The country that was for years isolated due to extreme poverty and financial crisis has now rebounded, turning into one of the fastest-growing economies in the world. The much-talked-about Bangladesh economy has once again grabbed the eyeballs after National Development Bank recognized the country as a member.
As Bangladesh celebrates its 50th Independence Day dedicated to Bangabandhu Sheikh Mujibur Rehman, NDB president Marcos Troyjo described Bangladesh’s membership with the bank as momentous and a milestone for the country’s overall developmental process.
The National Development Bank’s membership is expected to play another robust role for Bangladesh. The financial assistance from NDB will help Bangladesh in fostering cooperation in infrastructure and sustainable developments. Jointly it will boost the country in the quest of building a powerful and liberalized economy.
Over the years Bangladesh has made some remarkable economic developments, mostly driven through exports and the manufacturing sector. Since 2011, Bangladesh had an annual growth rate of GDP of over 6 percent and according to an IMF report, despite the outbreak of pandemic, the GDP of Bangladesh remained positive at 3.8 percent.
Furthermore, the International Monetary Fund has predicted that Bangladesh’s GDP will experience a growth rate of 4.4 percent in 2021 and 7.9 percent in 2022. The Government in Bangladesh has also projected an export target of $51 billion for the current FY 2021-22.
The NDB is a part of BRICS (Brazil, Russia, India, China, and South Africa) that was founded by leading economics and developing nations in 2015. In the past six years since its inception, the institution has approved 80 projects worth $30 billion, covering areas in developing transport, water sanitation, clean energy, social and digital infrastructure, urban development, and more.