Economic Progress within the Fifty Years of Independence

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Economic Progress within the Fifty Years of Independence

In 2021 Bangladesh has observed the 50 years of its independence. It is the glorious moment for Bangladesh. The country which once earned the tittle of ‘bottomless basket’ during the Liberation War by the US Secretary of State has now proved the remark of the person wrong.

But its journey in the post-independence period has not been smooth. It has experienced turmoil, coups, counter-coups and military coups and these were coupled with corruption and bad governance. Despite of all these things Bangladesh has made a remarkable progress in its economy in the last fifty years.

The Economic Progress Bangladesh has earned withing 50 years : Within 50 years of its independence Bangladesh has made tremendous progress in economic growth, poverty reduction, birthrate reduction, child death rate reduction and in the increase of life expectancy, education rate, per-capita income and GDP growth and so on than that of the most other South Asian countries.

1. The GDP of Bangladesh was about 3 percent in the 1970s. The GDP had crossed 8 percent just before the Covid-19 pandemic set in. Although the pandemic has slowed the GDP growth of the country , its GDP growth is better and faster than that of other countries. Despite the pandemic Bangladesh managed to achieve about 5.24% GDP growth in 2020 according to the Economic Review 2020. Behind this growth rate, expatriates, people in agriculture, male and female garments workers have a significant contribution.

2. High growth rate has pushed per capita income tendentiously. Per capita income was US 129 in 1972 but it was US 2064 in 2020.

3. Within the fifty years of our independence, due to the economic progress the poverty rate has reduced drastically. Poverty rate in 1972 was 88 percent but it was 19 percent in 2019 and the extreme poverty rate was 10 percent at the end of June 2020. In poverty alleviation Bangladesh is on the right track and was ranked 109th among the 166 countries and 5th South Asian countries according to the SDGs report 2020.

4. Life expectancy has increased considerably. Life expectancy of people was 46 years in 1972 but it is 72.6 now. Maternal mortality has declined by almost four times and child mortality by about five times from they were in the 1080s.

5. Dependency on foreign loan has reduced drastically. On the other hand we can take loans from our internal sources. We have only 15% foreign loans of GDP whereas 40% percent is considered standard and safe according to WB and IMF rules.

6. In February 2021, Bangladesh fulfilled all there criteria (income per capita, human assets, and economic and environmental vulnerability) to graduate from LDC to developing country for the second time since 2018. The UN has recommended Bangladesh’s graduation by 2026. In 2015 Bangladesh became a lower-middle income country from being a low-income country, according to the WB’s classification of the countries.

In the last five decades, a tremendous economic progress has taken place. Some of the progresses are more advanced than those of the Asian countries.The progress and success of Bangladesh economy have been laudably applauded several times by Nobel laureate Dr Amartya Sen. Despite the economic progress so far, Bangladesh is not satisfied with it and requires further progress if it wants to make the sacrifice of the freedom fighters meaningful.

Prepared by এম.আর.জেড. তুহিন

Economic Progress within the Fifty Years of Independence ছাড়া আরও পড়ুনঃ

ফেইসবুকে আপডেট পেতে আমাদের অফিসিয়াল পেইজ ও অফিসিয়াল গ্রুপের সাথে যুক্ত থাকুন। ইউটিউবে পড়াশুনার ভিডিও পেতে আমাদের ইউটিউব চ্যানেল সাবস্ক্রাইব করুন। আমাদের সাইট থেকে কপি হয়না তাই পোস্টটি শেয়ার করে নিজের টাইমলাইনে রাখতে পারেন।