Bangladesh Records Impressive GDP Growth Despite Pandemic
The Coronavirus pandemic has shaken the world's powerful economies, but the South Asian country Bangladesh has recorded an impressive growth of 5.24% in the financial year 2019-20.
According to Bangladesh's leading newspaper Dhaka Tribune, Bangladesh’s exports rose by 0.6% to $3.91 billion in July, after suffering an 83% decline in April.
With an increase of 36% from May to June, imports are also signs of improvement. Apart from this, there has been a surge in remittances and Foreign Exchange reserves hit an all-time high of $37.1 billion in July. With the growth rate seen in Bangladesh in recent years, economists and global institutions predict that the country's economy will recover from the pandemic faster than other economies in Asia. In the last financial year, Bangladesh's growth rate was higher than India and looking at the situation, it seems that the same situation can remain this year. In contrast, it is not easy to bring the economy back on track in India. The latest figures from the Ministry of Commerce and Industry show that India’s exports fell by over 60% to $10.36 billion in April. However, these figures are not surprising because the pace of the economy had slowed down before the virus. Along with exports, imports have also drastically shrunk. A year ago, India’s imports stood at $41.4 billion, which then decreased by 59% to $17.12 billion in April this year. The World Bank in its latest report has estimated that India's economy will shrink by 3.2% in the financial year 2020-21, which was 4.2% last year.
With an increase of 36% from May to June, imports are also signs of improvement. Apart from this, there has been a surge in remittances and Foreign Exchange reserves hit an all-time high of $37.1 billion in July. With the growth rate seen in Bangladesh in recent years, economists and global institutions predict that the country's economy will recover from the pandemic faster than other economies in Asia. In the last financial year, Bangladesh's growth rate was higher than India and looking at the situation, it seems that the same situation can remain this year. In contrast, it is not easy to bring the economy back on track in India. The latest figures from the Ministry of Commerce and Industry show that India’s exports fell by over 60% to $10.36 billion in April. However, these figures are not surprising because the pace of the economy had slowed down before the virus. Along with exports, imports have also drastically shrunk. A year ago, India’s imports stood at $41.4 billion, which then decreased by 59% to $17.12 billion in April this year. The World Bank in its latest report has estimated that India's economy will shrink by 3.2% in the financial year 2020-21, which was 4.2% last year.
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