Bangladesh: From basket case to economic miracle
Bangladesh is not only doing much better than India in many well-established standards of living, but it has also come a long way. Bangladesh has surpassed India in many social indicators, such as average life expectancy, infant mortality rate, vaccination rate, traditional fertility rate, and even some measures of schooling
Published: 11:20 am Feb 18, 2022
Bangladesh has achieved enviable success in various fields, including poverty alleviation, expansion of education, development of women, and reduction of child and maternal mortality rate. Initiatives have been taken for the construction of Bangabandhu Tunnel, construction of deep seaport at Maheshkhali and establishment of 100 economic zones across the country, including Bangabandhu Industrial City at Mirsarai. Electricity has now reached every household in the country.
Digital Bangladesh has set an example to the world by making the dream a reality.
Unprecedented success in the agricultural sector has been repeatedly discussed in the world court. Bangladesh has already become a model for the rest of the world in the areas of intensive integrated management of natural disasters, utilisation of micro-credit, success in poverty alleviation and positive changes in social and economic indicators.
According to the 2020 index, Bangladesh is now the 41st largest economy in the world. By 2035, it will be the 25th largest economy in the world.
Bangladesh was once neglected, impoverished; it
was mocked by the Western world as a 'bottomless basket'.
Due to the visionary leadership of Prime Minister Sheikh Hasina, Bangladesh is a wonder of the world today and a role model of development.
Bangladesh, which once suffered from identity problems, is now known the world over for its tremendous economic success.
The dream of a 'Golden Bengal' is being realised today by transforming the country into a Digital Bangladesh, from a least developed to a developing country, and turning a food deficient country into a food surplus one.
Bangladesh is now one of the top five fast-developing countries. A hundred-year plan called 'Bangladesh Delta Plan-2100' has been adopted to achieve the desired development by tackling the adverse effects of climate change. Bangladesh is moving forward at a relentless pace on the path of implementing Vision-2021 and 2041. The establishment of Bangladesh's sovereignty over the sea has opened the door to the potential of a blue economy. About 131,098 square kilometres of sea area have been added to the border of Bangladesh.
Bangladesh has entered the era of space science by launching Bangabandhu Satellite-1. Despite the many setbacks, most of the work on the 6.15-km roadrail Padma Bridge, one of the longest river crossings in the world, has been completed with its own funds. The construction of a 2,400-megawatt nuclear power plant at Rooppur in Pabna is progressing fast.
Landscaping development is being achieved through the construction of four-lane, six-lane and eight-lane national highways, flyovers, metro rails, elevated expressways, marine drives, important bridges and Bangabandhu Tunnel. Initiatives have been taken to set up bullet trains on Dhaka-Khulna, Dhaka-Rajshahi, and Dhaka-Chittagong-Cox's Bazar routes. Chittagong port has been modernised. Economic activities have increased in Patuakhali with the commencement of Pigeon Seaport.
With more than 90 million Internet users, 4G mobile technology, machine-readable passports, online test results publication and admission process, introduction of e-tenders and e-commerce, Digital Bangladesh is no longer a dream but a reality.
Bangladesh now ranks second in the world in garment exports, third in freshwater fish production, third in vegetable production, fourth in rice production, seventh in potato production, 9th in mango production, and 10th in food grain production.
The standard of living of the marginalised people has been ensured through old age allowance, widow allowance, shelter scheme, one house one farm, distress allowance and social security.
Work is underway to build 100 special economic zones, more than two dozen high-tech parks, and IT villages across the country to attract industrialisation and foreign investment.
Closed jute mills and textile mills have been reopened.
The government is adamant on its zero-tolerance policy against terrorism and militancy. Bangladesh ranks 50th out of 153 countries in the Gender Gap Index and 7th in women's political empowerment.
Many countries are following Bangladesh in tackling the impact of climate change. Bangladesh is the first country in South Asia and 20th in the world in its ability to tackle the coronavirus.
Bangladesh has made four steps forward in the Economist Intelligence Unit's (EIU) Democracy Index-2020.
With a score of 5.99, Bangladesh ranks 76th among 165 countries and two regions in the index.
Bhutan is ranked 84th, Nepal 92nd, and Pakistan 105th. The progress and position of today's Bangladesh in various indicators, including socio-economic-infrastructural development, is a role model for different countries of the world. Bangladesh was upgraded from a low-income to a low-middle income country on July 1, 2015, according to the World Bank.
Bangladesh comes in this list due to continuous improvement in per capita income growth.
Nobel laureate Indian economist Amartya Sen wrote in his book India: Development and Deprivation that no one thought that Bangladesh would move so fast on the path of social development. After the independence of the country, many said then, the future of Bangladesh is dark. Some called it a 'basket case' and put it on the spending list, saying the country should not be given any economic aid. Because its population would not be able to produce food on par with the explosion.
He further said that Bangladesh is not only doing much better than India in many well-established standards of living, but it has also come a long way.
Bangladesh has surpassed India in many social indicators, such as average life expectancy, infant mortality rate, vaccination rate, traditional fertility rate, and even some measures of schooling. Development researchers consider today's Bangladesh a 'role model for development' in South Asia.
Chowdhury is a tutor in Dhaka city
A version of this article appears in the print on February 18, 2022, of The Himalayan Times.