Bangladesh got its independence on 23rd of March 1971 and India played a very big role in giving independence to Bangladesh. But after independence the road to development for Bangladesh was not a easy task, but they succeed in it.
From being one of the poorest nations at birth in 1971, Bangladesh reached lower-middle income status in 2015. Poverty declined from 43.5 percent in 1991 to 14.3 percent in 2016. The United Nationsu2019 announcement of graduating Bangladesh to a u201cdeveloping countryu201d from a u201cleast-developed country was also a out of the blue news for everyone.
Bangladeshu2019s GDP growth rate was -5.48% in 1971 and 8.15% in 2019. As the covid-19 pandemic hit the economy like the rest of the world, the GDP stood at 5.2% in 2020.Bangladeshu2019s per capita income was $134 when it became independent and in 2020 it reached to $2064, surpassing Pakistan as well as India per capita income as well. But what covid and Russia-Ukraine war done to every economy same was faced by Bangladesh and since it was a growing economy it trembled very badly and got Bangladesh to a position where they needed a bail out for the country. What was the reason for such a downfall of Bangladesh economy is pretty obvious all the economy is going through that. The inflation rate in November 2022 stood at 8.85%, current account deficit is increasing by a large amount in terms of absolute as well as percentage terms. The exports are not as per the expectations as the western countries are consuming very less because of the economic situation. Bangladesh foreign reserves also get short from $46 million to $34 million. Taka( currency) is also not performing good. And this lead to the downfall of Bangladesh economy and they ask for bailout from IMF to tackle such economic turmoil faced by country.What do you think, will Bangladesh economy revive again?
