Bangladesh can chalk up this turn of fortunes to stable economic growth. The country’s gross domestic product has been on a yearslong winning streak. In the 12 months through June, it grew at a 7.86% clip. Per capita GDP doubles every seven to eight years, with the figure now standing north of $1,700.
The robust growth is no mystery. Only China exports more garments. If China is the factory of the world, Bangladesh is the tailor. Apparel makes up more than 80% of Bangladesh’s total exports — with the value of those exports having doubled in the past eight years — and the sector is now beginning to cater to the tastes of domestic consumers.