‘WB a key partner of BD’s economic growth’

Staff Reporter :
In 1972 the GDP of Bangladesh was only USD 6.3 billion, now the GDP turns to USD 465 billion. The economy of Bangladesh has emerged as the 35th largest among countries, the Finance Minister said.
Mustafa Kamal, the Finance Minister, said this while speaking as the chief guest as the World Bank and Bangladesh celebrated its 50 years of partnership at the Bangabandhu International Conference Center (BICC) on Sunday.
Finance Minister also acknowledges the role of World Bank in last fifty years for its relentless support.
Accordingly, at the same program the World Bank’s (WB) Managing Director (MD) of Operations Axel van Trotsenburg said, since 1972 the World Bank supports Bangladesh by financing USD 41 billion on 370 development projects to its development journey.
From 2019 the WB almost doubled its support for Bangladesh financing from USD one billion to USD two billion per year, the MD added.
Addressing the economic status Mustafa Kamal said that ,at present the per capita income of our country to $2,824 and the average life expectancy is 73 years as the same time the poverty rate has come down to less than 20 percent.
Bangladesh is now eying to be an upper-middle income country in 2031 and a Smart Developed Bangladesh by 2041.
Speaking about the inspiring story of growth and development of Bangladesh, World Bank MD said, from being one of the poorest nations at birth in 1971, Bangladesh makes a remarkable story of poverty reduction and development.
To achieve its vision of attaining upper middle-income status by 2031, Bangladesh should emphasize more on fiscal reforms to increase TAX-GDP ratio, diversifying exports beyond the RMG, deepening the financial sector, private investment friendly policy environment, addressing vulnerability to climate change, Axel van Trotsenburg ,the World Bank MD added.