Rise of Bangladesh as an economic tiger

6 March, 2021 12:00 AM printer

Bangladesh has an impressive track record for economic growth and social development. Since 2010, the country’s average GDP growth has been higher than the average growth rate of South Asian countries. Despite the Covid-19 pandemic, Bangladesh posted the third-highest growth in the world and the highest in Asia in 2020, according to the International Monetary Fund. It has virtually become one of the world's economic success stories. Of late, India praised Bangladesh’s tremendous progress describing it as somewhat of a ‘miracle.’ Indian External Affairs Minister Dr Subrahmanyam Jaishankar was appreciating Prime Minister Sheikh Hasina’s statesmanship in achieving ‘miraculous socio-economic progress’ during his Dhaka trip on Thursday.

The secret behind the success story is its prudent leadership and hard-working people who always remain resilient in face of numerous threats and challenges, including severe natural disasters. It is worth celebrating that the United Nations Committee for Development Policy recently gave its final recommendation for Bangladesh’s exit from the Least Development Country (LDC) group which will be effective in 2026. As we have marched out of the LDC camp, it has amply proved the mettle of our people that they possess. With commitment and determination of the government led by the PM and the people, the country has emerged as a respectable nation within a span of five decades.

However, there is no scope to become complacent. The pace must have to be maintained to promote sustainable economic growth.   Moreover, the next couple of years will be crucial for  the  country  in  view  of   various  transitions  that  it  will  have to go  through. To cite an example, following the graduation Bangladesh will not be eligible for enjoying the GSP facility that is being provided by the US and the European Union. However, we have been relieved a bit learning that a grace period has been granted to us till 2026.

Greater efforts should be made to attain the developed country status by 2041. In a bid to transform Bangladesh into a stable success story, the administration should have to implement enough structural and other essential reforms in the coming days.