Bangladesh will be a $500b economy in the next financial year: Finance minister

Bangladesh will be a $500 billion economy by the next financial year, said Finance Minister AHM Mustafa Kamal.

"It took 19 years for our economy to become a $100 billion economy. Now the size of our economy is $411 billion and per capita income has increased to $2,554 . In the next financial year, the size of our economy will be $500 billion," Mustafa Kamal made the remarks at a function organised by the Department of Economic Relations on Sunday (2 January) to mark Bangladesh's transition into developing countries.

Prime Minister Sheikh Hasina virtually joined the event held at Bangabandhu International Conference Center as the chief guest. 

"Bangladesh is now a developing country from being one of the least developed countries. Prime Minister Sheikh Hasina has achieved this milestone. The country is moving forward in all sectors of the economy. Bangladesh has been praised all over the world for its growth," the finance minister added. 

He further said that at present, the foreign exchange reserves are around $45 to 46 billion, and hoped that it will reach $50 billion by the end of this financial year. 

"Education rate has increased in the country, poverty has decreased. The size of our annual development programmes has increased. The state of the world economy is not good because of the coronavirus, yet Bangladesh is doing well. I will transform it into a hunger-free high-income country by 2030," the finance minister said.