Bangladesh set to surpass India in per capita GDP
Bangladesh is set to surpass India in terms of per capita gross domestic product (GDP) in 2020 thanks to robust agriculture production, exports and remittance despite the coronavirus pandemic, in another testimony to the country’s steadily growing economy. According to the International Monetary Fund’s latest World Economic Outlook report, Bangladesh’s per capita GDP would rise to $1,887.97 at current prices at the end of this year, up 3.96 per cent from $1,816.04 in 2019. India’s per capita GDP would fall to $1,877 in 2020, a decline of 10.3 per cent. Bangladesh’s progress was appreciated by the Indian media yesterday. Besides, during the intervening period, while India’s savings and investments remained lukewarm, the corresponding numbers for Bangladesh saw a sizeable surge, the Economic Times of India reported. Five years ago, India’s per capita GDP was nearly 40 per cent higher than that of Bangladesh. In the last five years, Bangladesh’s per capita GDP has grown at a compound annual growth rate of 9.1 per cent, against 3.2 per cent growth posted by India for the period. Apart from Bangladesh, only two countries in South Asia, namely Bhutan and Nepal, would register positive growth in the per capita GDP, expanding by 2.2 per cent and 3.4 per cent respectively in 2020. Pakistan’s per capita GDP was $1,348.68 in 2019. Its figure for 2020 was not available in the IMF’s report. In Asia, only Egypt, Timor-Leste and Turkmenistan are ahead of Bangladesh in per capita GDP growth terms, expanding by 17 per cent, 16.25 per cent and 4.5 per cent respectively. China, the world’s second-largest economy, would see its per capita GDP growth rise at 3.01 per cent. In Africa, only Malawi’s per capita GDP growth would be higher than that of Bangladesh as it would expand by 5.65 per cent. Per capita GDP for India is likely to grow 8.2 per cent to $2,030 next year. Bangladesh’s per capita GDP would grow by 5.4 per cent to $1,990 in the year.
SIBL started the operation of opening e-Account through its mobile app “SIBL NOW”
SIBL started the operation of opening e-Account through its mobile app “SIBL NOW”. Managing Director & CEO Quazi Osman Ali inaugurated the launching programme as the chief guest through virtual platform on Wednesday at the head office in the city. MISL is the vendor of the mobile app.
EBL launches Inward Remittance Services for cardholders
Eastern Bank Limited (EBL) launched Inward Remittance Services for EBL Visa Cardholders through a zoom conference on Tuesday. This new service will enable EBL Visa Cardholders to receive foreign remittances almost instantly. At the moment, EBL customers will require EBL Visa Debit Travel Quota Card to receive foreign remittances. Soon other EBL card products will be enabled to receive inward remittances. Remitters will be able to send $2500 per transaction using one card, up to five transactions a month per card, and 30 transactions a year per card. Launching the service, Managing Director and CEO of EBL, Ali Reza Iftekhar said, “Bangladesh received over $18.32B in remittances in 2019 with Malaysia and Singapore together accounting for over $1.6B dollars.
EU can slap tariffs on U.S. goods over Boeing aid: WTO
The World Trade Organization (WTO) on Tuesday ruled that the European Union (EU) can impose tariffs on U.S. products worth around 4 billion U.S. dollars, in retaliation for government subsidies given to the aircraft manufacturer Boeing. The WTO said in an arbitration decision that the level of countermeasures, amounting to 3.99 billion dollars, is commensurate with the adverse effects suffered by Boeing’s European rival Airbus in terms of lost sales and impeded imports and exports of its aircraft. The long-standing issue between the EU and the U.S. began in 2004, when the U.S. accused France, Spain and Germany-also known as the “Airbus member states”-of providing illegal subsidies and grants to support the production of a range of Airbus products. Following prolonged legal proceedings, the WTO allowed the U.S. to take countermeasures against European exports worth up to 7.5 billion dollars in October 2019. The basis for this was a 2018 decision that found that the EU and the “Airbus member states” had not fully complied with previous WTO rulings with regard to Repayable Launch Investment for the A350 and A380 programs.