Bangladesh's transformation over the last one & a half decades, an overview (Part-1)

Bangladesh has made significant progress over the past two decades. It has moved up from being a low-income country to a middle-income country. Under the leadership of Prime Minister Sheikh Hasina, the Awami League government has contributed to the development of every sector in the country over three consecutive terms. By comparing the achievements of the Awami League government with the previous BNP-Jamaat government's tenure that ended in 2006, the clear picture of the country's progress emerges.

When we compare the data in 2006 and in 2023, we can see that the country has progressed significantly in various sectors. Noteworthy progress has been achieved in the country's economy, improvement in people's living standard, electricity production, education, agriculture, infrastructural development in the transportation sector, and development in digital sector. This report presents comparative statistical information on the economic progress of the country under the Awami League and the BNP-Jamaat governments.

1. In 2006, the country's growth rate was 5.40%, which has increased to 7.25% in 2023. The growth rate has further increased in the intervening years. However, this progress has been temporarily hindered due to the COVID-19 pandemic.

2. In 2006, Bangladesh's GDP was 543 US dollars, which has risen to 2,824 US dollars in 2023.

3. In 2006, the inflation rate was 10%, which has fallen to 8.89% in 2023. However, inflation had further decreased in the middle of the years (5.55% in 2019, 5.69% in 2020, and 5.55% in 2021). Recent conflicts in the Russia-Ukraine war led to a slight increase in inflation due to economic instability.

4. In 2006, the budget was 61,000 crore taka (7.01 billion US dollars), which has risen to 7,61,785 crore taka (87.56 billion US dollars) in 2023.

5. In 2006, the GDP was 47.7 billion US dollars, which has increased to 578 billion US dollars in 2023.

6. In the annual development project in 2006, there was a budget allocation of 2.47 billion US dollars. It has increased by 13 times and reached to 31.57 billion US dollars in 2023.

7. In 2006, the country's foreign currency reserves were 0.744 trillion dollars (below 1 billion dollars). It has increased by 33 times and reached 30.83 billion US dollars in 2023.

8. Exports revenue was 10.05 billion dollars in 2006. It has increased by 5 times and reached to 52.97 billion US dollars in 2023.

9. Remittances were 4.8 billion dollars in 2006. It has increased by 6 times and reached to 24.03 billion US dollars in 2023.

10. Import expenditure was 14.7 billion dollars in 2006. It has stood at 82 billion US dollars in 2023.

11. Investment was 22.78 billion dollars of the total GDP in 2006. In 2023, investment rose to 32.05% of GDP.

12. Annual revenue in 2006 was 4.35 billion US dollars. The revenue target for the fiscal year 2023-24 is set at 57.47 billion US dollars.

In the next part, a comparative overview on human development will be presented.