Bangladesh sets example for economic dev

Address the hurdles to sustaining inclusive growth

Published : 14 Mar 2023 09:02 PM

Bangladesh has set an example for economic development across the world and achieved the fastest growth in South Asia, said Professor Yasuyuki Sawada, a distinguished economic analyst. A robust demographic dividend, strong ready-made garment (RMG) exports and stable macroeconomic conditions have supported rapid economic growth over the past two decades, he mentioned. Prof Yasuyuki Sawada of University of Tokyo and former Chief Economist of Asian Development Bank (ADB), made the statements while  speaking at a seminar titled, “Asia's Journey to Prosperity: Policy, Market, and Technology over 50 Years” organized by the Bangladesh Institute of Development Studies (BIDS) held  in the capital on Monday.

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.