IT Industry Contribution To GDP

Gross domestic product (GDP) is the total value of all final goods and services produced in the economy. The GDP growth rate is the primary indicator of the state of the economy.
Why GDP?
  • GDP enables policymakers and central banks to judge whether the economy is contracting or expanding and promptly take necessary action.
  • It also allows policymakers, economists, and businesses to analyze the impact of variables such as monetary and fiscal policy, economic shocks, and tax and spending plans.
  • GDP can be calculated either through the expenditure, income, or value-added approach.
  • GDP isn’t always flawless and overlooks several important factors.
In constant US dollars at purchasing power parity (the rate at which different currencies can be compared), India will still have a greater per capita income ($5,945) than Bangladesh ($4,861), and both economies have been impacted by Covid-19.But the impact on India has been far greater than on Bangladesh. Bangladesh has been doing remarkably steadily and quite well in terms of macroeconomic performance.

Benefaction of IT sector in Bangladesh:

Bangladesh has laid down an exemplary digital foundation and is striving to prepare its citizens for the digital future. The enormous growth in its information and communications technology or ICT sector and its young, dynamic and IT savvy population can only make things better, the report indicates. The report is expected to inform the Bangladeshi government’s ongoing efforts to realize the vision of its digital strategy and to build a robust, safe and business-friendly e-commerce ecosystem.
Mobile technology, in particular, is a big factor in boosting rural economic development, which is particularly important for Bangladesh. Not only does Bangladesh lag far behind the average developing country in terms of broadband coverage, it is also well behind other countries in the region. Broadband is such an important enabling technology that it is difficult to estimate the complete impact on the economy. Because the country starts from such a low baseline, getting up to the target of 60% broadband penetration means getting 107 million subscribers online.
LOCAL shoppers in the COVID-19 are now online. As a result, e-commerce is booming around the globe. Shopping online is on the rise. Transactions are also increasing manifold. It is known that online sales have increased by 70 to 80 percent compared to the regular time. Millions of people have been employed in this sector. Business is expanding rapidly. As a result, the e-commerce market in Bangladesh has exceeded one and a half billion US dollars, according to the German-based research institute Statista, expected to reach at two billion dollars this year and three billion dollars by 2023.