It is encouraging to note that Bangladesh is performing well in three important indicators of the economy amid the global financial crisis. The latest data of different economic indicators show that despite the global crisis, Bangladesh is turning around in export of garment items.
Reportedly, in the first five months of this calendar year, Bangladesh’s garment exports to the European Union have increased by 45 percent. It is worth mentioning that Bangladesh’s export earnings in August grew by 36.18 per cent to $4.60 billion compared to that of $3.38 billion in the same month of the previous year. Not only exports, remittance, and private credit growth also show also a positive development in recent times.
The existing policies implemented by the government over the last several years have been fruitful towards boosting the country’s economic growth. We have reiterated our gratification over the robust growth our economy has achieved over the last decade.
While the latest piece of news
is encouraging, the issue of
inclusive growth must not be ignored
There is no denying that the country is speeding on the highway of economic growth, but beneath this optimistic picture there also lies the worrying side of it.
While the latest piece of news is encouraging, the issue of inclusive growth must not be ignored. The rich-poor divide has been growing over the past decade and the fruits of the robust growth have not trickled down to the masses at the expected level. Inequality of wealth between rich and poor has been on an ever-increasing trend.
Reportedly, less than 10 percent of the total population own more than what the rest 90 percent does. Hence , in order to sustain the country’s economic growth and make it more inclusive, the government must take initiatives for creating more jobs both in the public and private sectors.
In Bangladesh, hundreds of thousands of students pass out of colleges and universities with higher degrees every year but many of them remain unemployed.
Boosting private sector investment can change this scenario and make the growth more meaningful. In order to shove Bangladesh to the next level of growth, private investment has to be promoted further.
