Addressing the three hurdles will not only boost the country’s economic development but also make growth more sustainable, as per the report by World Bank. Even though Bangladesh is among the top 10 fastest-growing countries in the world for many decades, an economic boom cannot be presumed to be a permanent trend.
Economic growth in countries going through rapid development is always at high risk and few nations see high growth for prolonged periods. Moreover, only one-third of the nations among the top 10 maintained high growth over the next ten years, Bangladeshi media said quoting the World Bank report.
The World Bank recommended that products need to be diversified to continue growth in exports. It was also pointed out that since Bangladesh’s tariff rate is higher than that of other countries, the country’s trade capacity is decreasing.
The banking sector will play a critical role in the future economic development of the country, the report predicted. Despite the improvement of the financial sector in the past four decades, it is yet to be sufficient. Balanced urbanisation should be focused on as urbanisation is vital for the next stage of Bangladesh’s development.
ALCHEMPro News Desk (NB)
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