Country’s economy in a prestigious position

6 April, 2019 12:00 AM printer

Bangladesh economy has real grounds for growing at a faster rate, surpassing many other nations in the present day world. It is not without reasons that the country is now confident about achieving the upper middle-income-country status within a foreseeable future and hopeful of reaching the high-income country level much before the middle of the current century. Based on the steady expansion of the national economy at the rate of more than six per cent consecutively for several years, the country can hope for a more than eight per cent growth rate in the current fiscal year.

This is not just a case of beating one’s own drum; international communities no longer rule out such a prospect for the country. The World Bank puts Bangladesh among the five fastest growing economies of the world – three in South Asia and two in Africa. The WB predicts a 7.3 per cent growth of the country’s economy in FY2018-19 against the projections of 8.13 per cent by the government and 8.0 per cent by Asian Development Bank.

Only time will say what is going to be the real growth in the current fiscal year but, given the past growth trajectory, the development momentum is very unlikely to falter. The completion of the ongoing mega projects will rather set the economy on a solid foundation. However, the impressive growth that the country has achieved by this time is not a mean feat for a resource-constraint country. Needless to say, this has been possible for the pragmatic policies pursued by the government under the able leadership of Prime Minister Sheikh Hasina.

Nonetheless, pulling the country out the abysmal pit of underdevelopment can never be a smooth sailing. The country needs to address a number of challenges in different arenas including establishing financial discipline in the banking sector, boosting revenue earning and fighting corruption. Moreover, the growth of the economy was so far mainly based on public sector investment; the private is yet to grow to the fullest possible extent. However, overcoming hurdles is never an impossible task for a self-respecting nation that took up its destiny in its own hand. We created the country only to build it as a prosperous one.