Challenges facing the government

Bangladesh has embarked upon a new year 2024 and with that it has, with a new government headed by the Awami League chief Sheikh Hasina as the prime minister, set out on a journey to reach the goal of being a developed country, a 'smart country' by 2041.
The country has made remarkable progress in agro-production, social development, woman empowerment, removing illiteracy, and poverty alleviation in the recent years. The country is almost self- sufficient in food (rice) production. It has made phenomenal achievement in fish culture and vegetable production.
The country's literacy rate was hardly 25 per cent at the time of independence in 1971. It has now risen to more than 70 per cent. Enrollment of students at primary level is now more than 95 per cent. Dropout rate, especially at the primary stage, has come down to all time low.
The country has a population of nearly 180 million. 18.7 per cent of them now live below poverty line and another 5.6 per cent live in extreme poverty. It is not too long a distant past that more than 40 per cent people of this country lived below poverty line earning less than US$ 2 a day. Per capita income of the country was only US$ 91 in 1971. And now it is almost US$3000.
Women are now working hand in hand with men in almost every sphere of our national life, be it in household work, administrative jobs, business affairs, industrial outlets, manufacturing units, or educational institutions. More than 3 million women work in the readymade garments alone. If we talk about education, the legacy of women lagging behind in comparison with men is a story of the bygone days. Women are now, in fact, ahead of men in getting educated.
The country has made significant progress in infrastructural and service oriented development activities over the years. The country's electricity production capacity has risen from merely 3000 megawatt to 24000 megawatts in just about 17 years.
Ruppur Nuclear Power Plant and Matarbari Thermal power plant may be considered a significant milestone in the development of the power sector. Payera Seaport and Moheshkhali Deep Seaport (under construction) will equally contribute to the expansion of international shipping business.
The mega project like the Padma Multipurpose Bridge has brought the entire population of the country, right from the North to the South, from the East to the West under one umbrella, not to mention the huge prospect of flourishing economic activities including trade and business unfolded for the people of the 21 South and South-West districts of the country.
Dhaka Metro Rail and the Elevated Expressways and huge expansion of the roads and highways and internet facilities linking almost every corner of the country, right from the village to the city, are poised to make a major contribution to the communication and transport requirement of the common people of the country.
Yet, the road ahead for the new government, which has sworn in only recently, is not smooth at all. It has to go through a series of obstacles, each one tougher than the other, in the days ahead. In spite of huge improvement in the infrastructural and service oriented facilities, the overall economy of the country is not at all in a good shape; nor is it likely to be in the near future.
The major concern now is inflation. Because of ever rising inflation and with that the unbearable increase in the cost of living, the vast majority of people of the country, especially those belonging to the lower and middle income group, are bearing the brunt. Someone may argue that their income has also, at the same time, increased. Yes, it has but it (the increase in income) is not at par with the increased cost of living. If the income has increased one and a half times, the cost of living has doubled.
Most of the economic indicators are showing a negative trend. Dollar crisis and all time high depreciation of taka against dollar have made import not only costly but also difficult. Depletion of foreign exchange reserve from US dollar 46 billion to as low as 20 billion speaks starkly of dollar crisis. Export earning has declined. So has overseas remittance.
Job creation is essential to lift the nation from the prevailing economic hardship, and for that to happen, investment both foreign and local is a must. Investors are shy because of absence of a congenial atmosphere including political stability, rule of law and good governance.
There are too many challenges to address by the incumbent government. Taming inflation is at the moment the biggest challenge for the government. Additionally, money laundering, loan default, market syndication and corruption are the four most problematic factors that need to be controlled with iron hand.

Capt. Hussain Imam is a retired merchant mariner.
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