Buoyed up with a strong recovery from Covid induced slowdown, the government has set an ambitious economic growth target of 7.5% for the next fiscal year although the country faces new headwinds owing to higher prices of commodities globally and is still recovering from the shocks of the coronavirus pandemic. It also maintained its previous projection of gross domestic product growth of 7.2% for the current fiscal year, ending in June. During the pandemic, at the leadership of Honourable Prime Minister (HPM) Sheikh Hasina, the country has secured a sustainable economic progress on the back of a remarkable vaccination scheme alongside introduction of a number of prudent stimulus packages also played a key role in averting a major slowdown.
Bangladeshis are economically better off than ever before as its stable democracy and strong women leadership of HPM Sheikh Hasina helped the country pull ahead of neighbouring India and Pakistan, according to US daily Chicago Tribune. "Having a stable democracy, as well as strong women in the leadership positions has helped Bangladesh," read the piece authored by Faisal Rahman, a professor of Saint Xavier University in Chicago. He said investment in women's education and high percentage of women's participation in the labour force particularly helped Bangladesh pull ahead of India and Pakistan in per capita income and growth rate.
Bangladesh’s home textile industry has become the second biggest export earner for the country after the readymade garment sector, leaving behind all other sectors. According to reports, home textiles registered a growth of 36.79% in the first nine months (July-March) of the current 2021-22 fiscal year, home textile exporters earned around US $ 1.15 billion from home textile exports, which is around 36.79% more than the entire period of the last fiscal year. In a related development, shrimp exporters have made a turnaround from seven years of decline as shipments surged in the first nine months of the current fiscal year on the back of increased prices powered by higher demand. Earnings from shrimp exports between July and March in the ongoing fiscal year stood at $332.72 million, up 37% from $242.88 million during the same period in FY2020-21.
Remittance inflow has reached record high as the coronavirus situation has improved worldwide and the country has recently sent many migrant workers resulted in a significant boost for the economy. About 11 million expatriates living in different countries play an important role in the country's economy by sending remittance that accounts for 12% to the GDP’s overall contribution. The country received $22.07 billion in remittances in 2021, which was the highest in one year in the history of Bangladesh. According to media reports following the rolling out of a fresh step to encourage overseas workers since the first day of the New Year, the government has increased the cash incentive for remittances from 2% to 2.5%.
Due to easy access to technology, E-commerce is spreading in Bangladesh rapidly as a massive change has taken place in this sector during the Coronavirus situation with the number of women entrepreneur also marked a significant rise. Currently, the government has introduced Unique Business Identification (UBID) to restore discipline in online business and most owners of the virtual platforms, which got registration in first phase under UBID, are women. Envisaged and announced by HPM Sheikh Hasina back in 2008, the pledge of Digital Bangladesh, a vision to transform the country into a technologically advanced one, has been bearing fruits already, as vindicated even in a UN report acknowledging the country’s overwhelming progress towards fulfillment of SDG target centering digital inclusion.
The government penned a $250 million loan agreement with the World Bank (WB) as budget support to sustain growth following the Covid-19 pandemic and to enhance resilience to future shocks. In response to the adverse effects of Covid-19, the government has provided stimulus incentives to economically affected industries, the agriculture sector and export-oriented industries and to ensure food security, the government extended the social safety net programmes and employment creation. Titled as "Bangladesh First Recovery and Resilience Development Policy Credit" this scheme will play a key role in sustaining the post-Covid-19 economic recovery and development momentum.

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