An ambitious business community, fast-growing consumer market driven by a rapidly expanding and optimistic middle-and-affluent class, a burgeoning gig economy with ~650k freelancers and digital leapfrogging along with active support from the government have been driving the economic growth of Bangladesh, a report titled ‘The Trillion-Dollar Prize – Local Champions Leading the Way’ has recently revealed.
Global management consulting firm “Boston Consulting Group” has recently conducted a study focusing on Bangladesh’s economic aspects and how the country has fared well in terms of economy despite the setbacks in the recent years. The findings were revealed and shared with the journalists at an event organized at The Westin Dhaka located in the capital on 25 November 2022.
Zunaid Ahmed Palak, MP, Minister of State for Information and Communication Technology (ICT) Division, graced the event as the chief guest. Riaz A Choudhury, Country Head of Corporate Commercial Banking, HSBC Bangladesh, delivered the keynote speech at the event. Dr. Hans-Paul Buerkner, Managing Director and Global Chair Emeritus of Boston Consulting Group, Zarif Munir, Senior Partner and Managing Director of Boston Consulting Group, Saibal Chakraborty, Partner and Managing Director of Boston Consulting Group, and Tausif Ishtiaque, Partner of Boston Consulting Group were also present at the event along with other high officials in attendance.
The study affirms that Bangladesh has emerged as one of the fastest-growing economies beating its major peers like Vietnam, India, Indonesia and Thailand and is on track to become a trillion-dollar economy. Different factors including solid optimism, early participation in gig economy, rise in consumption, young & growing workforce, high economic resilience, digital momentum, government initiatives and a large, well-managed private sector have been instrumental in driving the economic growth of Bangladesh.
Zunaid Ahmed Palak MP, Minister of State for Information and Communication Technology (ICT) Division, said at the event, “Bangladesh under the visionary leadership of our prime minister envisioned the dream of a prosperous country long time ago with digital transformation at the center of the plans. The vision is paying off now as we are now one of the emerging economies in the world. I thank Boston Consulting Group for their findings which are a testimony to our economic strength.”
Dr. Hans-Paul Buerkner, Global Chair Emeritus of Boston Consulting Group, said, “Bangladesh is now a role model for other developing economies. The country has achieved much, especially due to the contribution of the local champions. Corporate transformation and notable contributions from country’s private sector have been driving this growth. Our study has also outlined the next steps for the local champions to achieve their bold visions and continue to drive economic growth for the country.”
“This report is very exciting for BCG. While the Middle and affluent class was the major driver of growth 5-7 years back, we believe emerging champions form another leg upon which Bangladesh can build a bright future – towards a trillion-dollar economy. Our emerging champions have ambition to become global and are driven by a set of themes – Always on transformation, societal impact, thinking flat and much more.”, said Zarif Munir, Senior Partner and Managing Director of Boston Consulting Group.
The study concludes that the government will have to create favorable environment for the champions (ecosystem stakeholders from corporate) and help them go to the next level through national programs and development of digital infrastructure.
