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Kamal: Bangladesh GDP reaches $411bn

This wasn't for you, the risposte, you can live in the delusions of grandeur.
You are commenting in BD section and so expect to be challenged by BD posters with analogies that disproves your assertions.

No one lives in delusions of anything but BD economy is in a far better shape than either Pakistan and India.

Sorry that causes so much butt hurt to some.

Like I say worry more about your own country than BD.
 
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You are commenting in BD section and so expect to be challenged by BD posters with analogies that disproves your assertions.

No one lives in delusions of anything but BD economy is in a far better shape than either Pakistan and India.

Sorry that causes so much butt hurt to some.

Like I say worry more about your own country than BD.

Are people suppose to believe figures from a government that comes out with new numbers each month? That rarely happens anywhere. In BD every other month there is an article on new GDP number or per capita. Your ministers are in a hurry to inflate the numbers for some reason.

Ground realities and other figures are not correlating with your ridicolous per capita.

A higher GDP nominal not commensurate with the tax collection, and the visible prosperity, the higher BPL figures cited by UN others will make it look suspicious.

Their current government won 98% of the vote imagine that out of a country of 170 million. And people are suppose to believe figures from such a government😄
 
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You are commenting in BD section and so expect to be challenged by BD posters with analogies that disproves your assertions.

No one lives in delusions of anything but BD economy is in a far better shape than either Pakistan and India.

Sorry that causes so much butt hurt to some.

Like I say worry more about your own country than BD.
This is a forum open for every nationality to participate and make comments. This is like your BAL Chetona govt, you are refraining others from making comments on the GDP lies whereas the tax rate is only 7% of the GDP.

Do you want people to believe in your fake GDP data? The world is already laughing at our GDP.
 
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Can any informed member from Bangladesh breakdown the GDP for us,services sector e.g. banks, cellular sales etc retail sector numbers, agri numbers quantities of major crops, Large scale manufacturing numbers autos bikes chemicals pharma electrical goods etc. Textile by export numbers alone seems a small % given the amount quoted as GDP. Which sector contributes how much to GDP.

Looking forward to numbers from bureau of statistics / state Bank, commerce ministry etc that goes into compilation of the overall GDP figure.

Thanks.
 
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Can any informed member from Bangladesh breakdown the GDP for us,services sector e.g. banks, cellular sales etc retail sector numbers, agri numbers quantities of major crops, Large scale manufacturing numbers autos bikes chemicals pharma electrical goods etc. Textile by export numbers alone seems a small % given the amount quoted as GDP. Which sector contributes how much to GDP.

Looking forward to numbers from bureau of statistics / state Bank, commerce ministry etc that goes into compilation of the overall GDP figure.

Thanks.
You better do not try to get all those details. Our BBS is good at fabricating the figures in the different sectors. The rate of collection of taxes is a good index to know about the real GDP. The propanda machine of the shameless BAL party is too strong.
 
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You are aware that GDP per capita PPP cannot be fudged?

Also BD economy exported 25 billion US dollars in the last half of 2021. Again you cannot make that up as it can be crossed checked with the imports of the countries that BD exports to.

Anyway I am hopeful that Pakistan can turn the corner as Imran Khan seems a decent, smart and honest guy.

With him and China, Pakistan can do well but you need to still make major social and economic changes as your population is already 220 million that even massive Chinese investments, trade routes and market by themselves cannot make Pakistani economy boom by itself.
Export don't have a direct correlation with the size of the economy. Otherwise China's would be a bigger economy than US both in nominal and PPP terms.
 
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Bangladesh upgraded base tear from 2005 to 2015 it’s the result of that. This upgraded the gdp by almost 15-18% as many sectors have been calculated which were not counted to gdp before.
I hope the finance minister will upgrade the base year to 2020 the next year and declare GDP at 500 billion dollars. We will become richer by a 100 billion dollar in just a single year.

Note that if the GDP is 400 billion dollars the tax collection rate is only 7 percent. How do you defend this cheaters then?

I don’t think our GDP is more than 200 billion dollars.
 
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I found this from late 2018. Food for thought. Ultra-high net worth (UHNW) refers to individuals with a net worth of $30 million or more. And Bangladesh beat China in this count. Wow!

Number of rich rising fastest in Bangladesh​

Tribune Desk
  • Published at 01:18 am September 12th, 2018
Rich population

Bangladesh has been ranked as the fastest growing country in the world in terms of its increasing rich population Image Taken from WEALTH-X report

The World Ultra Wealth Report 2018 by WEALTH-X, published on September 5, said the ultra-high net worth (UHNW) population in Bangladesh posted a 17.3% growth over the last six years (2012-17)

Bangladesh has been ranked as the fastest growing country in the world in terms of its increasing rich population, according to a report.

The World Ultra Wealth Report 2018 by WEALTH-X, published on September 5, said the ultra-high net worth (UHNW) population in Bangladesh posted a 17.3% growth over the last six years (2012-17), reports UNB.

During the same time, the UHNW number rose by 12.9% globally to 255,810 people with their combined wealth surged by 16.3% to $31.5 trillion.

wealth-x-2-1536693986765.jpg


Image taken from WEALTH-X report
UHNW refers to individuals with a net worth of $30 million or more. US-based WEALTH-X provides intelligence and market research on UHNW.
"Looking at a broader range of nations, China - perhaps surprisingly - is not the global leader. That status lies with Bangladesh, which has registered compound annual growth in its UHNW population of 17.3% since 2012,” the report said.
 
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I hope the finance minister will upgrade the base year to 2020 the next year and declare GDP at 500 billion dollars. We will become richer by a 100 billion dollar in just a single year.

Note that if the GDP is 400 billion dollars the tax collection rate is only 7 percent. How do you defend this cheaters then?

I don’t think our GDP is more than 200 billion dollars.

I am not an economy expert. But GDP and tax collection rate are completely two different thing. One is not related to the other but the best thing you can say it will affect future GDP growth if government does not increase tax collection as it will leave government with less amount at hand to manage all the expenses and to invest.

You can believe any thing but if you go to Bangladesh now you will see money at people's hand and living standard has raised significantly.

But whether Bangladesh can maintain it's growth at this level this is another question all together.

Even without further rebasing GDP will reach 500 Billion USD next fiscal year for your information.
 
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I am not an economy expert. But GDP and tax collection rate are completely two different thing. One is not related to the other but the best thing you can say it will affect future GDP growth if government does not increase tax collection as it will leave government with less amount at hand to manage all the expenses and to invest.

You can believe any thing but if you go to Bangladesh now you will see money at people's hand and living standard has raised significantly.

But whether Bangladesh can maintain it's growth at this level this is another question all together.

Even without further rebasing GDP will reach 500 Billion USD next fiscal year for your information.
No doubt, BD people are becoming richer, but mostly because a huge amount of paper money is circulating in the economy. And the reason may be the temporary infusion of foreign money into the economy. When projects are funded with foreign money, the economy is added/ burdened with that money because people work there and suppliers of construction materials , transportation, etc. get money from the construction activities.

So, the economy grows superficially and people have money in their hands. But this is a temporary phenomenon. When foreign funds dry out, the economy collapses. This will happen to BD when repayment exceeds the borrowing and as a result, the value of the currency falls down.

Think of Pakistan and SL. So, the GDP figures are very superficial and a part of it is also fake. The tax collection rate shows the reality. Only 7 percent tax to GDP is abnormal and is based on the fake GDP figures.
 
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No doubt, BD people are becoming richer, but mostly because a huge amount of paper money is circulating in the economy. And the reason may be the temporary infusion of foreign money in the economy. When projects are funded with foreign money, the economy is added/ burdened with that money because people work there and suppliers of construction materials , transportation etc get money from the construction activities. So, the economy grows superficially and people have money in hands. But this is a temporary phenomenon. When foreign funds dry out, the economy collapses. This will happen to BD when repayment exceeds the borrowing and as a result the value of currency falls down.Think of Pakistan and SL. So, the GDP figures are very superficial and a part of it is also fake. The tax collection rate shows the reality. Only 7 percent tax to GDP is abnormal and is based on the fake GDP figures.

Bangladesh had never tax to gdp ratio above 10% in recent years. It was the case even when gdp was low a decade ago.

As you said so much is circulating in the economy both white and black that is added to the gdp.

But low tax will cause massive problem down the line. It’s already been pointed out and well known to many.
 
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BTW Pakistan PPP GDP is still higher than of BD's.
It used to be but in 2020 Bangladesh overtook. Both according to IMF and World Bank.


BangladeshGross domestic product per capita, current pricesPurchasing power parity; international dollarsUnits 5,732.801
PakistanGross domestic product per capita, current pricesPurchasing power parity; international dollarsUnits 5,447.436

Selected Countries and Economies​

Country
Most Recent Year
Most Recent Value

Bangladesh
2020
5,136.7

Pakistan
2020
4,811.1
 
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Karachi has more 100-150 meter buildings and is 10 times in area but with almost the same population.

In terms of vibe & feel its more like Mumbai than Dhaka.
Ten times, if you take whole Karachi district and compare it with only metropolitan are of Dhaka(306 sq. km). But Karachi's built up area is much smaller than the district boundary which can be seen from google map. Most of Karachi district is outlaying deserts devoid of settlements.Karachi's built-up area was 379 sq. km in 2015. It might be around 450 sq. km now. So there is not much difference between these two cities when it comes to actual size.

There are different criterias to calculate city area. Look at Ottawa, Canada. Its city area is 2790 sq. km but only 520 sq. km of it is urban. There are some cities in the world with more than 30 thousand sq. km in size, mostly incorporating rural or desolate areas.
 
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Deep down you know your ministers are fudging data. Numerous well known websites/research has pointed it out.

You will overtake US in a year the way your minister keep changing data every month.
No, minister is not changing data every month. Bangladesh's per capita income was 2100 Dollar in 2021 in old base year calculation, then base year changed after 10 years which showed overall GDP is actually 15 percent larger than old estimate mostly due to incorporating more economic activities in GDP calculation.This base year upgradation revealed 2021 per capita income was 2500 instead of 2100 USD. Now for 2022, he forecasted it to be 2785 USD. I do not find any malpractice here.

Base year upgradation is normal practice for economies around the world. If Pakistan upgrade its base year from 2005-2006 to 2015-2016 like Bangladesh then it's economy also destined to show a bigger figure. There would be no ground to doubt that unless it show unusual spike like 50-100% increase. A 15-20% increase would be quite normal and expected.
 
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A higher GDP nominal not commensurate with the tax collection, and the visible prosperity, the higher BPL figures cited by UN others will make it look suspicious.
Bangladesh's low tax to GDP ratio is deliberate as govt. give a lot of tax waiver to industries. Add to it with massive tax evasion and corruption by tax collector in field level. Bangladesh's tax to GDP ratio is very low and it need to increase somewhat, but should not cross 15 percent of GDP if it want to spur economic growth by private sectors. I have read that, any govt. spending more than 20 percent of GDP is basically resource redistribution in form of pension and benefits. Bangladesh in its early stage of development should not go in that direction. Developed, mature economies in the West spend 40-50 percent of GDP mainly on Pensions+benefits by heavily taxing productive sectors, while govt. spending in East Asian economies like South Korea, Taiwan and Vietnam is only 20-25 of their GDP. Bangladesh need to follow this and keep public spending within 20-22 percent of GDP. Current govt. spending in Bangladesh is 16 percent of GDP and it need to increase maximum 20-22 percent of GDP and stay there for several decades. So, I am not overly concerned about our low tax to GDP ratio.

Tax waivers erodes 8.0pc of Bangladesh's tax-GDP ratio

FE REPORT | Published: September 06, 2021 09:09:46 | Updated: September 20, 2021 11:20:43

Tax waivers erodes 8.0pc of Bangladesh's tax-GDP ratio


Tax exemptions are eroding 8.0 per cent from Bangladesh's tax-GDP ratio, but the government's revenue authority says it is necessary to spur economic growth.

Bangladesh's tax-GDP ratio is one of the lowest in the region.

The NBR chief said they were not frustrated over the ratio as the tax waivers fall within fiscal policy in the current budget with the greater goal of higher consumption by well-off middle-class people.

The country's tax-GDP ratio is currently below 9.0 per cent which could have been 17 per cent if the government refrained from offering exemption, admitted NBR chairman Abu Hena Md Rahmatul Muneem.

"We are not frustrated or concerned over the poor tax-GDP ratio of the country as our calculation before this year's national budget found that reason," the National Board of Revenue chairman said at a press briefing on the NBR premises.

Some 8.0 per cent of the total revenue collected from customs wing is being lost in the form of tax exemptions, he added.

The country's achievement on education, health, infant mortality is better than other neighbouring countries for giving tax exemption in relevant sectors.


He said fiscal policy for the current year's budget has been devised keeping in consideration increased consumption by middle-income group of people.

"To reduce import-dependency for the goods mainly consumed by middle-income group, the revenue board has offered a wide range of tax exemption to popularize 'Made in Bangladesh' slogan," he added.

Waiver for home-appliance manufacturers would help in the growth of domestic industry, he said for an instance regarding the shift in economic pivot during the corona crisis that squeezed external trade worldwide.

"We won't let other countries target our middle-class consumers (with their products)," he said.
The tax-benefit has been offered for a longer period to facilitate investors in framing their future plans, he noted.


Responding to a query, the NBR chairman said taxmen would not go for any harsh measure for people who have Taxpayer Identification Number (TIN) but did not submit tax returns in compliance with the law.

Although tax-return submission made mandatory for all TIN-holders, taxpayers have yet to get habituated to doing this, he said about the logic behind leniency.

"Not enforcement but awareness would get priority. If it does not work, later they would be brought under law," he added.

He said the government has yet to decide whether it would organize income-tax fair this year on a large scale.

In case of not holding tax fairs, the tax zones will arrange tax fair-like environment on their respective premises like in previous years.

On lottery for Electronic Fiscal Device (EFD), he said mass campaign and awareness is imperative to make it successful as people are not claiming the prizes (on account of paying value-added tax).

Although the NBR has decided to honour 100 consumers on their EFD invoices, it could hand over prizes to less than 20 persons in a month during the last eight lotteries.

NBR member of VAT wing Dr Abdul Mannan Sikder said the lottery programme is gaining momentum gradually. Daily more than 80,000 invoices through EFDMS are being generated.

"Feedback of EFDMS is encouraging and we are planning to honour some businesses with certificates of appreciation next month for using EFDMs," he said.

The NBR chairman said they are thinking about some alternatives to ensure VAT collection from retail businesses.

Director-General of NBR research and statistics wing Md Anwar Hossain gave a detailed presentation on 'Revenue Mobilization Work-plan' of the NBR at the programme.

He said revenue collection had grown 500 per cent in the last thirteen years of the present government's rule.

In FY 2008-09, the NBR collected revenue worth Tk 525.27 billion that jumped to Tk 2.59 trillion in FY 2020-21.
doulot_akter@yahoo.com
 
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