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Bangladesh Economic Forecast

By: EconomyWatch Content Team Date: 13 June 2010

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Since 1996, the country of Bangladesh has experienced between 5% and 6% economic growth although government-controlled enterprises have been inefficient and ineffective. In addition, many experts are surprised by the growth in that natural gas resources have been exploited, power supplies have been lacking, and needed economic reform has been put on hold. Unfortunately, Bangladesh is an overpopulated country and one that is very poor. Because of issues of overpopulation, inefficient government, and an impoverished land, Bangladesh faces many uncertainties. Approximately 50% of the Growth Domestic Product for Bangladesh has come from the services sector with about 65% of workers in this country being involved with fisheries, agriculture, and farming.

Bangladesh GDP Forecast

For the Bangladesh GDP (Gross Domestic Product, Current Prices, US Dollar), the country has experienced both highs and lows. Some of the challenges affecting this country include widespread corruption politically, extreme overpopulation, frequent floods and cyclones, poor and inadequate infrastructure, high level of poverty, and so on. On the positive side, Bangladesh is a member of several international organizations, which has helped improve the country’s GDP. With all that has gone on in this country, 2008’s numbers for GDP were at $84.52 billion in US dollars. By the close of 2009, the country was ranked worldwide at number 56 because of an increase of 11.81%. With that, 2009 was reported at $94.507 billion. Looking into the future, experts are forecasting for 2010 the GDP will be at $104.63 billion and by 2015, the numbers are expected to be at $150.414 billion in US dollars.

Bangladesh Unemployment Forecast

The most recent numbers for the Bangladesh population are 162.221 million. Unfortunately, poverty in this country is extremely high and literacy low. This economy is characterized as being underdeveloped and poor although a number of national and international level improvements have been made. Interestingly, while the country is poor and underdeveloped, the most recent numbers for the Bangladesh unemployment rate is 2.5%. Because of building relationships with foreign countries and putting effort into creating a more stable environment for agriculture, services, industry, and mining sectors, the number of people being able to work has increased significantly during the past few years. Of all industries, the services sector is by far the strongest and most rewarding for keeping the people of this country employed.

Bangladesh Inflation Rate Forecast

For the Bangladesh inflation rate specific to change for consumer pricing, 2008 was reported at 7.71%. Then over the course of the next year, a decline of 21.37% was experienced, which pushed the 2009 numbers for inflation to 6.064%. At that time, Bangladesh was listed at number 55 for world rankings. Now, the forecast for inflation by the end of 2010 is 7.39% and for the end of 2015, experts expect the rate to hit 4%.

Bangladesh Current Account Balance Forecast

To determine the future for the Bangladesh current account balance, forecasters use all current account transactions, excluding capital and financial items. Numbers for 2008 were at $1.62 billion in US dollars and with an increase of 66.95%, 2009 was at $2.703 billion. Using major classifications of goods, services, current transfers, and income, as well as historical data, experts believe the balance for 2010 will be at $2.19 billion and by 2015 a significant change will close the year out at $0.937 billion, US dollars.