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08/02/2023 07:08:29

Bangladesh's GDP, including informal economy, expected to reach $1.577 trillion by end of ‘23

According to World Economics' latest report, the size of Bangladesh's GDP in Purchasing Power Parity (PPP) terms at the end of 2023 will be $1.577 trillion, with additional estimates for the size of the informal economy and adjustments for out-of-date GDP base year.

With this huge formal and rising informal/shadow economy after 2022, Bangladesh is ahead of Australia (10th) and Pakistan (11th) in the Asia-Pacific region. This will continue even after 2023, the report has made a forecast.

GDP-Estimates-in-Purchasing-Power-Parity

World Economics also forecasts that Bangladesh will overtake, in GDP terms, Poland, Taiwan and Vietnam within the decade (2020-2030).

According to World Economics' most recent assessment (as of June 2023), Bangladesh has the fastest-growing economy in the Asia-Pacific region out of 32 countries.

It noted that, 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.

It is also noted that the GDP growth data for June is just as unreliable as the annual data, therefore this criterion is 'caveat emptor'.

However, earlier in 2017, World Economics reported that its projection for Bangladesh's GDP at the end of 2022 in PPP terms was $1.074 trillion.

In its most recent report (June 2023), World Economics estimates Bangladesh's GDP to be $1.495 trillion, or 39% higher than their official estimates.

The report stated that the size of Bangladesh's informal economy is estimated to be 30.2% which represents approximately $324 billion in GDP per capita based on PPP levels.

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