Following reports on progress in the country's performance in ease of doing business index, we are perplexed to see another report which says Bangladesh has slipped two spots in global competitiveness ranking to 105 among 140 economies. According to the World Economic Forum's index, the country's competitiveness has declined in 10 out of 12 pillars. Institutions and governance are the weakest areas, said the Center for Policy Dialogue (CPD), which launched the WEF report on Wednesday. The CPD research director Khondaker Golam Moazzem said, "Corruption has become a major burden on businesses."
Zahid Hussain, a senior economist at the World Bank Dhaka office, reportedly said while trying to attain higher level of competitiveness, other countries are running when Bangladesh is just walking. Saying that reforms have stagnated, he has pointed out that a lack of good governance in the banking sector has led to deterioration in macroeconomic situation.
Only a few days ago, the World Bank said Bangladesh is among top 20 improvers in doing business index, in view of reforms implemented in regulatory areas such as starting a business. Such improvements were often attributed to Bangladesh Investment Development Agency, which has taken the initiative to improve in ranking. However, for improving business climate, a mere bureaucratic impetus is not enough. National efforts are must to bring changes for becoming competitive at the global level.