Bangladesh, a country broken from Pakistan in 1971, was once a stronghold of poverty, corruption and terrorism. Apart from this, dictatorship and natural calamities also wreaked havoc here. But now the way this country is trying to change its picture is a lesson for Pakistan. Bangladesh, grappling with population and poverty, is now moving towards becoming the ‘next tiger’ of Asia.
Where it has left Pakistan far behind in terms of debt and per capita income, now this country continues to grow even in terms of GDP. Bangladesh is celebrating its 50th anniversary of independence from Pakistan. It is interesting how this country, broken from East Pakistan, has left Pakistan behind for miles in terms of economy.
What does the IMF report say
According to a report by the International Monetary Fund (IMF), Bangladesh’s economy will reach $ 322 billion (23.18 lakh crore) by the year 2021. Not only this, by the end of this year an average Bangladeshi citizen will be many times richer than a Pakistani citizen.
Democracy was restored in Bangladesh in the early 1990s and the path of development that the country has taken from here is still going on. This country, which broke away from East Pakistan, has moved ahead of Pakistan. Bangladesh GDP gross savings stood at 39.9 in 2012, Pakistan at 20.4 in 2012 and 20.8 in 2013.
According to the data of the World Bank, since 2010, about 8 million people in Bangladesh have been evacuated from the purview of poverty.
Not only this, per capita income has increased by three times in a decade. According to the World Bank, within the next 10 years, Bangladesh can become the foremost for all the countries of the world who are struggling with poverty and economic crisis.
Far ahead of Pakistan in GDP
According to a report in the year 2018, Bangladesh’s GDP was 7.8 percent in the year 2017, which is just a little behind India’s 8 percent GDP. At the same time, Pakistan’s GDP was stuck at 5.8 percent.
In terms of per capita debt, Bangladesh was at $ 434 and Pakistan was at $ 974, that is, the gap between the two countries. Bangladesh’s foreign exchange reserves have also increased four times compared to Pakistan.
In 2017, Bangladesh had foreign exchange reserves of 32 billion dollars, while Pakistan was only 8 billion dollars in terms of foreign exchange reserves.
Why Bangladesh is on constant progress
According to experts, Bangladesh has many reasons to move so fast. This country has now gone far ahead on many social standards. Investments at several levels here have increased the productivity of Bangladeshi workers by leaps and bounds.
Many NGOs are working in such a way that the society of Bangladesh is constantly changing compared to Pakistan. Here NGOs are doing very little intervention and are consistently giving better performance in health care, schools, banks and dairy sector. Apart from this, phone services and public health camps have also contributed a great deal in bringing change here.
Will become the biggest economy
Bangladesh was ranked 42nd in the ranking of the largest economy and now it has come at number 26. According to the Human Development Index (HDI) in 2017, Bangladesh was at around 0.608 while in 2018 Pakistan was at 0.560.
Apart from this, the level of unevenness in income in Pakistan was at 25.6 percent. According to a World Bank report, Bangladesh is the country where income inequality was at the lowest level. It is clear that this ‘cousin’ of western Pakistan has forced Prime Minister Imran Khan to think somewhere.