Vol. 5 Num 552 Thu. December 15, 2005  
Front Page

World Potential Economy
Bangladesh on Goldman Sachs 'Next Eleven' list

Goldman Sachs, a US-based investment banking and securities firm, in a report on world's potential economies has placed Bangladesh on its "Next Eleven" list as a key member.

The report said, "Bangladesh, the world's tiny economy with most corrupt brand, will power the global economy something of the magnitude of the BRICs economies."

The "Next Eleven" is the second term the Goldman Sachs has coined to describe economies with high growth potential, such as the "BRICs" economies encompassing Brazil, Russia, India and China.

Comparing the 22 economies of the G7, BRICs and Next Eleven, the report said Bangladesh will grow faster than predicted earlier. The main reason for the change in projection is the faster growth seen in 2000-05.

The criteria for the Next Eleven list included macroeconomic stability, political maturity, openness of trade and investment policies and quality of education.

The other countries on the list are Egypt, Indonesia, Iran, South Korea, Mexico, Nigeria, Pakistan, the Philippines, Turkey and Vietnam.

In view of the present time that is largely regarded as an Asian Century, the new Goldman Sachs list has four other Asian nations--Iran, Indonesia, Vietnam and the Philippines in addition to the two South Asian countries.

"Investors, always on the lookout for the next big trend, are scouring Asia as the region is home to booming economies, swelling populations and fast-developing markets," an economist said.

Mahmudur Rahman, Board of Investment (BoI) executive chairman, said inclusion of Bangladesh on the Goldman Sachs list of potential economies has proved that the country has great possibilities ahead.

"Major corporate houses including the Tata Group, Dhabi Group, Global Vulcan Energy are showing interest in Bangladesh's economy," he added.

Rahman said world business magnates such as Bill Gates and Ted Turner have visited Bangladesh amid soaring militant activities, which also testify the potentials of the country.