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By 2031, it aims to bring down the extreme poverty rate to 2.55%, and increase the GDP growth to 9%


The government has set targets to bring down the extreme poverty rate to 0.68%, and increase the gross domestic product (GDP) growth to 9.9% by 2041. 

By 2031, it aims to bring down the extreme poverty rate to 2.55%, and increase the GDP growth to 9%. 

The projections incorporated in “Bangladesh’s 2nd Perspective Plan 2021-2041,” was approved on Tuesday. The plan envisages the target to become a developed country  by 2041.

Chaired by Prime Minister Sheikh Hasina, the National Economic Council (NEC) approved the country’s second perspective plan to turn Bangladesh as a higher middle-income country by 2031 and a higher income and developed country by 2041.

For graduating  the country  to higher income status, the government has put emphasis on sustainable electricity and energy, while for rapid and continued growth it also stresses development of roads and transport and infrastructure.   

After the meeting, Planning Minister MA Mannan briefed the media on the document for the next 20 years, a pathway to become a developed country. The document is based on four pillars — governance, democratization, decentralization and capacity building.

“The document is framed and approved to alleviate poverty, strengthen good governance further and transform Bangladesh into a modern and world-standard digital country,” said Mannan.

As per the Bangladesh’s 2nd Perspective Plan 2021-2041, the extreme poverty rate in the country was expected to reduce to  2.55% in 2031 from 9.38% in 2020 (base year), while it was expected to come down further to 0.68% in 2041, the minister said.

On the other hand, Mannan said the government set target to attain 9% GDP growth by 2031 while it would further expect to grow at 9.9% in 2041. The base year is 2020.

In the last fiscal year, Bangladesh attained 8.15%, while in the current budget for fiscal year 2019-20, the government set target to attain 8.20% GDP. 

According to the second perspective plan, the country’s per capita income on current price would stand at $12,500 by 2041.

In addition, moderate poverty rate is projected to come down to  7% in 2031 and to 3% in 2041.

The plan also set target to reduce the income inequality to 2.80%, 2.75% and 2.70% by 2025, 2031 and 2041 respectively.   

To take the advantage of demographic dividend and develop   human resource through quality education, the government in the plan set target to provide free education for all aged up to 12 years, 100% literacy, low cost health insurance  and treatment facility for all.     

Meanwhile, to cope up with the global changes in the information technology, the meeting focused Fourth Industrial Revolution (4IR) and ICT, skills development, while attention has been given to agriculture, rural poverty eradication, education and researches, and tourism infrastructures.

General Economics Division (GED) member of the Planning Commission Dr Shamsul Alam said the Perspective Plan was  a historic and dream document for the country as it gave a guideline about what would be the socio-economic position of the country over the next 20 years.

As per the 2nd Perspective Plan, the inflation rate will come down to 4.51% by 2031 and 3.96% by 2041, while the country’s export earnings to increase to $150 billion by 2031 and $300 billion by 2041
Md. Arif Hassan
Assistant Professor
Department of Business Administration
Faculty of Business and Economics
Daffodil International University