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Editorial

PM stresses collective efforts for sustained global growth

Ensure a just and fair economic order


Bangladeshpost
Published : 12 Jan 2023 06:57 PM

While addressing the inaugural leaders' session of the “Voice of Global South Summit-2023” through a virtual platform, Prime Minister Sheikh Hasina on Thursday urged the world leaders to work collectively for a just and fair economic order as the Covid-19 pandemic and the Russia-Ukraine conflict with sanctions and counter-sanctions have created havoc throughout the world. The premier placed six proposals before the G20 platform, saying that these need to be addressed collectively for sustained global economic growth and development of the "global south." India is hosting the two-day virtual summit under the theme “Unity of Voice, Unity of Purpose” by bringing together the countries of the Global South to share their perspectives and priorities on a common platform.

Focusing on the recent development of Bangladesh, the PM said the country has achieved rapid economic growth ensuring social justice for all. Bangladesh is acknowledged as one of the fastest growing economies in the world. We've reduced the poverty rate from 41.5 per cent to 20 percent in the last 14 years. Our per capita has tripled in just a decade. Bangladesh has fulfilled all criterions for graduating from the LDC category to a developing country.  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 

has achieved rapid economic growth 

ensuring social justice for all

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.