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The impact of ICT in the booming economic growth of Bangladesh

Bangladesh is currently among one of the fastest-growing economy and it is ready to set foot as one of the world leaders in information and communications technology (ICT). The population of Bangladesh is estimated to be 164.7 million and with such man power, there is a huge potential for market growth. According to World Economic Forum, Bangladesh is expected to be the 24th largest economy in the world by 2030. It will take a hike from 39rd position to 24th position in the world economic ranking.

As technology is reaching the far end of Bangladesh people are becoming more educated about the use of technology. It became the prime factor of its continuous economic growth of the economy. In the first quarter of 2019, Bangladesh’s was the world’s seventh fastest-growing economy with a rate of 7.3% real GDP annual growth. Dhaka and Chittagong are the principal financial centers of the country, being home to the Dhaka Stock Exchange and the Chittagong Stock Exchange. The financial sector of Bangladesh is the second largest in the subcontinent.

Bangladesh is one of the world’s fastest growing economy. Previously the economy of Bangladesh was primarily dependent on the garments industry and agriculture. But now the government is taking initiative to build Bangladesh into a Startup Nation and emerging themselves as a digital economy. As the government is providing support from the root level, ICT is one of the primary sector responsible for the countries rapid economic development. As the information and communications technology (ICT) sector is growing rapidly, more than 120 tech companies export information and communications technology (ICT) products worth nearly $1 billion to 35 countries. Within 2021, it’s expected that Bangladesh will export (ICT) products worth of  $5 billion.

 

 

Announced in 2008 and officially launched by Prime Minister Sheikh Hasina in 2009, the Digital Bangladesh Vision is proving to be the stepping stone for Bangladesh to introduce themselves as Developed Country and aspiring to be a middle-income country by its 50th birthday. In 2018, Bangladesh fulfilled all three eligibility criteria for graduation from the UN’s Least Developed Countries (LDC) list for the first time and is on track for graduation in 2024. Bangladesh has made remarkable progress in reducing poverty, supported by sustained economic growth.

The Government is taking crucial steps to connect citizens to the use of technology in daily life. Also, they are helping by creating an entrepreneurial ecosystem that will eventually create more jobs. They are supporting entrepreneurs, especially in the field of technology, where there is a huge market reach. Helping young minds, shaping ideas and adding financial assistance is proving to be very intriguing for the youth to connect with the world business and technology.

The education system of Bangladesh produces more than 500,000 university graduates every year and, thanks to the introduction of several dedicated training programs to get the talent pool ready to deliver value on a global scale. The government has trained more than 65,000 Information Technology Enabled Services (IT/ITeS) professionals in the past year. Not only they are building future leaders but also bringing jobs from the outside world for the unemployed youth.

The dream of building Dhaka as the technology hub of the country is not the only thing the government is focused on. They want to reach out to the far corner of the rural areas and provide basic training. Starting from schools, colleges and even madrasas, the Bangladeshi government is reaching out to everyone interested in the field of technology. With various new programs inlined, Bangladesh is investing in frontier tech centers of excellence with global technology partners such as IBM, and have a strong focus on training professionals in emerging technologies – the Internet of Things, blockchain, Artificial Intelligence, Big Data and analytics.

It won’t be long before Bangladesh emerges as a role model for other South-East Asian countries, if they’re not already.

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