It is encouraging to note that International Monetary Fund has recognized Bangladesh’s economic growth as the third highest growth in the world in 2019 on the back of its robust exports, remittance and manufacturing sector. Earlier in September, the latest forecast by the Asian Development Bank (ADB) titled “Asian Development Outlook 2019 Update” states that Bangladesh’s economy could grow by eight percent. If that became reality, then it would be the fastest growing economy in Asia.
In order to shove Bangladesh to
the next level of growth, private
investment has to be jazzed
up from its present sluggish state
We have repeatedly 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 news is more on the positive side, we have continually been highlighting the issue of inclusive growth. Even though we have succeeded in achieving high growth in our GDP, the majority of the resources have accumulated in the hands of a limited few. As a result, inequality of wealth between rich and poor has been on an ever-increasing trend. It is disquieting that less than 10 percent of the total population own more than what the rest 90 percent does.
In Bangladesh, every year, millions of strong-willed souls pass out of colleges and universities with advanced degrees but remain unemployed. Boosting private-sector investment can reverse this bleak scenario and make this growth more meaningful. In order to push Bangladesh to the next level of growth, private investment has to be jazzed up from its present sluggish state.