Nikkei Asia praises Bangladesh\`s growth_ govt efforts during pandemic

The world's largest financial newspaper Nikkei Asia_ in its recent article_ praised Bangladesh's growth describing how the economy has boomed and exports soared.

The article also described how Bangladesh's economy has even exhibited resilience during the Covid-19 pandemic and appreciated the government's timely stimulus packages and decision to reopen factories as early as May 2020.

The article titled "Bangladesh at 50: how the country has fared since independence" mentioned that since 1971_ it has outstripped Pakistan in generating growth_ with apparel exports and a surge in remittances helping to drive the economy.

Bangladesh marked the 50th anniversary of its independence from Pakistan "buoyed by economic progress and a relatively successful response to the coronavirus pandemic."

But_ the article suggested that the progress still needed to lift more of its 163 million people_ 2.0 per cent of the global population_ out of poverty and highlighted challenges and concerns.

Bangladesh's growth rate exceeded 8.0 per cent in 2019_ according to World Bank data.

When the country seceded from Pakistan_ its gross domestic product per capita was about three-quarters of Pakistan's; by 2019_ it was almost 45 per cent more.

The country reached lower middle-income country status in 2015 -- defined by the World Bank as having gross national income per capita of between $1_036 and $4_045.

The category also includes India_ Pakistan and the Philippines. Bangladesh is also on track to be moved out of the United Nation's Least Developed Countries list in 2026_ according to the article.

Meanwhile_ remittance inflows from Bangladeshis working overseas reached $16.7 billion for the eight months starting from July 2020_ the start of the country's fiscal year_ a third higher than total remittances of the same period in the previous year_ according to Bangladesh Bank_ the central bank.

A young workforce and higher participation by women in the labour force have played a significant role in the country's development_ especially for its export-oriented labour-intensive garment industry_ the article reads.

According to the World Bank_ 36 per cent of women_ aged 15 or over_ were economically active in Bangladesh in 2019_ compared with 22 per cent in Pakistan and 21 per cent in India.

On the flip side_ even though the share of the country's population living below the national poverty line more than halved from 48.9 per cent in 2000 to 21.8 per cent in 2018_ the large population base means that its government still needs to work harder to elevate standards of living for over 35 million people.

The country has done relatively well in containing the coronavirus_ with a lower case count per 1.0 million people than Japan_ and it is pushing ahead with vaccination_ the article reads.