Bangladesh Sharping Claws to Become Asian Tiger
The country offered India covid-19 relief material amid upsurge in cases and also lent a helping hand to Sri Lanka during its debt crisis
In the gloomy environment of the global pandemic, Bangladesh has kept its feet strong and showed economic progress when its neighbors were battling with calamities, unleashing its potential of becoming the new ‘Asian Tiger’.
Bangladesh offered India covid-19 relief material amid upsurge in cases in the neighboring country and also lent a helping hand to Sri Lanka to deal with its debt crisis.
Bangladesh nodded on a currency swap facility of $200 million to Sri Lanka as a measure of assistance to overcome its debt crisis.
Erstwhile East Pakistan is also among 40 countries that have dispatched covid relief equipment to India that is going through a crisis.
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In May, Bangladesh twice sent relief material including 10,000 vials of Remdesivir and 2,672 boxes containing anti-covid drugs and protective gear to India.
The assistance to neighbors during times of crisis shows the economic progress of Bangladesh and at the end of the ongoing fiscal year, it is expected to register a growth of 5.8%.
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According to the experts, Bangladesh will become an economic powerhouse in 2030 if its growth continued on the same scale and pace and it would be not wrong to say that it could be the next Asian Tiger.
The official data shows that Bangladesh’s foreign reserves rose to $45 billion in 2021 compared to just $9 billion in 2010.
The experts say that Bangladesh has fully reaped benefits from the European Union’s Generalized Scheme of Preferences (GSP) program and other trade preferences.
This helped the country’s economy to go airborne at an unprecedented level.
