finished goods and services produced inside a country’s borders in a certain time period is known as GDP. It serves as a comprehensive scorecard of a country’s economic health because it is a wide measure of entire domestic production.
What is India’s GDP forecast for 2021?
In its second advance estimates of national accounts released on Monday, the National Statistical Office (NSO) forecasted the country’s growth for 2021-22 at 8.9%, slightly lower than the 9.2% estimated in its first advance estimates released in January.
Furthermore, the National Statistics Office (NSO) reduced its estimates of GDP contraction for the coronavirus pandemic-affected last fiscal year (2020-21) to 6.6 percent. The previous projection was for a 7.3% decrease.
In April-June 2020, the Indian economy contracted 23.8 percent, and in July-September 2020, it contracted 6.6 percent.
“While an adverse base was expected to flatten growth in Q3 FY2022, the NSO’s initial estimates are far below our expectations (6.2 percent for GDP), with a marginal increase in manufacturing and a contraction in construction that is surprising given the heavy rains in the southern states,” said Aditi Nayar, Chief Economist at ICRA.
“GDP at constant (2011-12) prices is estimated at Rs 38.22 trillion in Q3 of 2021-22, up from Rs 36.26 trillion in Q3 of 2020-21, indicating an increase of 5.4 percent,” according to an official release.
According to the announcement, real GDP (GDP) or Gross Domestic Product (GDP) at constant (2011-12) prices is expected to reach Rs 147.72 trillion in 2021-22, up from Rs 135.58 trillion in the first updated estimate announced on January 31, 2022.
GDP growth is expected to be 8.9% in 2021-22, compared to a decline of 6.6 percent in 2020-21.
In terms of value, GDP in October-December 2021-22 was Rs 38,22,159 crore, up from Rs 36,22,220 crore in the same period of 2020-21.
According to NSO data, the manufacturing sector’s Gross Value Added (GVA) growth remained nearly steady at 0.2 percent in the third quarter of 2021-22, compared to 8.4 percent a year ago.
GVA growth in the farm sector was weak in the third quarter, at 2.6 percent, compared to 4.1 percent a year before.
GVA in the construction sector decreased by 2.8%, compared to 6.6% rise a year ago.
The electricity, gas, water supply, and other utility services segment grew by 3.7 percent in the third quarter of current fiscal year, compared to 1.5 percent growth the previous year.
Similarly, trade, hotel, transportation, communication, and broadcasting services expanded by 6.1 percent, compared to a decline of 10.1 percent a year ago.
In Q3 FY22, financial, real estate, and professional services growth was 4.6 percent, compared to 10.3 percent in Q3 FY21.
During the quarter under examination, public administration, defense, and other services expanded by 16.8%, compared to a decrease of 2.9 percent a year earlier.
Meanwhile, China’s economy grew by 4% between October and December of 2021.
“India’s GDP growth for Q3FY22 was a touch lower than our forecast of 5.7 percent, as the manufacturing sector grew slowly and the construction industry experienced unanticipated de-growth.” We have, however, decisively emerged from the pandemic recession, with all sectors of the economy showing signs of recovery.
“Going ahead, unlock trade will help growth in Q4FY22, as most governments have eliminated pandemic-related limitations, but weak rural demand and geopolitical shock from the Russia-Ukraine conflict may impair global growth and supply chains.” The impending pass-through of higher oil and gas costs could affect domestic demand mood, according to Elara Capital economist Garima Kapoor.
“Strong growth in the services sector and a pick-up in private final consumption expenditure drove India’s real GDP growth to 5.4 percent in Q3.” While agriculture’s growth slowed in Q3, the construction sector’s growth became negative.
“On the plus side, actual expenditure levels in both the private and public sectors are greater than they were before the pandemic.
“Given the encouraging trends in government revenues and spending until January 2022, as well as the upward revision in the nominal GDP growth rate for FY22, the fiscal deficit to GDP ratio for FY22 may come out better than what the (federal) budget projected,” said Rupa Rege Nitsure, group chief economist, L&T Financial Holdings.
“The growth number is pretty disappointing,” Sujan Hajra, chief economist of Mumbai-based Anand Rathi Securities, said, citing weaker rural consumer demand and investments as reasons.
After crude prices soared beyond $100 a barrel, India, which imports virtually all of its oil, might face a wider trade imbalance, a weaker rupee, and greater inflation, with a knock to GDP considered as the main concern.
“We believe the fiscal and monetary policy accommodation will remain, given the geopolitical volatility and crude oil prices,” Hajra added.
According to Nomura, a 10% increase in oil prices would shave 0.2 percentage points off India’s GDP growth while adding 0.3 to 0.4 percentage points to retail inflation.
Widening sanctions against Russia are likely to have a ripple impact on India, according to Sakshi Gupta, senior economist at HDFC Bank.
“We see a 20-30 basis point downside risk to our base predictions,” she said. For the time being, HDFC expects the GDP to rise 8.2% in the coming fiscal year.
Is India wealthier than the United Kingdom?
India’s nominal GDP has risen to $2.94 trillion. “India’s economy is the fifth largest in the world, with a GDP of $2.94 trillion, surpassing the United Kingdom and France in 2019 to capture the fifth slot,” according to the research. The British economy is worth $2.83 trillion, while France’s is worth $2.71 trillion.