Golden jubilee of independence and economic progress
Bangladesh has made remarkable economic progress in the last 50 years. Bangladesh scored impressive success in economic and socio-economic indicators than that of most other South Asian countries.
It has made tremendous economic growth, poverty has been reduced by fifty percent, women’s contribution in the economic force has been gone up remarkably, reduced the rate of birth, increased life expectancy, reduced child death rate, increased education rate, increased per capita income and size of GDP. Some of the indicators are more progressive and advanced than that of India, Pakistan, and other Asian countries. Nobel laureate economist Dr. Amartya Sen laudably mentioned the progress and success of Bangladesh’s economy on several occasions.
The size of the economy of Bangladesh has increased manifold in the last 50 years; the size of the economy in 1972 was Tk 48.95 billion but at present, it is Tk 11.306 trillion, foreign currency reserve is US 42 billion. Per capita income was US 129 in 1972 but it was US 2064 in 2020. After three years of Independence of Bangladesh in 1975, the GDP growth rate was only 2.75 percent but now on average, it is more than 6 percent which was 7 percent in the fiscal year 2019-20.
UK-based research institution Centre for Economics and Business Research (CEBR) forecasted a report in December 2019 which said after 12 years in 2032, Bangladesh will be the 25th largest economy of the world, which is now 41th. Then it would be the 24th position and it will exceed the economy of Malaysia, Sweden, Switzerland, Singapore, Vietnam, and South Africa. It also said after 15 years, the growth of Bangladesh’s economy will be more than 7 percent; the total GDP will be Tk 29.153 trillion in 2033, which was Tk 11.306 trillion in 2019.
Washington-based Heritage Foundation publishes Economic Freedom Index every year where Bangladesh scored 55.6 in the 2019 index and Bangladesh’s position was 121st but India secured 129th, Pakistan 131th, and Nepal 136th. Bangladesh’s position was 27th among 43 countries of Asia and Pacific regions. The Heritage Foundation states that economic freedom is the fundamental right of every human to control his or her own labor and property. In an economically free society, governments allow labor, capital, and goods to move freely and refrain from coercion or constraint of liberty beyond the extent necessary to protect and maintain liberty itself.
If we analyze the economic parameters between 1972 and 2020 of Bangladesh, then it has been found that poverty has been reduced drastically. The poverty rate in 1972 was 88 percent but in 2019 was 19 percent and the extreme poverty rate was 10 percent at the end of June 2020. According to the Bangladesh Bureau of Statistics (BBS), the number of extreme poverty in 2010 was 25.80 million but in June 2019 was 16.00 million.
According to the Sustainable Development Goals Report 2020, Bangladesh was 109th among the 166 countries and 5th in South Asian countries. It also said that Bangladesh is more advanced than India, Pakistan, and Afghanistan in poverty alleviation; and Bangladesh is on the right track of poverty reduction policy.
After the liberation war, due to food shortage, the inflation rate was 47 percent but now it has turned down 6 percent only. The national savings rate was 2 percent of GDP from 1972-73 to 1979-80 but now it stands at 31 percent of GDP. The budget allocation per person was Tk 112 for 70 million in 1972 but now it stands at Tk. 20,000 per head for more than 165 million people. Dependency on foreign loans has reduced drastically and at the same time, increases the internal sources of loan sanctions. Presently we have only 15 percent foreign loans of the GDP–while it is considered 40 percent as standard and safety as per the World Bank and International Monetary Fund (IMF) rules.
Per capita income was only US 129 in 1972 but now it was US 2064 in 2020. The success story has been found in controlling the birth rate and presently it prevails at 1.30 percent which is 1.40 percent average in South Asian cases and 2.1 percent in low-income countries. The life expectancy of people was 46 years in 1972 but now it expands 72.6 years whereas the South Asian average is 65 years. The newborn baby death rate is 70 per thousand in low-income countries, 52 per thousand in South Asia whereas in Bangladesh it is only 35 per thousand.
Bangladesh has already been considered to be upgraded to Developing Country from Least Developed Country (LDC) which is formally declared by the United Nations Committee for Development Policy (UN- CDP) but Bangladesh has to wait till 2026. Bangladesh, before the advent of Covid-19, was set to exit the group in 2024.
In response to a recent intervention by the government of Bangladesh, the UN-CDP has agreed to extend the transition period by two more years. Bangladesh has met all the three eligibility criteria for graduation involving income per capita, human assets, and economic and environmental vulnerability.
World Bank and IMF said 6 percent continuous GDP growth has made momentum the rural economy and this is possible because 8.00 million expatriates send remittances regularly, 4.00 million male and female workers are running the Readymade Garments Industries and millions of farmers are cultivating agricultural land in two seasons. On the other hand, the government has initiated social safety program for 4.00 million people.
Economists viewed that women’s empowerment in the workforce has a significant contribution to our GDP as well as our national economy. IMF said that the Microcredit program of Grameen Bank, BRAC, and such NGOs have also a good contribution in the rural economy.
In the last five decades, a lot of manufacturing industries have been established in our country. Government is very confident to complete the mega projects–Padma Bridge, Ruppur Nuclear Power Plant, Karnaphuli River Tunnel, Payra Seaports, Metrorail power plant, and Elevated Express project in Dhaka city. Government is acclaimed because of the impressive achievements in various sectors. Bangladesh is a role model of economic development and progress for many countries.
Golden jubilee of independence and economic progress আরও পড়ুনঃ
Golden jubilee of independence and economic progress আপনার টাইমলাইনে শেয়ার করতে ফেসবুক আইকনে ক্লিক করুন।