It's good that the Bangladesh economy is showing a bright picture even when most of the economies around the world are not growing at a higher growth rate. While people may or may not comprehend the technicalities of growth rate in digits, there are tangible progress and there are secrets behind the country's economic success despite many challenges.
It is the people of the country who are the driving force behind Bangladesh's remarkable achievements since independence. It is the common people who joined the liberation war braving risks to life and eventually liberated the country. The 'poor' farmers helped the nation to achieve self-sufficiency in foods. Success of microcredit and apparel-led export growth should definitely be attributed to people including entrepreneurs who showed resilience.
A major factor for Bangladesh's economic succcess is the remittances sent by thousands of expatriate workers. Their foreign exchange earning not only cushions the balance of payments deficit but also boosts demands for better foods, clothing, schooling and medicare facilities in the rural Bangladesh. They remitted US$153 billion in 10 years (2009-2019). However, Bangladesh is yet to reap benefits of demographic dividends. The huge number of youths needs to be trained with right skills and supported for exploring better jobs at home and abroad for future success.
Rumman Bin Wahab
East West University, Dhaka
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