Development Issues in Bangladesh

bangladesh-developmentYou are hearing from Bangladesh, a ‘development surprise’ in recent times for the rest of the world due to its cumulative success on socio-economic advancement. The Economist published an editorial on November 3, 2012, about Bangladesh titled ‘out of the basket’. The Guardian addressed it as a ‘new wave economics’. According to the Guardian on December 18, 2012, the economy of Bangladesh is expected to overtake western countries by 2050. The Goldman Sachs highlighted Bangladesh as one of the ‘Next 11’ emerging economies. According to PricewaterhouseCoopers, Bangladesh will become the 23rd largest economy in the world by 2050 (Bangladesh ranks 34th now).

About economic optimism, Bangladesh secured the 2nd position after Nigeria and well ahead of all its sub-continent neighbours, according to a study conducted by WIN/Gallup International Association which was released on January 1, 2016. Moreover, the economy of Bangladesh is expected to join permanently in the ‘7% plus club’ in the next fiscal year with a hope to be graduated to a middle-income country by 2021.

In a quick response, you may look at some delightful success stories in the last couple of decades. The pleasant things are the robust real GDP growth rate hovering above 6% for more than two decades, controlled inflation (6-6.5%), quite fascinating foreign exchange reserve, stable public debt-to-GDP ratio, satisfactory level of foreign remittance, comprehensive food security, well-built disaster management system, massive development in ICT sector, ongoing social safety-net programmes, healthy power generation capacity, etc. The economy has also some amazing accomplishments in achieving MDGs along with increasing HDI value over time. I feel proud to be a part of the government in the changing architecture of the economy and in connection with my job responsibility I have also experienced with rare opportunities to evaluate the meaning of development.