Bangladesh economy has displayed an outstanding performance over the recent years and is on course to emerge as an USD one Trillion economy, a study report titled ‘The Trillion-Dollar Prize - Local Champions Leading the Way’ has recently revealed such information.
Experts envisage that based on the country’s ambitious business community, fast-growing consumer market driven by a rapidly expanding and optimistic middle-and-affluent class, a burgeoning gig economy with 650k freelancers and digital leapfrogging along with active support from the government, the highly ambitious target will be achieved in coming decades.
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. 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.