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A Comparative Analysis of GDP Patterns between Bangladesh & China
Course Title: Principles of Macroeconomics
Course Code: ECN 202
Section: 01
Semester: Spring 2025
SUBMITTED BY:
Morsheda Rahman Deep
2210652
SUBMITTED TO:
Dr. Shahriar Kabir
Professor
Department of Economics SBE
Submission Date: 21st April 2025
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TABLE of CONTENTS
1.
2.
3.
4.
5.
6.
7.
8.
9.
Abstract.................................................................................................................03
Introduction..................................................................................................04
Economic Overview of Bnagladesh.............................................................04
Economic Overview of China.......................................................................04
Data Analysis of Bangladesh & China.........................................................05
Comparison Analysis.....................................................................................09
Analysis of Significant High’s & Low’s........................................................10
Conclusion........................................................................................................13
Reference..........................................................................................................14
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ABSTRACT
The assignment gives an insight into the overall GDP conditions of Bangladesh and
China for the period of 1991 to 2023. All data collected from World Bank provides
information about the real GDP, nominal GDP, GDP deflator and Consumer Price Index
(CPI). The study shows that both Bangladesh and China experienced remarkable growths in
GDP with some varied differences in their growth rates over the past 33 years. Though both
countries have maintained a stable GDP but the rates of growth vary greatly where China has
a far higher growth rate compared to Bangladesh. Further into the study, it suggests that both
the countries have faced significant inflationary pressures. Where Bangladesh faces
challenges such as innovation, its single dependence on RMG sector, while China faces the
slowing economic growth in recent times. Both the countries have made humongous progress
in their economic development and this assignment will provide a deep dive into the
economic factors, growths and challenges for both Bangladesh and China.
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INTRODUCTION: Macroeconomics is the branch of economics that studies the behaviour
and performance of an economy as a whole. It focuses on the aggregate changes in the
economy such as unemployment, growth rate, gross domestic product and inflation. (the
economic times, n.d.) GDP is a monetary measure of evaluating the market value of all final
goods and services produced by a country. Here in our assignment we will analyse the overall
GDP patterns of Bangladesh and China from 1991 to 2023 focusing on Real GDP, Nominal
GDP, GDP deflator and CPI (Consumer Price Index).
ECONOMIC OVERVIEW OF BANGLADESH:
Bangladesh, a developing country of South Asia, has come a long way economically
since its birth as a liberate nation in 1971. Bangladesh has witnessed significant economic
growth and poverty reduction since its independence. According to World Bank, Bangladesh
reached lower-middle income status in 2015. Stable macroeconomic conditions underpinned
an average annual real GDP growth of 6.4 percent between 2010 and 2023. Poverty declined
from 11.8 percent in 2010 to 5.0 percent in 2022, based on the international poverty line of
$2.15 a day (using 2017 Purchasing Power Parity and a comparable welfare series). Similarly,
moderate poverty declined from 49.6 percent in 2010 to 30.0 percent in 2022, based on the
international poverty line of $3.65 a day (using 2017 PPP). (world bank group, n.d.)
ECONOMIC OVERVIEW OF CHINA:
China, an upper-middle income East Asian country, strong growth has been based on
investment and export oriented manufacturing. According to World Bank, Since China began
to open up and reform its economy in 1978, GDP growth has averaged over 9 percent a year,
and almost 800 million people have lifted themselves out of poverty, although China
eradicated extreme poverty in 2020, an estimated 17.0 percent of the population lived on less
than $6.85 a day (in 2017 PPP terms), the World Bank’s Upper-Middle-Income Country
(UMIC) poverty line, in 2021. Despite multiple headwinds, China’s economy grew at a
robust rate of 5.0 percent in the first half of 2024, supported by consumer spending on
services, exports, and investment in manufacturing and public infrastructure.
(world bank
group, n.d.)
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DATA ANALYSIS:
DATA OF BANGLADESH:
The following table represents data collected from “World Bank Development Indicators
Data” for Bangladesh from 1991 to 2023 for 33 years
YEAR
Real GDP
Nominal GDP
GDP Deflator
Consumer
(constant 2015
(current US$
(base year
Price Index
US$ billions)
billions)
varies by
(2010 = 100)
country)
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
54.69
57.67
60.39
62.74
65.95
68.93
72.03
75.76
79.3
83.49
87.73
91.09
95.41
100.41
106.97
114.11
122.17
129.51
136.05
143.63
152.91
162.88
172.68
183.15
195.15
209.03
222.8
239.11
257.96
266.85
285.37
305.63
323.28
30.96
31.71
33.17
33.77
37.94
46.44
48.24
49.98
51.27
53.37
53.99
54.72
60.16
65.11
69.48
71.8
79.61
91.64
102.48
115.28
128.61
133.31
150
172.89
195.15
225
293.73
321.36
351.23
373.98
416.27
460.13
437.42
20.34726146
20.8726607
20.90512148
21.73426382
23.28716364
27.74507501
28.79945228
30.16345556
31.3039472
32.38288762
33.43894544
34.74067926
36.76113347
38.43822651
40.20114223
42.56333554
45.31771969
48.88013027
52.18655565
55.9151092
60.30972972
65.23376204
69.91425409
73.8775453
78.21620882
100
105.0475976
111.1461766
115.2120566
119.6374247
124.567892
130.8573521
139.882746
34.29942049
35.54588781
36.61753185
38.56329232
42.53446758
43.54556676
45.85592081
49.70884439
52.74441235
53.90914412
54.9911943
56.82381156
60.04498736
64.60092262
69.15310297
73.83149099
80.55531378
87.72630342
92.48411524
100
111.3951652
118.3211643
127.2312288
136.1267769
144.5588509
152.5291403
161.2264589
170.1642434
179.6798217
189.9055347
200.4370392
215.8645866
237.1995696
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GDP Analysis for Bangladesh:
Here the GDP related data of Bangladesh is visually represented using a graph that gives a
better view of how the economy is doing. The graph is generated from data containing Real
GDP, Nominal GDP, GDP Deflator and Consumer Price Index (CPI) derived from World
Bank Development Indicators (World bank, n.d.), which portrays major ups and downs in the
Bangladesh economy and GDP patterns in the past 33 years.
Bnagladesh's
Real & Nominal GDP
YEAR
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
900
800
700
600
500
400
300
200
100
0
Real GDP
Nominal GDP
Bnagladesh's GDP Deflator & CPI
250
200
150
100
50
YEAR
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
0
GDP Deflator
Consumer Price Index (2010 = 100)
From analysing the above graph we can see a significant upward trend in both Real GDP and
Nominal GDP particularly from the early 2000’s and onwards which indicated a substantial
economic growth. The real GDP from having as low as 54.69 billion USD in 1991 to as high
as 323.38 USD billion in 2023. Also if we look closely at the nominal GDP (the total value of
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goods produced within a country in a given period of time) was also on a rise from 30.96 in
1991 which was the lowest and the highest of 460.13 in 2022 indicating a rise of 43.86 USD
billion in just 1 year and similar significant rises are seen in years 2015 to 2022 indicating at
an increase in the total value of goods and services measured in current prices, however there
was also a sudden decline of 22.71 USD billion in 2023 affected due to factors such as high
inflation rates, lingering COVID-19 affects, Russia Ukraine war pressure on price of
commodities etc. (world bank group, 2023) The CPI (the average change in the price of a
basket of consumer goods and services) shows a gradual increase in the yearly 1990’s but
with almost no movement in the GDP deflator , however from 1996 to 2000 and 2008 to
2023 there was a noticeable rise in GDP deflator and this constant rise suggest the rise of
general price level of domestically produced goods indicating inflation. Although Bangladesh
has grown significantly the growth was slowed in 2020 to 2022 following the Covid-19
pandemic which also caused a significant rise of 5.38% in CPI in 2020 and a 9% rise in 2023.
The graph mainly illustrated a significant economic growth of Bangladesh from 1991 to 2023
with a growth in Real and nominal GDP suggesting economic development and rising GDP
deflator and CPI suggesting the challenge and need of managing inflationary pressure.
DATA OF CHINA:
The following table represents data collected from “World Bank Development Indicators
Data” for China from 1991 to 2023 for 33 years.
YEAR
Real GDP
Nominal GDP
GDP Deflator
Consumer
(constant 2015
(current US$
(base year
Price Index
US$ billions)
billions)
varies by
(2010 = 100)
country)
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
1122.54
1282.22
1460.24
1650.63
1831.42
2013.14
2199.09
2371.63
2553.33
2770.11
3001
3275.12
383.37
426.92
444.73
564.32
734.49
863.75
961.6
1029.06
1054
1211.33
1339.4
1470.56
28.26956139
30.58492978
35.22951578
42.4927811
48.29971556
51.44244795
52.27405048
51.80345249
51.14914436
52.20424513
53.27289184
53.59364744
41.87859627
44.53955446
51.04681839
63.42923988
74.07978637
80.23815776
82.47396598
81.83628882
80.68937558
80.97002229
81.55229846
80.95535936
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8
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
3603.88
3968.37
4420.54
4982.88
5681.99
6241.3
6827.9
7554.11
8275.59
8926.36
9619.6
10333.9
11061.6
11819.2
12640.3
13493.4
14296.4
14616.4
15851.3
16319
17175.7
1660.28
1955.35
2285.96
2752.12
3550.33
4554.34
5301.69
6087.19
7551.55
8532.19
9570.47
10475.6
11061.6
11233.3
12310.5
13894.9
14280
14687.7
17820.5
17881.8
17794.8
54.98878532
58.81160165
61.10745618
63.50687064
68.42845401
73.76268879
73.60813135
78.67338676
85.02680124
87.00896097
88.89128676
89.80781254
89.80516851
91.06903798
94.92370074
98.24579071
99.5099197
100
104.5523266
106.4590234
105.8390127
81.86821482
84.9993772
86.50931811
87.93622961
92.17191349
97.63333106
96.92239907
100
105.5538989
108.318909
111.1580018
113.2940602
114.9221228
117.2205674
119.0880504
121.5588779
125.0831544
128.1094436
129.3662166
131.9193567
132.2291519
GDP Analysis for China:
Here the GDP-related data of China is visually represented using a graph that gives a better
view of how the economy is doing. The graph is generated from data containing Real GDP,
Nominal GDP, GDP Deflator, and Consumer Price Index (CPI) derived from World Bank
Development Indicators (World Development Indicators, n.d.), which portrays major ups and
downs in the Chinese economy and GDP patterns in the past 33 years.
China's Real & Nominal GDP
20000
15000
10000
5000
YEAR
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
0
Real GDP
Nominal GDP
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China's GDP Deflator & CPI
300
250
200
150
100
50
YEAR
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
0
GDP Deflator
Consumer Price Index (2010 = 100)
The analysis of the above graph shows a consistent and significant upward. Both the real and
nominal GDP indicators have experienced remarkable and sustained growth over the period
with some minor fluctuations. The nominal GDP increased from a low of 383.87 billion USD
to 17.7 trillion USD in 2023 while the real GDP also increased from a 1.1 trillion USD to
17.1 trillion USD in the meantime signifying extraordinary economic expansion of China.
However the real GDP rates fell as low as 2.2% in 2020 due to COVID 19 situation. But it
bounced back to 7.8% in 2021 which is 5.6% higher than that of 2020 indicating at a post
COVID growth period. On the other hand the GDP deflator also suggests an increasing trend
indicating at a rise in the overall price level of the products and services while the upward
CPI trend also demonstrates the same idea indicating ongoing inflationary pressure on
consumer prices. Since the mid-1980s, rural township and village enterprises' (TVEs)
development, measures to provide a better market environment through domestic market
reform, fiscal and financial expansion, the devaluation of the exchange rate, trade
liberalization, the expansion of special economic zones to attract foreign direct investment
(FDI), state-owned enterprise (SOE) reform, higher agricultural prices and many other factors
all have contributed to China's economic growth. Rapid economic growth has been
accompanied with significant structural changes in China's economy. (Rozelle, n.d.)
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Comparison Analysis:
Bangladesh VS China
From the comparison of real GDP and nominal GDP, both countries demonstrated an
upward GDP trend indicating at economic expansion. However, the growth rate and the
expansion have been significantly higher in China than in Bangladesh. Let’s take a look at the
following graph to have a better understanding.
Bangladesh VS China
Nominal & Real GDP
20000
15000
10000
5000
0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33
Bangladesh Real GDP (constant 2015 US$ billions)
Bangladesh Nominal GDP (current US$ billions)
China Real GDP
China GDP Deflator
From the data demonstrated we can see that China’s real GDP started from 1.1 trillion USD
in 1991 and rose to 17.18 trillion USD by 2023, representing a significantly higher growth
rate. A similar trend can also be seen in nominal GDP growing from 3.8 trillion USD in 1991
to 17794.8 trillion USD in 2023. While on the contrary, although Bangladesh’s economy was
also growing, representing substantial progress, the scale remains far smaller compared to
China, with real GDP growing from 54.69 billion USD to 323.38 billion USD in real GDP
and 30.96 billion USD to 437.42 billion USD in nominal GDP for the period 1991 to 2023.
There is also an upward trend in the GDP deflator and CPI, pointing at significant
increase in price levels and consumer goods for both the countries. While both the countries
have experienced increased inflation, China’s GDP deflator suggests relatively controlled
inflation rates in comparison to Bangladesh.
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Analysis of Significant High’s and Low’s:
Analysis of Bangladesh’s GDP:
The data reveals a significantly outpacing nominal GDP than real GDP indicating the
presence of inflationary pressure in the Bangladesh economy. This divergence along with the
increasing CPI suggest broader price level changes. Some of the major Up’s and Down’s are
discussed below:
Major Up’s:
Significant Increase in Economic Output and sustained Expansion: Bangladesh showed
an upward trend in in both real and nominal GDP both expanding at a larger scale of 54.69
billion USD to 323.28 billion USD in real GDP to nominal GDP having an even larger rise of
30.96 billion USD to 437.42 billion USD from 1991 to 2023 reflecting real growth.
Factors Influencing This Growth:
i.
RMG Industry: The textile and clothing industries provide the most significant source
of economic growth in Bangladesh's rapidly developing economy. By 2002 exports of
textiles, clothing, and ready-made garments (RMG) accounted for 77% of Bangladesh's
total merchandise exports, emerging as the world's second-largest exporter of readymade garment (RMG) products. In the financial year 2016-2017 the RMG industry
generated US$28.14 billion, which was 80.7% of the total export earnings and
amounted to 12.36% of the GDP. (Textile industry in Bangladesh, n.d.)
ii.
Remittances received: Bangladesh receives a large amount in remittances from the
overseas workers that significantly supported household income and consumption.
Remittance inflows now accounts for 6 percent of GDP. Since the mid-1980s, it is
estimated that more than 10 million Bangladeshis (6 per cent of the total population and
close to 10 percent of working age population in the age group 15-64) now work
overseas whose remittances now constitute the single largest contribution to foreign
exchange earnings of the country. During the fiscal year 2020-21, Bangladeshi workers
abroad sent US$24.77 billion. (Bangladesh at 50: Economic achievements and challenges
ahead, 2021)
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iii.
Foreign Investment: Bangladesh has attracted foreign investment largely on RMG
sectors which have boosted the economic growth and a reflection of this can be seen in
the increasing GDP factors. Foreign direct investment (FDI) from China in Bangladesh
has risen to $2.67 billion as of September 2024, according to official data, cementing
China's position as the country's second-largest investor. (the financial express, 2025)
iv.
Manpower into Asset: An active participation of both male and female population can
be seen in the workforce leaving a positive contribution to a country’s growth.
According to the World Bank (WB), 36 per cent of women aged 15 or over were
economically active in Bangladesh in 2019. (Bangladesh at 50: Economic achievements and
challenges ahead, n.d.)
Major Down’s:
i.
Natural Disasters: Bangladesh being located in a delta region is more vulnerable to
natural disasters like flood, cyclone, storm surges etc. Bangladesh experienced over
200 natural disasters since 1980, leaving a total death toll of approximately 200,000
people and causing economic loss worth nearly $17 billion. Every year, we incurred
1.8 percent of GDP loss due to natural disaster. It is estimated that 14 percent of our
GDP is exposed to disasters. (Qayum, 2016)
ii.
Global Financial Crisis: The global financial crisis 2007-2008 had a ripple effect on
Bangladesh GDP leading to a GDP growth decrease to 6.01% compared to previous
year (macrotrends, n.d.)
iii.
Political Unrest: During 1991, Bangladesh experienced significant GDP slowdown
caused by political instability According to the data in Macrotrends, in 1991 the GDP
growth rate was 3.49% a decline from 5.62% in 1990. (macrotrends, n.d.)
Although Bangladesh economy is showing an upward trend, it still remains vulnerable to
external shocks and factor like political unrest, natural disasters, lack of diversify ability in its
RMG sector (the most relied source of export and attracting FDI, causing significant impact
on its GDP.
Analysis of China’s GDP:
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Major Up’s:
i.
Economic Reforms: Deng Xiaoping’s reform also known as “Chinese Economic
Reform” throughout the 1990’s to 2000’s shifted china’s economy from a centrally
planned to a market oriented economy. Which resulted in increased FDI, China’s
entry in WTO, promoting international trade and a significant positive effect on GDP
growth. From 1978 until 2013, unprecedented growth occurred, with the economy
increasing by 9.5% a year. (Reform and opening up, n.d.)
ii.
Massive Infrastructure Investment: In 2001, the Chinese government adopted the
tenth “Five-Year Plan”, which emphasized enhancing infrastructure. Subsequently,
China’s infrastructure investment as a share of GDP tripled from about 8% in 2002 to
nearly 24% in 2016. As the infrastructure expansion took place, China experienced
an average annual real GDP growth rate of 9.6% between 2003 and 2016.
(sciencedirect, n.d.)
Major Down’s:
i.
The 2008 Financial Crisis: The 2008 financial crisis significantly affected China’s
economic growth. China’s reported GDP growth rate fell from around 15 percent in
2007 to around 9 percent in 2008 and a massive drop in exports. (The impact of
China’s fiscal and monetary policy responses to the great recession: An analysis of
firm-level Chinese data, n.d.)
ii.
Covid-19 Pandemic: After the outbreak of COVID-19 in December 2019, the normal
economic growth of 6% suddenly dropped to 2.2% in 2020. In 2022, with the
recurrence of the COVID-19 pandemic and the strict “Zero-COVID” policy, growth
dropped into the 3% range. (Li, n.d.)
In summary China’s overall GDP showcased a remarkable and steady growth while
experiencing some fluctuations and economic shocks. Key priorities for China includes
sustainable growth, innovation and rebalancing domestic consumption.
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Conclusion:
In conclusion, based on the data presented above we could see that both Bangladesh and
Chins have demonstrated significant economic growth in the mentioned time period.
However, both the countries growth rates differ drastically with China having a way larger
growth compared to Bangladesh. While China has witnessed decades of sustained economic
boom, global integration and massive investment along with some inflationary pressure,
Bangladesh has also demonstrated consistent economic growth through its RMG sectors,
remittances and FDI. However, Bangladesh’s vulnerability to external shocks is quite
evident. Though both the countries have experienced inflationary pressure, the magnitude is
varied. While China now focuses on sustainable growth, Bangladesh navigates structural
changes for development.
References
(n.d.).
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%20rural,recipient%20of%20FDI%20in%202004.
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%20global%20output%20was%20curtailed,the%20United%20States%20and%20Europe.
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