The GDP growth rate in Bangladesh fell to 0.5 percent in the calendar year 2020 as compared to 8.4 percent in the year 2019 due to the impact of Covid 19 pandemic. According to the report 'World Economic Situation and prospects 2021' released by the UN Department of Economic and Social Affairs, the fall in GDP growth rate was cushioned to some extent by a recovery in trade and remittance in the second half of the year.<br />'' <br />''Predicting a growth rate of 6.9 percent for South Asia in 2021, the report said that it would be inadequate to make up for the losses of 2020. The regional economic growth is forecast at 5.3 percent for 2022 which will allow South Asia to surpass its economic output level of 2019 but only marginally.<br />'' <br />''The report calls for diversification of economies like Bangladesh which are near single trade economies with ready made garments contributing over 80 percent of its export earnings. The widespread informality of jobs in South Asia of above 80 percent has exposed workers to ravages of the job loss due to the pandemic.<br />'' <br />''According to the UN Department of Economic and Social Affairs , 131 million more people were pushed into poverty in 2020, many of them women, children and people from marginalized communities.<br />'' <br />''<span style="color: #222222;">However, the government of Bangladesh has projected a much higher growth rate for the economy. Finance Minister AHM Mustafa Kamal had earlier dismissed the World Bank forecast that Bangladesh GDP will grow at 1.6 percent for the year 2020-21.</span>