Monday, 27 September, 2021

National economy set to go faster

National economy set to go faster

Economic growth and infrastructural development always go hand in hand; development of one facilitates the growth of the other. Growth of an economy demands developed infrastructure which, in turn, plays a catalytic role in the further progress of the former.

Some established facts about Bangladesh are that it maintained a seven plus growth of its GDP continuously over several years. In the 2018-19 fiscal period, the growth rate reached as high as 8.2 per cent. Even amid the corona pandemic in 2019-20, the country posted a 5.2 per cent growth rate. It may also be remembered that riding on prudent plans and pragmatic steps of the incumbent government, Bangladesh’s per capita income has now risen to $2,227. Based on this healthy growth trend, the country is scheduled to come out of the LDC status and graduate to the next level of development soon. Bangladesh is now internationally recognised as a role model of economic development.

Bangladesh achieved these successes based on whatever infrastructural development it has been able to make so far. But it is very difficult, if not impossible, for the country to advance further with this level of infrastructure. The prudent leadership of the country had a clear conception about this limitation of our infrastructure; they took no time to chalk out appropriate plans for the requisite development infrastructure. The result is that some large to very large projects including the Padma Bridge and the tunnel under the Karnaphuli River are very close to completion of their implementation process, some others are advancing fast while others have already been launched or going to be launched sooner or later. The country is advancing fast in terms of infrastructural development.

The ongoing mega projects focused on development of transportation network and enhancement of power and energy facilities will act as facilitators of further growth of the country’s economy. But this growth rate will by no means remain at its previous level; the country’s socio-economic progress will advance with an accelerated motion, faster than any time before – making it completely possible for Bangladesh to achieve the developed country status as is set in the Vision 2041.