Needless to say, the existing policies implemented by the government over the last several years have been fruitful towards boosting the country’s economic growth. As reported by this daily on Monday, the country’s economy witnessed a record growth in the 10 years on the back of its robust exports and remittance.
As a result of the government’s various endeavours, the pace of the country’s remittance inflow remarkably progressed over the last several years.
Reportedly, country's remittance inflow witnessed a record high reaching USD 18.20 billion in 2019-20 fiscal year despite a global economic recession amid the COVID-19 crisis. This inflow was almost 56.27 percent higher than that in the last 10 years.
Falsifying all the negative predictions that Bangladesh would be one of those Asian economies that would suffer the most from a fall in remittance, expatriate Bangladeshis sent home $2.6 billion in the month of July alone, which is the highest remittance received in a month in the history of the nation.
To sustain the economic growth and
make it more inclusive, the
government must take initiatives for
creating more jobs both in the public and
private sectors
On the other hand, Bangladesh’s exports earnings in July rose by 44 percent to $3.91 billion, from $2.71 billion in June overcoming all the challenges posed by the global pandemic. We are told that the government expects to receive more than $60 million by 2021.
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.
We have repeatedly reiterated our gratification over the robust growth our economy achieved over the last decade.
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. Therefore, in order to sustain our 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 push Bangladesh to the next level of growth, private investment has to be promoted further.