Bangladesh’s economy to touch $500b in FY2022-23

Bangladesh’s economy will be $500 billion while the per capita income will reach $2,554 in the Fiscal Year 2022-23, said Finance Minister AHM Mustafa Kamal on Sunday.

“Although it took 19 years for our economy to reach $100 billion but it will cover $500 billion in the next fiscal year.” The minister said while attending a programme organised by the Economic Relations Division at Bangabandhu International Conference Center in the capital.

Currently, country’s economy is hovering around $411 billion, he said at the event on Bangladesh's passage to becoming a developing country where Prime Minister Sheikh Hasina was also present as the chief guest virtually.

Bangladesh has promoted itself into a developing country from the category of low-income country and the milestone was achieved under the great leadership of Prime Minister Sheikh Hasina, Kamal said.

Bangladesh’s economic growth is applauded globally due to its expansion in all sectors, he said, adding that “Currently, country’s foreign reserve has nearly reached $45 to $46 billion, while it may touch $50 billion by the end of this year.” Literacy rate has increased while at the same time poverty rate declined, he claimed.

The limit of annual development programmes has expanded in the country although covid-19 unsettled the global economy, Kamal said, adding that “Hopefully, we will turn Bangladesh into a hunger free and high-income country by 2030.”