WB reinforces faith in Bangladesh’s growth

15 October, 2019 12:00 AM printer

We are elated by the faith displayed by the World Bank estimation that Bangladesh will grow faster than most other countries in the region including the largest regional economy India. Bangladesh and Nepal are predicted to grow faster than India in 2019, according to the World Bank, which said that overall growth in South Asia is projected to slow down this fiscal year in line with a global downward trend.

It surmised that weakening of the domestic demand is driving a slowdown across the region. The projected growth predictions by the international financial body further reinforces the faith in Bangladesh’s achievements in the right direction towards developing nation status. It also raises the aspiration for Bangladesh gaining developed nation status within the planned time frame of 2041 or perhaps earlier.

But development in real terms means development of the people of the country. In order for development to reach the grassroots we agree with Hans Timmer, World Bank Chief Economist for the South Asia Region, as he suggests, “To make decentralisation work for their citizens, we encourage South Asian central governments to allocate their resources judiciously, create incentives to help local communities compete in integrated markets, and provide equal opportunities to their people.”

We feel that we should endeavour to achieve growth not only in terms of GDP, but also try to achieve development in real terms through more equitable distribution of wealth among the population. Only when more people enjoy the fruits of development, can we feel satisfied of having established the dreams of the Father of the Nation Bangabandhu Sheikh Mujibur Rahman about ‘Sonar Bangla’. We should attach the highest value to development of the people as the ultimate goal for the nation in its quest for achieving the developed country status.

For what is a country but the people residing in it, and what is the economy of a country but the collective earning and spending capability of its population! If the people of a country prosper, then the country definitely will prosper. It is easy to understand that only when majority of the people benefit from a policy or decision, then the country also benefits as a whole from it.