Ecosystem Deep Dive #22: Bangladesh - Asia's goldmine
Ecosystem Deep Dive #22: Bangladesh - Asia's goldmine
Suffering from severe under-coverage in international media, Bangladesh's economy has quietly become one of the most impressive growth stories of this decade.
Untapped & underestimated
Bangladesh suffers from a damaged international image; not only do most people associate it with poverty and natural disasters, but many fail to grasp the sheer demographic powerhouse the country represents. A country approximately the size of Michigan, Bangladesh counts a population of 164 million, making it the 8th most populated country in the world.
Formerly known as East Pakistan, the country gained independence in 1971, following a period of violent internal conflict fought against the ruling Pakistani military. Since then, the country has embarked on a blazingly rapid growth path. Average GDP per capita growth has been 5.8% from 1994 to 2021, the country is set to graduate from its LDC (Least Developed Country) status by 2024, and its Human Capital Index is now higher than the South Asian average.
This sustained GDP growth is due to a multitude of factors, with the local garment industry and remittances sent by Bangladeshis abroad playing a large part. Interestingly, Bangladesh has either caught up or overtaken India on a number of socio-economic indicators, although India’s start-up ecosystem is miles ahead of Bangladesh’s.