Bangladesh on track to be $1trn economy by 2040

Bangladesh is on the right track to become a US$1 trillion economy by 2040, driven by consumer optimism, innovation in emerging economic sectors and a young engaged workforce, according to a top global consulting firm. 

"Bangladesh's emerging champions are willing to push themselves to embrace more winning traits to go truly beyond great and lead the nation towards becoming a trillion-dollar economy by 2040," said a report of Boston Consulting Group (BCG) unveiled on Friday.

State Minister for ICT Zunaid Ahmed Palak unveiled the report styled ‘Trillion-Dollar Prize -Local Champions Leading the Way’ at a function held at a city hotel.

The US management consulting firm affirms that Bangladesh has emerged as one of the fastest-growing economies beating its major peers like Vietnam, India, Indonesia and Thailand and is on track to become a trillion-dollar economy.

Different factors, including solid optimism, early participation in gig economy, rise in consumption, young and growing workforce, high economic resilience, digital momentum, government initiatives and a large, well-managed private sector have been instrumental in driving the economic growth of Bangladesh.

The report also mentioned that the growing consumer market with a business community, a rapidly expanding upper and middle class, a growing gig economy with over 650,000 freelancers, digital transformation and multifaceted government efforts continue to accelerate the economic growth.

The milestone will be achieved because of private firms' drive to become world-class global businesses and their ability to recruit the best talent, build globally recognised brands, and compete with leading multinational companies, according to the report.

"Bangladesh's emerging champions are innovative companies that have grown rapidly, created a structural advantage in the domestic market and are ready to pursue global ambitions," it said.

The success of these champions echoes the path of exemplary enterprises in other countries, doubling down on domain expertise, domestic success and quality talent.

In his speech, Palak said, “Bangladesh under the visionary leadership of our prime minister envisioned the dream of a prosperous country long time ago with digital transformation at the centre of the plans. The vision is paying off now as we’re one of the emerging economies in the world.”

BCG Global Chair Emeritus Hans-Paul Buerkner, senior partner Zarif Munir, partner Saibal Chakraborty and Tausif Ishtiaque were present at the programme while HSBC Bangladesh corporate commercial banking head Riaz A Chowdhury made the keynote presentation.
 
Hans-Paul Berkner said Bangladesh is now a role model for other developing economies.

The country has achieved much, especially due to the contribution of the local champions. Corporate transformation and notable contributions from country’s private sector have been driving this growth,” he said.

Zarif Munir said there are emerging champions from the private sector, on the basis of which Bangladesh will move towards a prosperous future – becoming a trillion-dollar economy.

“Our emerging champions also aim to expand globally and their motto going forward will be always prioritising conversion, social impact and more,” he said.

The reactors of the economy are - optimistic outlook (strong optimism), gig economy (internet-dependent part-time work), increasing demand for consumer goods, young and growing workforce, economic stability (high economic resilience), widespread use of digital media, government initiatives and a large, various factors, including a well-organized private sector, have played a supportive role.