Bangladesh makes grand growth

Make it inclusive, create more employment opportunities

Published : 01 Oct 2022 07:31 PM

Bangladesh has made remarkable economic and development progress in the past five decades, says a new World Bank report. To sustain its growth trajectory and further accelerate the growth rate in the long term, the country needs a strong reform agenda, the report mentioned.

Bangladesh has an impressive track record of growth and development. It has been among the fastest growing economies in the world over the past decade, supported by a demographic dividend, strong ready-made garment (RMG) exports, remittances, and stable macroeconomic conditions. The country made a strong economic recovery from the Covid-19 pandemic under the leadership of Prime Minister Sheikh Hasina.  

It needs no mentioning that the existing policies implemented by the government over the last several years have been fruitful towards boosting the country’s economic growth. As a result of the government’s various endeavours, the pace of the country’s remittance inflow remarkably increased over the last several years. Country's major macroeconomic indicators like the growth rate of GDP too have remarkably increased and Bangladesh has set a target to achieve 8.51 percent GDP growth by 2025.

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

We have reiterated our gratification over the robust growth our economy has achieved over the last decade.  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.

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.