Imperative for accelerating the pace of progress

its future at its birth. The 'basket case' scenario-- the forecast of doom and gloom about Bangladesh -- became a fiction a long time back. However, angladesh's actual performance in its post-Independence period has still been below its potential, writes Moazzem Hossain The Faculty of Business Studies of Jahangirnagar University and its members deserve congratulations for organising the three-day seminar with its theme, "Bangladesh at 40: Changes & Challenges" at an appropriate time. We, as a nation, will be observing on the 16th of this month the 40th anniversary of our Victory Day, that stands out as the most glorious moment of our history. Against this backdrop, a dispassionate assessment of our performance over the last four decades -- the changes that have taken place -- and also of the challenges that we need to meet, to perform better in the future, is critically important. Hence, the seminar is well-purported as it is mainly intended to, what its sponsors have stated in their publication on this occasion, taking a stock of developments that have taken place in Bangladesh in its post-Independence period, particularly on its socio-economic fronts. To what extent such developments can be analysed and reviewed objectively without consideration of the nature and character of the political power matrix and changes thereto over the past 40 years, is debatable. This is more so in the context of an otherwise fractious polity in Bangladesh. As primarily being an economic journalist, I would prefer not to venture to enter into this debate. The detailed programme of the seminar would illustrate amply well that all its eight working sessions are mainly related to a spectrum of issues and matters that do broadly come within the domain of economics. The programme includes one session only on Governance where discussions are likely to focus on fighting corruption; challenges and opportunities, politics, parliament and people's perceptions, Bangladesh at the cross roads and security perspective. All other sessions are meant to cover micro-economic performances; quality of economic growth, external sector and economic integration, agriculture and food security, infrastructure and growth, population, urbanisation and environment, and financial institutions and management. The main theme of the seminar is, thus, expected to focus on the socio-economic front, in the context of the changes and challenges of Bangladesh. The Financial Express is, indeed, very happy to the media partner of this event. We do sincerely share our hope with its sponsors that the deliberations by distinguished participants in its different working sessions would provide an objective and analytical assessment of the situation, now prevailing in all such related areas that are relevant to Bangladesh's development. The dispassionate analyses, along with valuable suggestions coming from many distinguished participants, can help to chart out a do-able action course to enable Bangladesh to move forward steadily for its accelerated growth performance and also for equitably shared progress and well-being for its population at large in the coming years. Forty years is otherwise not too long a time for a nation like Bangladesh that emerged as a free and independent country with its huge backlog of problems, coupled with a massive challenge of rehabilitation and reconstruction in the immediate aftermath of a bloody war of liberation because of severe damage and destruction caused by the Occupation Army. But four decades are neither too small a span of time. It has to be acknowledged on all fair counts that the country has achieved some notable progress in the economic field, notwithstanding the periodic vicissitudes of its polity and devastating natural calamities at times. All throughout the period, the people of Bangladesh has unquestionably proved their resilience. And over the years, private initiatives in business and enterprises have also been expanding. The economy's growth performance in past four decades has otherwise been impressive on the whole, belying the secpticism of those about Bangladesh's future at its birth. The 'basket case' scenario -- the forecast of doom and gloom about Bangladesh -- became a fiction a long time back. The country has been able to make progress in many areas through thick and thin. The changes have, on the whole, been positive. However, Bangladesh's actual performance in its post-Independence period has still been below its potential. Here, many lingering constraints -- institutional, infrastructural, exogenous and endogenous factors and other ones -- are largely responsible for this. The situation in Bangladesh, after four decades of independence, can, thus, somehow be likened to that of a "half empty" or "half full" glass. We, in the profession of journalism, do usually prefer to look at things critically and no always quite positively. For most of us, "half-empty" will, perhaps, the preferred attribute in this case. Whether this is proper or not, might be a matter of value judgment by all those concerned, on some subjective or objective grounds. I would not like to make any comment on this. Whatever progress or changes that we have achieved on the economic front over the past four decades, must not make us complacent. These must also not distract our attention from doing the needful to address the challenges that we continue to face, in order to perform nearer to, and not farther from, our potential. Hence, it is of almost importance to identify the constraints and problems that stand on the way of Bangladesh's growth performance at an accelerated pace. And the ways of meeting effectively such challenges that confront us today on the economic front, have also to be found out, realistically and objectively. If such challenges and constraints are addressed sooner rather than later, Bangladesh in next ten years' time will certainly score much better than what has done so far. Mere higher economic growth rate will not, however, be enough. The fruits of such growth should be shared equitably by all. Already growing income inequality is emerging as a major economic challenge if the activities in its shadow economy are taken into consideration. That can lead to continued deprivation of the country's teeming millions on many counts. I do understand that things here are easier to be said about, than acted upon. There are also no quick fixes to the challenges. But unalloyed political commitment is imperative to do the needful to enable the teeming millions to savour what freedom and independence do really mean in economic terms. This is an edited version of a presentation made by the Editor of The Financial Express, on Friday at the inaugural session of the three-day seminar, 'Bangladesh at 40: changes and challenges', organised by faculty of Business Administration, Jahangirnagor University The Financial Express is the media partner of this event.