Bangladesh is facing an image crisis due to a number of reasons. Among the factors, political unrest has contributed much to it. It has affected the economy with regard to investment, production, foreign aid, export and import. There are reports that our export orders are being shifted to other countries like India, Pakistan and Sri Lanka. Reports are also there that imports of industrial machinery and intermediate products have been declining. Foreign and domestic investments are falling. Flow of foreign remittance dropped in November and December, 2013.
The image crisis has also been reflected in the world's 'country brand ranking'. Very recently, a Spain-based consulting organisation Bloom Consulting prepared a report for 2013 taking into consideration various indicators in the tourism sector. It has ranked Bangladesh 160th among 187 countries. In 2012, the position was 148th. Among the Asian countries, this position is 43rd. The country could not attract either tourists or investment in the tourism sector. The political turmoil has even driven the local tourists out of the country. Bangladeshi tourists are now frequently going to India, Thailand, Malaysia and other countries.
In the early '70s, Bangladesh was branded a 'basket case'. The country over the time has been able to overcome this bad image. Over more than a decade, the country has been achieving gross domestic product (GDP) growth rate over 6 per cent. It has drawn attention worldwide with its laudable performance against various socio-economic indicators. Among various incidents of corruption in recent years, the disclosure of assets in affidavits by many people's representatives a few weeks ago before the Election Commission again gave a public perception of corruption that has taken roots in the country. Some economists and research organisations estimated the value of overall corruption at 2-3 per cent of GDP.
This time the problem cropped up as a result of the 15th amendment to the constitution. It abolished the constitutional arrangement of neutral caretaker government and made a provision for holding parliamentary polls within 90 days before the expiry of parliament after 5 years. The Awami League government went ahead with the election. The opposition boycotted it. The country witnessed general strikes and blockades. These programmes were marked by violence and arson. A large number of innocent people were killed in such political violence. According to various press reports, more than 150 people were killed in firing by law-enforcers. In some areas, the minority community and their houses were attacked and damaged. The economy suffered heavily. Production of goods and services was affected. Supply chain of both domestic consumables and export items was seriously disrupted. Foreign countries issued statements expressing their concern about the affairs in Bangladesh. The European Union (EU), the US, the UK and the others discussed the Bangladesh issue in their parliaments. They passed resolutions and made suggestions for a political settlement in Bangladesh.
Even after the parliamentary election on January 5, foreign countries like the US, the UK, China and the EU have been talking in the same line as they did before the election. The uncontested victory of 153 candidates out of 300 and poor turnover of voters on the 5th January election could not satisfy the democratic norms these foreign countries cherish. They are still making appeals for a constructive political dialogue between the government and the opposition party, cessation of violence, attacks on the minorities, liberty for holding different forms of political activities and freeing the political leaders from prisons. They are in favour of holding fair, inclusive and credible parliamentary election again. The resolutions in the EU parliament and in the House of Commons on January 16 highlighted all these issues.
In the meantime, the World Bank has forecast a 5.7 per cent GDP growth in 2014 for Bangladesh. It did not, however, take into account the economic conditions prevailing during the October-December quarter of 2013. Had the account been there, the forecast would have been less than 5.7 per cent. The performance of the Bangladesh economy will depend on the situation that will prevail during the January- June period, 2014.
The diagnosis of the current 'image crisis of Bangladesh' is known to everyone. Peaceful settlement of the political crisis can help end the image crisis. Opposition leader Begum Khaleda Zia underscored the necessity of a dialogue in her press conference held on January 15, 2014. The nation and the outside world are looking forward to an effective dialogue between the government and the opposition which will pave the way for a free, fair, inclusive and credible parliamentary election at an early date. This will bring Bangladesh out of its present image crisis.
The writer is an economist and columnist [email protected]
© 2024 - All Rights with The Financial Express
