On a 10-year gross domestic product (GDP) compound annual growth rate (CAGR) basis, Bangladesh ranked as the fastest growing economy in the Asia-Pacific region and also the fastest in the frontier markets, the report said.
Compound annual growth rates (CAGR) are based on the World Economics Database which presents GDP in purchasing power parity terms, with added estimates for the size of the informal economy and adjustments for out-of-date GDP base year data.
Economists of the country consider this data report of World Economics as optimistic for Bangladesh, but also question the credibility of its data.
Over the past 10 years the global economy has grown by 35%. Bangladesh's contribution to this growth was 1.9% once any allowances are made for base year and informal economy size.
In 2022, Bangladesh's contribution to global economic growth was 0.9%.
The report also stated that re-estimating Bangladesh's GDP indicates that the economy is some 39% larger than official estimates and is the fourth largest economy in the frontier market group (FMG), the 10th largest in the Asia-Pacific region, and the 25th largest in the world.
If the GDP growth rate suggested by Bangladesh's official data can be relied upon, and trends of the last decade continue, the country could theoretically overtake, in GDP terms, Poland, Taiwan and Vietnam within the decade.
Read Full Article:
