Bangladesh’s economy has been ranked 41st among the largest economies in the world in 2019— stepping up from 43rd-place last year—according to a study published by the UK- based economic consultancy Centre for Economics and Business Research (CEBR).
The 10th edition of CEBR’s latest World Economic League Table (WELT) was published in December last year.
The 2019 WELT provides clear insight into the world economy and the growth prospects and rankings, till 2033, for each of the world’s 193 countries.
The study ranked the US economy at the top of the list, followed by that of: China, Japan, Germany, and India.
The analysis includes growth, inflation, and currency forecasts.
“We expect annual rates of GDP growth in Bangladesh to average 7% between 2018 and 2033. This will see the country climb 19 places in the WELT to become the world’s 24th- largest economy by 2033,” the report writes.
According to the analysis, Bangladesh has benefitted from: garment exports, a remittance boost, duty-free access to the Indian market, domestic consumption expenditures, and government spending.
“Around 43% of Bangladeshis work in the agriculture sector, mostly producing rice and jute. Maize, vegetables, and wheat play a smaller, albeit growing, role in the country,” it said.
However, the country “runs the risk of negating gains from its successful export sector through its growing appetite for imports. The current account tipped into a deficit in 2017, and this is expected to widen in 2018,” it added.
Meanwhile, CEBR predicts that three of the top five global economies by 2033 will be Asian; with China in the top position, India third, and Japan fourth. The US will be second and Germany the fifth.