Current Affairs

Bangladesh becomes 2nd Fastest Growing Economy

Current context: As per the World Bank report, Bangladesh has become the 2nd fastest growing economy in South Asia after Bhutan.
Bangladesh becomes 2nd Fastest Growing Economy 
  • The World Bank released the report 'South Asia Economic Focus, Making (De) Centralization Work' on 13th October 2019.
  • The report shows that the GDP growth rate of Bangladesh is projected to be 7.2% for the FY 2019 and 7.3% for FY 2020.
  • It also reported that the economic growth will be supported by robust macroeconomic framework, strong public investments and political stability.
  • Bangladesh has reduced the current account deficit of $15.5 billion in 2018 by rising export and remittances.
  • The report listed low deposit growth rate, rising bad loans along with low credibility of Letter of credit guarantees in the international market, as the cause for vulnerability in the financial sector.
  • The garment industry of Bangladesh has benefited from the trade tensions between the United States and China, as per the report and thus the country industrial sector will remains strong in future.

Question: 

Q.1 As per the latest report of the World Bank, which country has become the 2nd fastest growing economy in South Asia after Bhutan?
a. India
b. Bangladesh
c. Srilanka
d. Maldives
Bangladesh becomes 2nd Fastest Growing Economy Bangladesh becomes 2nd Fastest Growing Economy Reviewed by Neha Verma on October 14, 2019 Rating: 5

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