Bangladesh Is Booming, Could Be Next to Move up from “Least Developed Country” Group

Bangladesh has seen major economic improvements since it first became a country in 1971 – and is now well on its way to leaving its category as a least developed country within the next 5 years.

The nation’s GDP growth rate has grown from a critical -14% to an average growth rate of 8%, much higher than the average in Asia, according to the Asian Development Bank. As for employees living below the poverty line, the number dropped from 73.5% in 2010 to 10.4% in 2018.

Although the garment trade – a 30-billion-dollar industry – has played a big role in Bangladesh’s boom, the economy has been expanding: the services sector alone, which includes microfinance and computing, covers 53% of the nation’s GDP.

Daniel Gay of the United Nations Department of Economic and Social Affairs applauds Bangladesh’s significant improvements in health, education, infant mortality and life expectancy – all contributing to the nation’s growth and its resilience to economic shocks. He calls Bangladesh’s progress an impressive “success story”.