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Economic reforms: Bangladesh surpasses Pakistan in every sector

June 5, 2023

DHAKA: Bangladesh has surpassed Pakistan in every area of economic reform as the Bangladeshi Taka is equal to Pakistani 2.66 rupees.

According to the details, Bangladesh has presented a federal budget of $71 billion for the next financial year 2023-24, in which the growth rate target is 7.5% while the average inflation estimate is 6.5%, while in Pakistan inflation is 21% while the growth rate is 6.5%. The target is expected to remain at 3.5 percent.

Pakistan is facing the risk of default, however, Federal Minister of Finance Ishaq Dar has termed the predictions of default as shameful. For the new fiscal year, Bangladesh’s foreign exchange reserves are less than $31 billion, while Pakistan’s is less than $4 billion.

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Worryingly, Pakistan’s extremely low foreign exchange reserves of Rs 4 billion are also artificial in the opinion of economists as they consist of money borrowed from friendly countries. In the financial year 2022-21, Bangladesh’s exports were $52 billion, while Pakistan’s exports were $31.78 billion.

The latest statistics show that Bangladesh’s exports during the next financial year are more than $65 billion, while Pakistan had set its target of $38 billion, which has not yet been achieved. Pakistan has exported $21.5 billion which is 58% of the target.

In terms of per capita income, Bangladesh is far ahead of Pakistan. $1 makes Rs 287 and BDT 108 (Bangladeshi Taka).

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