Bangladesh consumer market to surpass UK, Germany by 2030: HSBC

Bangladesh is set to overtake the UK and Germany and become the world's ninth-largest consumer market by 2030, according to HSBC Holdings.

HSBC also said Indonesia will pass Brazil to take fourth place, reports Bloomberg.

Bangladesh will in the years to 2030 be Asia's fastest-growing consumer market, followed by India, the Philippines, Vietnam, and Indonesia, said analysts led by Herald van der Linde, head of equity strategy for the Asia Pacific, in a Sept 7 note.

The analysts measured expansion in terms of people earning more than $20 per day in constant purchasing power parity terms.

The fastest-growing sectors to 2030 will be financial services in India, China, and Indonesia, autos in Indonesia, telecommunications in India, and regional travel and recreation, they said, adding that South Korea and Japan will see a drop in their consumer markets by 2030.

Bangladesh will climb from being the 16th ranked consumer market in the world last year to ninth in 2030, while the UK will fall from 14th to 11th and Germany from 8th to 12th, HSBC said.