4 min read. Let’s try to save it now, IMF growth forecasts for India-Bangladesh: How India should see it, ‘The India Way’ by S. Jaishankar: A must read, Inside The Rohingya Refugee Camps: Circumstances beckon prudence and vision, A simple, straightforward reading of South Asian history, Rohingya crisis: A concern for the region, Violence in Rakhine: India keeps off the Bali declaration. "The population growth has fallen sharply, and the fertility rate of 2.1 is barely enough to maintain the current level of population in the long term. According to data from the Global Hunger Index, published by the International Food Policy Research Institute in Washington, 26.5 percent of the Bangladeshi population suffered from hunger last year. The graduation of the country will take place due mainly to the continuous economic growth of the economy, it said. Since 2005, Bangladesh has grown at an average rate of 6-plus percent annually. The four elements that laid the foundation of the present Bangladesh economy were: (i) emergence of the ready-made garments industry; (ii) international labour exports to the Middle East; (iii) surge in agricultural growth; and (iv) emergence of non-government organisations (NGOs). "Since the Chinese government unveiled its gigantic new Silk Road project five years ago, China, India and Japan have been competing for access to the northern Bay of Bengal," explained Samuel Berthet, who teaches at Shiv Nagar University in India. The major factor for such a development is Bangladesh’s remarkable progress in poverty reduction. ", Bangladesh is scheduled to hold a general election on December 30, a vote that is seen as crucial for the survival of democracy in the South Asian country. Bangladesh will jump 19 notches and become the world’s 24th largest economy by 2033, from its current 43rd status in the World Economic League, forecast a UK-based global Economics and Business Research organization. But risks are looming on the horizon. It was interesting to read the analysis of the book on the “four drivers of development in Bangladesh.” The author has rightly mentioned these as the “serendipitous” things that happened in the 1970s. The report said Bangladesh’s economy is expected to have grown by 7.3% over 2018, just shy of the 7.4% recorded in 2017. The government has ambitious plans to develop the country further. Based on the US dollar exchange rate, Bangladesh's per capita economic output is now higher than in Pakistan, an impressive feat by the former. Follow The Daily Star Opinion on Facebook for the latest opinions, commentaries and analyses by experts and professionals. Bangladesh will jump 19 notches and become the world’s 24th largest economy by 2033, from its current 43rd status in the World Economic League, forecast a UK-based global Economics and Business Research organization. The Bangladeshi government aims to take the country out of the group of the poorest and underdeveloped countries by 2021, the 50th anniversary of the nation's independence from Pakistan. Bangladesh is one of the world's impoverished nations. However, their robustness may be challenged in the future. In 2000, almost half of the population lived in poverty. In addition, Bangladesh is "relatively democratic in comparison with other Muslim-majority countries," Zingel said. "The country is a prime example of successful development policy and is indeed far better off than it was a decade ago," Wolfgang-Peter Zingel, an economist at the South Asia Institute of the University of Heidelberg, told DW. The current account tipped into a deficit in 2017, and this is expected to widen in 2018. But China doesn't always end up as a winner in Bangladesh. These drivers have served the economy of the country very well. The drivers were mostly unforeseen by the economists, and disconnected from the political processes of the time. Maize, vegetables and wheat play a smaller albeit growing role in the country.”. Send Facebook Twitter google+ Whatsapp Tumblr linkedin stumble Digg reddit Newsvine. Privacy Policy | In 2016, the percentage declined to about 25. Indian clothing retailers, as well as global retailers opening Indian outlets, increasingly import from Bangladesh due to the competitive prices of their products.”. Beijing's plans to invest $30 billion (€26.39 billion) in Bangladesh's infrastructure over the next few years draw mixed feelings in New Delhi. It has made great strides in social and economic transformation. Therefore, policymakers, researchers, journalists, teachers and students will immensely benefit in understanding the messages of the book. Compounding Indian policymakers' skepticism is Saudi Arabia's plan to finance the construction of around 560 mosques in Bangladesh in the coming years. In 1970, when a devastating cyclone killed hundreds of thousands of people, the country did not even have enough material to make shrouds for the victims, lamented Sheikh Mujibur Rahman, who went on to become the first prime minister of the newly founded state. It's not only the economic growth, but also the comparatively good human development indicators that prove that," the expert stressed. The graduation of the country will take place due mainly to the continuous economic growth of the economy, it said. He says much of the recent growth and development in Bangladesh have been narrowly based, and primarily propelled by the four drivers of development. Salehuddin Ahmed is a former managing editor of The Daily Star. "We are one of the most important donors. The organization, ‘Centre for Economics and Business Research’ has recently unveiled the World Economic League Table forecasting the economies for 193 countries to 2033. Sheikh Mujibur Rahman became the first prime minister (1972-75) and later the president (1975) of Bangladesh. The reason for this was not least the consideration given to India, which has invested about $7 billion (€6.16 billion) in Bangladesh over the past decade as part of New Delhi's efforts to improve connectivity to India's underdeveloped northeastern states. Bangladesh’s economic freedom score is 56.4, making its economy the 122nd freest in the 2020 Index. These are rooted, first, in the rapidly changing technology in robotics and artificial intelligence; second, in the evolving global political and economic environment; and third, in climate change and natural disaster. The author further clarifies the challenges that are “intractable”, i.e. Despite the successes, the expert warned, risks loom large as the country is heavily reliant on the global economic trends, the employment of Bangladeshis, particularly in Gulf States, and the willingness of other countries to buy "Made-in-Bangladesh" garments. Updated: 25 Apr 2018, 11:23 PM IST Kaushik Basu. Read more: Bangladesh election: what you need to know. Grameenphone:Type START BR and send SMS it to 22222, Robi:Type START BR and send SMS it to 2222, Banglalink:Type START BR and send SMS it to 2225, Find more information on SMS subscription, Bangladeshi teenager signs for Spanish football academy, Assaulting A Navy Officer: Haji Salim’s son Erfan arrested, ‘Navy officer attacked’: Haji Selim’s son Erfan arrested, Those involved in attacking navy officer won’t be spared: home minister. These are not the words of Bangladeshi Prime Minister Sheikh Hasina, but the British business magazine Economist. It would be worthwhile for universities and colleges to use the contents of the book for educational purposes. Many workers had to leave Dhaka to return to their villages and now rely on food handouts from local charities. This shows the acute problems the country still faces. Nevertheless, the starvation rate in Bangladesh today is half as many as in 1992, when it stood at around 53.6 percent. Last year, Bangladesh's gross domestic product (GDP) expanded by 7.3 percent, a faster rate than that of either India or Pakistan. Bangladesh Prime Minister Sheikh Hasina. Subsequently in this chapter, the author delves into the details of the evolution and contribution of these four drivers, and how they have facilitated the growth of the economy till the present day. Around 43% of Bangladeshis work in the agriculture sector, mostly producing rice and jute. ", Read more: The hidden human cost of fast fashion. The more than six-kilometer-long structure, on which cars, trucks and trains are to roll from 2019, will shorten the journey time between the southeast, north and east of the country by several hours. It said Bangladesh is a South Asian country sharing land borders with India and Myanmar. You can find more information in our data protection declaration. All Rights Reserved. While the birth rate in Pakistan was as high as 3.5 children per woman in 2016, the figure in Bangladesh stood at 2.1, a lower rate than even in India (2.3). Read more: Why Bangladeshi politics is man's domain. He also slammed curbs on the freedom of expression. The country also does better than India and Pakistan when it comes to child literacy and life expectancy. Also Read- Study: Bangladesh ranked 41st-largest economy in 2019, “Garments are the main export good of the Bangladeshi economy, accounting for over 80% of total exports in the financial year ending 2017. Agriculture was the main source of income for the people contributing 56 percent of the GDP. Bangladesh is a good example to prove that development aid works. So far, all private and freight traffic between the two parts of the country, which are separated by major rivers, has had to be handled by ferries. It also provides some observations on political, social and institutional challenges for the country going forward. While the country has made important steps towards modernising its economy in recent years, significant challenges remain.,” the report added. As for the economy, the report said Bangladesh runs the risk of negating gains from its successful export sector through its growing appetite for imports. Notwithstanding various challenges, these four drivers of development are present till this day and have contributed to the country’s economic and social progress. A key factor in economic success is demographic development. The author discusses the political development of Bangladesh since its independence. Its GDP per capita stands at $4,600 in PPP international dollars, making it a lower-middle income country by the World Bank’s definition. These include major infrastructure projects such as the construction of a new bridge over the Ganges River, which is called Padma in Bangladesh. In 1971, the vast majority lived in poverty, with a large proportion of them living in abject poverty. This book is written in a lucid manner and understandable English. | Mobile version, Bangladesh election: what you need to know. Going forward with sustained growth, the country needs to diversify further which will require addressing various social and political policies, and institutional challenges facing the economy, including poor governance, inadequate physical infrastructure, skill and educational bottlenecks, demographic burden, dwindling social capital and lack of transformational challenges. Today, industry accounts for around 30 percent of the nation's GDP. (03.12.2018), © 2020 Deutsche Welle | Yet, its economy has been growing rapidly over the past few years, thanks in no small part to its massive textile exports. (11.12.2018), Both the ruling and opposition parties in Bangladesh are courting Islamist groups to garner votes ahead of the upcoming general elections. Legal notice | The nation inherited a devastated economy—there was no growth of per-capita income for two decades pre-1971, and 55,000 square miles of Bangladesh had 75 million people.

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