According to World Trade Organizations (WTO) secretariat report, Bangladeshs Gross

Domestic Product (GDP) growth over the past six years has averaged over 6.0 percent. In same
period, Bangladesh has made significant advances in reducing both rural and urban poverty.
According to the World Bank (WB), Bangladesh is now on track to meet the Millennium
Development Goals (MDGs) for infant and child mortality and gender equality in education by
2015. The World Bank has also made an optimistic assessment on the economic future of
Bangladesh spanning over the next ten years. It states that Bangladesh has the potential to grow
at more than 10% annually, creating more than 15 million jobs in industries during this period
and become a middle income country by 2021. Since Bangladesh has an emerging economy and
in some cases comparative advantages, I hope the achievement of MDGs will make Bangladesh
a middle income country by 2025 and subsequently a developed country by 2050.
However, Bangladesh has some very significant development challenges. The World Bank
country report notes that, with around 55 million people still living in poverty and two-fifths of
children chronically are malnourished, development needs remain large and pressing. This is
Bangladeshs largest development challenge. Two other exogenous challenges may continue to
cast a shadow over its growth prospects; climate change and unstable global economy. First
Bangladesh is amongst the most densely populated countries in the world with its geographic
position making it most vulnerable to floods, droughts and cyclones. It is estimated that a four
degree rise in global temperature would raise the sea level of Bay of Bengal by 100cm by 2100,
indicating 15 percent of the countrys land areas and displacing 20 million people. The negative
effect of climate change can wipe out all the gains made by Bangladesh towards achieving the
MDGs. Second Bangladesh is still dependent on the major developed country markets the
European Union (EU) for over 50 percent and US for over 20 percent of its exports. The
economic downturn in the EU and fragile US economic recovery makes these markets highly
unpredictable and unstable.
Bangladesh is strategically positioned to become a regional economic and commercial hub.
Bangladesh has access to two of the worlds largest and most dynamic emerging economies
(India & China) within its region. Today it might not be an over statement to announce that
Bangladesh is an Asian Tiger and this Bengal Tiger is on the move! It will build its own
development path by process of Self-discovery. Finally, it will become an emerging economy
of the 21
st
century.