Over-Reliance on Readymade Garments (RMG) exports and protective tariff regime challenge Bangladesh’s growth sustainability - World Bank

Over-Reliance on Readymade Garments (RMG) exports and protective tariff regime challenge Bangladesh’s growth sustainability - World Bank

• The World Bank (WB) has cautioned that over-reliance on Ready Made Garment (RMG) exports and the perpetuation of the protective tariff regime may challenge the sustainability of Bangladesh’s growth model.
•  Pointing out the low export to GDP ratio of Bangladesh at about 9 percent in 2020 and 2021, the World Bank said that the export basket is heavily dependent on RMG which accounted for over 83 percent of total exports in 2020.
•  It said that the lack of export diversification can be partly attributed to the country’s protective trade regime. Bangladesh’s average tariff rate on intermediate goods is 18.8 percent which is more than double the rate in China and substantially higher than Thailand and Vietnam.

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Published date : 27 Sep 2022 04:49PM