Development, Economy of Bangladesh

Bangladesh is a success story now, thanks to right policies taken by Awami League government, efforts of the top businessmen of the country, contribution of the private sector players and hard work of social institutes.

One of the most remarkable turnarounds in the modern-day economies has to be the emergence of Bangladesh as a potential economic superpower. It might sound hard to believe, but Bangladesh has become one of Asia’s most dominant economic forces of late. Full credit goes to the persistence growth drive by the Awami League government, the energetic work force and dynamic businessmen like Salman F Rahman of Beximco Group.

As a matter of fact, in 2021, Bangladesh will be becoming the third fastest growing economy on list of achieving high Gross Domestic Product (GDP). A report from the United Nations said the Bangladesh economy will grow at 7.3% from 2018 to 2023 and it will be a $700 billion economy in 2030. It has become possible because the Prime Minister Shiekh Hasina was determined to bring economic success when she formed the government in 2008. In the last 11 years, Bangladesh as a country grew tremendously on the economic front.

Now, if we try to trace back this surge in Bangladesh’s economy, we will find that, along with good business initiatives taken by top businessmen of the country, social changes such as the empowerment of women also played a crucial role behind it. Along with measures taken by the government and the private sector leaders like Beximco Group, NGOs like Grameen Bank and BRAC has made praiseworthy efforts toward educating girls and thus, making women involved more in the public and family matters. As a result, children’s health and education have improved and our average life expectancy has increased to 72 years.

Initiatives in grassroots levels have also been significant in our economy. According to a World Bank data, 34.1% of the Bangladeshi adults with a bank account made digital transactions in 2017, whereas, for South Asia, the average rate is 27.8%. Furthermore, people have been actively using their bank accounts as only 10% dormant account suggests. Another factor behind our progress is the achievements in the garment industry led by dynamic businessmen.

The reduction in poverty has also made its mark in Bangladesh’s economic surge. With the constant support of its sustained economic growth, Bangladesh reduced poverty from 44.2% in 1991 to 14.8% in 2016/17. Bangladesh reached the lower middle-income country status in 2015. And in 2018, the country fulfilled all three eligibility criteria to enter the UN’s Least Developed Countries (LDC) list. Now it is on track for graduation in 2024.

According to the HSBC Global Research report, Bangladesh is on its way to become the 26th largest economy in the world from 42nd. Even though there is no harm in dreaming for such highs, we have to be aware of the threats that often results in setbacks for our economy.

And along with that, the government has to ensure that this economic upsurge has actually resulted in higher standards of life for our people.