The Economic Complexity Index (ECI):
In discussing the future growth and competition in Bangladesh, the focus on product diversification, particularly in the Ready-Made Garments (RMG) industry, is paramount. The Economic Complexity Index (ECI) sheds light on a country’s capacity to manufacture a range of intricate products with global demand. This index evaluates a nation’s productive prowess by comparing the intricacy and variety of its exports with those of other nations, taking into account both the prevalence of a country’s exports and the number of countries capable of producing them.
Here is where Bangladesh stands in comparison to some key players:
- Bangladesh: ECI of -0.76, holding the 101st position out of 133 countries.
- China: ECI of 1.40, securing the 18th position.
- India: ECI of 0.49, ranking 40th.
- Vietnam: ECI of 0.20, positioned at 55th.
To enhance competitiveness in the global economy, proactive measures are imperative. It is evident that Bangladesh needs to take strategic actions to bolster its position and capabilities in product diversification to thrive in the ever-evolving market landscape.
Mohiuddin Rubel
Former Director, BGMEA
Additional Managing Director, Denim Expert Ltd
