Sunday, 5 December, 2021

Challenges following LDC graduation

It is indeed praiseworthy that despite being hard-hit by the coronavirus pandemic Bangladesh has become one of the most resilient economies in recent years and is going to be a higher middle-income country in the foreseeable future. According to the lead news of this daily’s yesterday issue, enviable success in poverty reduction, increased women participation in labour force and a flourishing manufacturing industry have set the country on a high-growth track. It means that the country has started getting benefits from the initiatives taken years back in order to achieve economic development. However, some more areas are yet to be focused on to make the country a developed one on all fronts.

The basis of the upcoming world is the fourth industrial revolution. The technological revolution will fundamentally alter the way we live, work, and relate to one another. Technological innovation is expected to lead to a supply-side miracle, with long-term gains in efficiency and productivity. The beneficiaries of innovation tend to be the providers of intellectual capital. Therefore, quality of education to develop the human resource skilled in science and technology will play the most vital role. But, our exiting education system hardly matches the standard needed for that development. Though some changes are brought in curriculum, still the task is not done.

While lack of proper policy in our education system is hindering the path of research and innovation, the absence of moral education in the education system is leading the nation towards a society where prevails every opportunity for immorality to triumph. Unethical practice and consumerism are often outshining age-old social values, paving the way for changes the society towards Eliot’s Waste Land. Corruption has become widespread in every sector. It is believed that the country would have witnessed more economic growth, had corruption been eradicated.

Therefore, along with sustaining smooth economic transition, priority should be given to the challenges that the country will have to deal with in non-economic arenas once graduated to middle-income country status. The government has achieved tremendous economic success, now the time has come to focus on others to make the economic success sustainable and prepare the nation to be developed comprehensively. The sooner initiatives will be taken, the better for the nation.