See More on Facebook

Culture and society, Economics

Bangladeshis will be richer than Indians by 2030

This according to a new report by Standard Chartered bank.


Written by

Updated: May 17, 2019

Bangladeshis will be richer than Indians by 2030 as the country’s per capita income will grow nearly four times throughout the 2020s, according to Standard Chartered — in yet another endorsement of its tremendous growth momentum.

The per capita income of Bangladesh will rise to $5,734.6 in 2030. India’s will edge up to $5,423.4 after growing less than three times, according to a research note from Madhur Jha, Standard Chartered India’s head of thematic research, and David Mann, the bank’s global chief economist.

Last year, Bangladesh’s per capita income stood at $1,599.8 and India’s $1,913.2.

The note highlights the economies around the world that are likely to grow the fastest in the 2020s.

The threshold for the list is 7 percent, the approximate growth rate at which an economy can double in size every 10 years.

“We think seven countries have the potential to be members of this club in the 2020s. Of these, Bangladesh and India hold the most promise.”

Speaking to The Daily Star, Naser Ezaz Bijoy, chief executive officer of Standard Chartered Bangladesh, said the country is experiencing a decade of strong and inclusive growth.

“With the tailwind of demographic dividend, healthy domestic consumption, rising investment, and successful export-oriented industrialisation, we have every confidence that our nation will continue on this high-growth trajectory in the 2020s and establish itself firmly in the 7 percent club.”

China was a member of the 7 percent club for nearly 40 years but has recently exited as its growth naturally slowed down. Ethiopia and India joined the club over the last decade, while countries such as Vietnam and Bangladesh came close.

“Young labour forces and accelerating structural reforms are likely to help both Bangladesh and India achieve growth well more than 7 percent in the coming decade.”

Within the 7 percent list, Bangladesh’s per capita income will be less than that of Vietnam and the Philippines in 2030, while it will be ahead of Ivory Coast, Ethiopia and Myanmar — apart from India.

Bangladesh has seen a growth acceleration since 2010, to an average of 6.4 percent, as a stable government, infrastructure investment and improved energy supply have boosted productivity gains.

The country posted more than 7 percent GDP growth in the last three fiscal years and is estimated to go past the 8 percent mark this fiscal year.

Its demographic profile is favourable, and investments in education and health have paid off.

“All of this has helped improve productivity. Low levels of public and external debt give the government room for counter-cyclical fiscal stimulus to support growth if needed.”

By 2030, the note expects India to become the world’s fourth largest economy (measured by market exchange rates) and Bangladesh to become the 23rd largest. The two countries together will account for about 20 percent of the global population by 2030, according to the United Nations.

Faster growth brings many benefits, including pulling large swathes of the population out of abject poverty, the research note said.

It, however, says faster growth does not make economies immune to periodic major downturns. Almost all of the countries that have been members of the 7 percent club since the 1960s have seen one or more major recession at some point.

Some emerged from recession and re-joined the club (like South Korea in the 1970s), while others dropped out and struggled to find their way back (like Thailand since 1997).

“The quality of growth matters as well as the quantity,” the note said.

The bank said the ability to tap external market demand and import skills, know-how and technology from the rest of the world has formed the basis of growth for all countries that have industrialised since the World War II.

Increasing globalisation and trade integration have been critical in this process.

“The recent rise of anti-globalisation sentiment and nationalist policies, especially in developed countries, poses a threat to sustained gains for both emerging markets and the global economy.”

The research note says increasing worries about climate change and sustainability could also curb emerging markets’ growth potential.

The urgency of addressing climate change concerns could usher in policy reforms across the globe, constraining the ability of some emerging markets to pursue fast-growth strategies.

“However, support from multilateral institutions and technology transfers from advanced economies could help achieve the opposite outcome — with infrastructure upgrades resulting in cutting-edge and environmentally sustainable capital stock.”



Enjoyed this story? Share it.


Daily Star
About the Author: The Daily Star is a leading English-language daily newspaper in Bangladesh.

Eastern Briefings

All you need to know about Asia


Our Eastern Briefings Newsletter presents curated stories from 22 Asian newspapers from South, Southeast and Northeast Asia.

Sign up and stay updated with the latest news.



By providing us with your email address, you agree to our Privacy Policy and Terms of Service.

View Today's Newsletter Here

Culture and society, Economics

Indonesia slams Singapore for withholding information on nationals treated for COVID-19

Indonesia complains on Singapore insisting to withhold personal information of its citizens showing COVID-19 symptoms in Jakarta. The Indonesian government has complained that Singapore insists on withholding the personal information of several Indonesian citizens believed to have shown COVID-19 symptoms in Jakarta and tested positive for the lethal virus in the city-state. Jakarta said it was facing difficulties in tracing and isolating those who might have had contact with the patients, now being treated at Singaporean hospitals. “We have asked for the identities of the Indonesian nationals from Singapore. They did not give us the names. How are we going to conduct the tracing in Indonesia? Singapore is adamant on not disclosing their identities,”


By The Jakarta Post
March 13, 2020

Culture and society, Economics

Seoul stocks sink, trigger first circuit breaker for 5 min in 8 years 

The Kospi plummeted more than 5 per cent during Thursday trading, which triggered the stock exchange to temporarily halt trading on Korea’s main bourse, as investor sentiments weighed on the coronavirus pandemic. The Korea Exchange activated a “sidecar,” meaning it temporarily halted the trading of shares, for five minutes around 1:04 p.m. after Kospi 200 index futures slipped over 5 percent. It was the first time the sidecar had been activated for the Kospi since Oct. 4, 2011, when Greece defaulted on its debts. “The temporarily halt trading was due to the plunging of the Kospi 200 index futures. They plummeted from 256.90 points to 243.90 points — down 13 points, or 5.06 percent at that time for over a minute,” a KRX official said. The s


By Asia News Network
March 12, 2020

Culture and society, Economics

Final temporary hospital in Wuhan closes its doors

A total of 15 such hospitals, converted from exhibition halls, sports stadiums and warehouses, received more than 12,000 patients. All the 15 temporary hospitals built to exclusively receive novel coronavirus patients in Wuhan, Hubei province, have been closed, with the daily number of reported new cases hitting a record low. Wuchang Temporary Hospital, which was converted from a sports stadium, closed on Tuesday afternoon after its final 49 patients were discharged, making it the last of the temporary hospitals in Wuhan, the centre of the epidemic in China, to close its doors. The hospital, which was converted within two days, received a total of 1,124 patients with mild symptoms of COVID-19 in the 35 days of its operation. No patients died in the hosp


By China Daily
March 11, 2020

Culture and society, Economics

Social media curbs removed in Jammu and Kashmir after seven months

 Jammu and Kashmir administration removes restrictions on social media use across Union Territory almost seven months after a communication clampdown since the Centre’s announcement to scrap the special status of the erstwhile state under Article 370 and its bifurcation into two Union Territories of J&K and Ladakh. The Jammu and Kashmir (J&K) administration on Wednesday removed restrictions from social media usage across the Union Territory almost seven months after a communication clampdown on the eve of the Centre’s August 5 announcement to scrap the special status of the erstwhile state under Article 370 and its bifurcation. The directions came after a review of the situation by the J&K Home department. The order, issued without the


By The Island
March 10, 2020

Culture and society, Economics

15 Korean pharmas, 4 state institutes research coronavirus

South Korea’s state-run research institutes and pharmaceutical firms are working hard to find a cure for the new coronavirus. South Korea’s state-run research institutes and pharmaceutical firms are working hard to find a cure for the new coronavirus, according to news reports Monday. Around 15 firms and four institutes here are burning the midnight oil to get an effective cure, according to Korea Pharmaceutical and Bio-Pharma Manufacturers Association. KPBMA Chairman Won Hee-mok emphasized the synergies between private and public research bodies in yielding a faster outcome. The association identified Korean companies working on vaccines — including SK Bioscience, GC Pharma, Boryung Biopharma, Sumagen and G+FLAS Life Sciences. T


By Asia News Network
March 9, 2020

Culture and society, Economics

‘Incredible India’ now being viewed as intolerant India, says FM Qureshi

 “Modi’s policies are taking a bloody and dangerous turn,” says the foreign minister. Foreign Minister Shah Mehmood Qureshi on Thursday stated that ‘Incredible India’ is now being viewed as “intolerant India”, and ‘Shining India’ as “burning India”, adding that the country is now facing international scrutiny like never before. The foreign minister expressed these views while speaking at a seminar, organised by the Centre for Aerospace and Security Studies, in Islamabad. During his address, Qureshi stated: “Indian Prime Minister Narendra Modi’s policies are taking a bloody and dangerous turn, as predicted by Prime Minister Imran Khan.” Referring to the country


By Asia News Network
March 6, 2020