Bangladesh’s dev success a miracle story

Government’s efforts deserve plaudits

Published : 16 Sep 2023 08:03 PM

Chief Economist and Director for Economics and Evaluation Directorate in the Foreign, Commonwealth & Development Office (FCDO) Professor Adnan Khan on Wednesday said they consider Bangladesh as a major "unsung" development success story with "miraculous" growth that is often not told around the world. The chief economist said Bangladesh’s accomplishments are perceived as great examples for other developing countries and in some areas Bangladesh has done extremely well compared to all of South Asia and most developing countries. 

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.

Bangladesh's efforts to

 eradicate poverty are now 

very well recognised and 

admired throughout the world

Bangladesh's efforts to eradicate poverty are now very well recognised and admired throughout the world. The incumbent  government has successfully reduced the country’s poverty rate by 50 percent in the last ten years.  However, the country has set an ambitious target to alleviate extreme poverty to 2.3 percent by 2031 and moderate poverty to below 3 percent by 2041. 

In order to chase this target within the stipulated time, necessary initiatives should be taken to address some key issues such as climate change, natural disasters and weak rural infrastructure which have long been deterring our efforts towards eradicating poverty.

We have reiterated our gratification over the robust growth our economy has achieved over the last decade.  The country is speeding on the highway of economic growth but  the fruits of the robust growth have not trickled down to the masses at the expected level. 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.