BANGLADESH’S GROWTH RATE BOOMING AMONG SOUTH ASIAN COUNTRIES
– MD MAZADUL HOQUE –
After nearly fifty years of independence, Bangladesh economy has gained the ability of getting praise from globally renowned financier -the World Bank (WB). The World Bank in its recent study said that recent pace of economic growth of Bangladesh shows highly competitiveness among south Asian countries.
Even though, a neighboring economy- India that dominated Bangladesh earlier in many ways cannotnow keep pace with us in respect of growth trend. The head of the ruling government of Bangladesh- Prime Minister Sheikh Hasina deserves appreciation for this long desired achievement for her charismatic leadership.
Actually, South Asian region are covered with land locked and least-developed countries. With these countries’ previous socio economic condition, this was completely impossible to be economically grown up.
In present time, the region’ economic status becoming appreciable to Washington-based World Bank due to sustained growth trend. In terms economic growth rate, among eight countries, Bangladesh and Maldives ranked first where India second and Nepal third according to released study carried out by the World Bank.
Bangladesh has been the role model to the view of renowned economists. The economists are now trying to discover the actual reason of economically progress so fast. But, their trying remains undiscovered. Actually, the people connected with manufacturing sectors are continuously battling relentlessly to take the country forward. Export oriented sectors are playing a crucial role for positive growth trend.
Nevertheless, many bravery steps have so far been undertaken to join the race with developed economies. Afghanistan and Sri Lanka have been termed as worst in respect of growth.
As a young writer I think if promoted regional connectivity Bangladesh including other south Asian countries would be able keep pace with any dominant economies in the world. The need for mapping an economic corridor among India- Nepal- Bhutan- Bangladesh is a must if we wish to become one of world’s leading economy. Ultimately, our dream to be developed countries one is set to fulfill if our motives are on the right track. The nation has to have contributions for achieve the status of developing and developed country respectively.
There needs to be mentioned here in this article that India known as fastest growing economy in the world is currently passing bad time as their growth level is recorded unsatisfactory. Once upon a time, Bangladesh had to follow Indian charismatic economic strategies to go ahead. But, now those days have. We are now not followers. Rather, Bangladesh is going to become economic advisor.
To keep the growth sustained there is no alternative to increase export volume. The World Bank also advises Bangladesh to enhance export in its study. Goods and services produced in the export oriented factories must be maintained quality asked by concerned buyers. If found fault in the ordered products, the attained growth rate is likely to collapse soon. The south Asian region was badly economically affected due to absence of regional cooperation.
Only, The South Asian Association for Regional Cooperation (SAARC) can promote the regional economy within brief time if its member countries move together with optimum efforts. As committed by SAARC member countries’ leaders earlier the need for promoting South Asian Economic Union (SAEU) aiming to trade expedition is a must. Moreover, a plan for introducing regional economic corridor for transportation goods within countries is a must.
Upgradation of old aged trade policy that was incorporated in the regional-based platforms has to be done right now. To conclude, land locked and least developed south Asian countries must be turned into developed countries within next couple of years if head of the government of SAARC member countries start horse race from now on.
A strong harmonization is needed among country heads if the region wishes to be powerhouse economically. To be sustained in above mentioned growth rate, Bangladesh has to go forward economically forgetting political conflict with some countries. To turn the country into Sonar Bangla, friendly relation through economic diplomacy must be established by hook or by crook.
MAY 29, 2019
Md Mazadul Hoque is currently serving at Social Islami Bank Ltd and he is a member of Bangladesh Economic Association.