34,000MW needed by 2030 to sustain 7% growth: ICC-B

Bangladesh will need an estimated 34,000 megawatt of power by 2030 to sustain its economic growth of over 7 per cent, the International Chamber of Commerce-Bangladesh (ICC-B) said on Wednesday.

Bangladesh’s current GDP is $455 billion, which was $6.2 billion in 1971. It is expected that the GDP will be $510 billion in Fiscal Year 2022-23, ICC-B said in a press release.

ICC-B, a local organisation of businesses and companies in Dhaka, suggested attaching top priority to onshore and offshore gas and oil exploration, improvement of power transmission and distribution segments.

In addition, attention should be given to resolving high system losses, delays in completion of new plants, low plant efficiency, erratic power supply, electricity theft and shortages of funds for power plant maintenance, it said.

Bangladesh has an impressive track record of growth and poverty reduction. It has been among the fastest-growing economies over the past decade, supported by a demographic dividend, strong ready-made garment (RMG) exports, and stable macroeconomic conditions.

Continued recovery in exports and consumption will help growth rates pick up to 6.4 per cent in FY22, according to recent World Bank review on Bangladesh, said the editorial of the current News Bulletin (Oct-Dec ’21 issue) of ICCB.

Bangladesh, being one of the poorest nations at birth, has reached lower-middle-income status in 2015. The 40th Plenary Meeting of 76th UN General Assembly held on November 24, 2021, adopted the resolution that Bangladesh will officially become a developing country in 2026.

One of the key indicators behind the economic development of any country is the adequate supply of electricity. Electrification of Dhaka began in 1901, only 19 years after New York and 13 years after London.

In 1948, there were only a few Steam Turbine supplying electricity mainly to Dhaka, Chattogram and Khulna.