{"id":118540,"date":"2021-09-24T15:42:53","date_gmt":"2021-09-24T22:42:53","guid":{"rendered":"http:\/\/www.lankaweb.com\/news\/items\/?p=118540"},"modified":"2021-09-24T15:42:53","modified_gmt":"2021-09-24T22:42:53","slug":"south-asia-including-sri-lanka-can-follow-the-economic-rise-of-bangladesh-model","status":"publish","type":"post","link":"https:\/\/www.lankaweb.com\/news\/items\/2021\/09\/24\/south-asia-including-sri-lanka-can-follow-the-economic-rise-of-bangladesh-model\/","title":{"rendered":"South Asia including Sri Lanka can follow the \u2018Economic Rise of Bangladesh Model\u2019"},"content":{"rendered":"

MD Pathik Hasan<\/em><\/span><\/h2>\n\n\n

Present\nday, Bangladesh is one of the developing economies of the world. In 2015, Bangladesh\ngraduated from LDC status and became a low middle-income country. Many Asian\nand European including American economists hope that soon Bangladesh will\nbecome one of the middle-income countries in the world. Today, Bangladesh is\nmoving forward at a relentless pace in various indicators of the economy.\nToday, Bangladesh is rapidly advancing in the areas of national growth, per\ncapita national income, export income, foreign exchange reserves, electricity,\ncommunication, economic and social infrastructure, essential for development, etc.\nIndia, Pakistan, Sri Lanka, Nepal, Maldives, Bhutan specially\nAfghanistan<\/strong><\/a> can follow the \u2018Bangladesh Economic Rise Model\u2019 in this\nregard.<\/strong><\/p>\n\n\n\n

Despite\nthe global epidemic of corona, the per capita national income of Bangladesh is\npositive. According to various local and international media outlets, in the\nfiscal year 2019-2020, the per capita income of Bangladesh was 2064 US dollars.\nAnd in the fiscal year 2020-2021, this income has increased to 2228 US dollars.\nIn the fiscal year 2018-2019, the GDP growth of Bangladesh was 8.15 percent.\nAnd in the fiscal year 2019-2020, this growth has been 5.24 percent. According\nto ADB report, in the 2020-2021 and 2021-22 fiscal year, this growth is expected\nto be 6.8 percent and 7.2 percent respectively even in this Covid-19 pandemic. <\/a>can utilize the approach of Bangladesh to stabilize their\nGDP growth. India, Pakistan, Sri Lanka, Nepal, Maldives, Bhutan even\nAfghanistan<\/strong><\/p>\n\n\n\n

Under\nthe able and dynamic leadership of development friendly Prime Minister Sheikh\nHasina, Bangladesh is on the highway of development today with the touch of her\noutstanding prudence and efforts. Today, Bangladesh’s development-oriented\ngalloping horse is moving towards fulfilling the desired goal at a fast pace,\nsurpassing various countries in South Asia. So today Bangladesh is a role model\nof development in the world. The leaders of South East Asian countries\nincludingcan India, Pakistan, Sri Lanka, Nepal, Maldives, Bhutan\neven Afghanistan<\/strong> follow the economic model of Prime Minister of Bangladesh\nhow she deals with it.  <\/p>\n\n\n\n

In\nthe meantime, Bangladesh has fulfilled the various conditions of the United\nNations and in accordance with the criteria set by them, they have passed their\nexaminations twice in a row in 2016 and 2021 and have qualified to enter into\nthe list as a developing country. According to the 2020 survey, Bangladesh is\nthe 41st largest economy in the world. Bangladesh is one of the 11 countries in\nthe world today that are considered as emerging agars for future development.<\/p>\n\n\n\n

According\nto the Center for Economic and Business Research (CIBR), a British economic\nresearch institute, Bangladesh will be the 34th largest economy by 2025, 26th\nby 2030 and 25th by 2035 if the current economy continues to grow and develop.<\/p>\n\n\n\n

While\nthe global economy is in the grip of the Corona epidemic, where the global\neconomy is stagnant, where the world’s GDP and GDP and per capita income are\nstable or negative, Bangladesh’s economy is moving forward, albeit at a\nrelatively slow pace. And one of the strengths or factors behind this move is the\ngrowth of its overall export earnings, the growing inflow of remittances and\nthe positive flow of per capita national income. India, Pakistan, Sri Lanka,\nNepal, Maldives, Bhutan even Afghanistan can follow the Bangladesh model how to\novercome from economic stagflation during the Covid-19 period.<\/strong><\/p>\n\n\n\n

According\nto a survey by the World Bank’s Multi Donor Trust Fund the Global Knowledge\nPartnership and Development, Bangladesh ranks 8th among the top ten countries\nin the world in terms of remittance flows by 2020. At present, Bangladesh’s\nremittance reserves are over 45 billion US dollars and Bangladesh ranks 45th in\nthe world in terms of remittances. According to an EPP statistic, in the first\nten months of the 2020-2021 fiscal year, Bangladesh’s export earnings were 32.07\nbillion dollars, an increase of 8.75 percent over the same period last year.<\/p>\n\n\n\n

This\nrise and progress of Bangladesh’s economy is now a surprise to the whole world.\nPeople all over the world are now amazed at this progress of Bangladesh. State\nthinkers, economists and big newspapers of different countries are now praising\nBangladesh. They are monitoring our economic development strategy. Some\ncountries are also considering whether this development strategy can be\nfollowed or implemented in their countries. The above-mentioned states can\nthink widely in this regard.<\/strong><\/p>\n\n\n\n

According\nto a reliable source, Nicholas Christoph, a well-known columnist for the New\nYork Times, recently advised US President Jo Biden to learn from Bangladesh on ways\nto alleviate poverty. It is understood that the development strategy of\nBangladesh has aroused response among the policy makers and thinkers of the\nUnited States.<\/p>\n\n\n\n

Another\nUS daily, the Wal-Mart Journal, recently wrote that Bangladesh’s economy is now\nthe most ‘fast horse’ in South Asia. Mike Hard, a commentator for the\nWashington Post, writes that at one time South Korea was cited as an example of\ndevelopment. Now Bangladesh has occupied that place.<\/p>\n\n\n\n

The\nremarkable success that has been achieved in the field of economy of Bangladesh\nin recent years has been beautifully and brilliantly reflected in various\nreports published in various news outlets in the country and abroad. Before\npresenting their 2021-2022 budget, Finance Minister Nirmala Sitharaman of Bangladesh\u2019s\nneighboring country, India, said in February that there was a lot to learn from\nBangladesh on how to increase export earnings in certain sectors. The Economic\nSurvey presented by him commented, \u2018Bangladesh has emerged as an important\nexporter in the international arena. Between 2011 and 2019, the country’s\ncompound annual growth rate was 7.8 percent, 0.9% higher than India and 0.4%\nhigher than the rest of the world.<\/p>\n\n\n\n

India\nhas also been attracted to the growing per capita national income of the people\nof Bangladesh. By the end of 2020, the IMF had forecast that Bangladesh would\nsurpass India in terms of per capita national income. Towards the end of 2020,\nthe IMF predicted that Bangladesh would surpass India in terms of per capita\nnational income. And that has really happened. On June 1, Blumberg headlined,\n“South Asia now needs to look at the region’s stars.” Needless to\nsay, this star is Bangladesh. ‘<\/p>\n\n\n\n

According\nto a report in The Print on May 26, Bangladesh has built up deep ties with its\nneighbors, from sending India’s Covid-19 epidemic relief supplies to Sri\nLanka’s economic crisis through loan assistance. India, Pakistan, Sri Lanka,\nNepal, Maldives, Bhutan even Afghanistan also can apply the \u2018Bangladesh\nEconomic Rise Model\u2019 to revive their economy.<\/strong><\/p>\n\n\n\n

Note\nthat Bangladesh recently agreed to exchange 200 million US dollars with Sri\nLanka. This money will go a long way in strengthening the Sri Lankan economy.\nThe currency exchange process will also help Colombo overcome the huge debt\ncrisis. Through this initiative, it is clear to the outside world that\nBangladesh is currently on a strong economic footing.<\/p>\n\n\n\n

Moreover,\nBangladesh is one of the 40 countries that sent relief twice in the second wave\nof coronavirus to India. On May 8, Bangladesh sent 10,000 medicines to India.\nLater on, May 16, Bangladesh also sent 2,072 boxes of antiviral drugs and covid\nprotection materials to India.<\/p>\n\n\n\n

The\nrise and development of Bangladesh’s economy has also attracted the attention\nof Pakistani intellectuals. According to a source in the daily, Abid Hassan, a\nformer adviser to the World Bank’s Pakistan program, compared the situation in\nPakistan with Bangladesh’s economic rise in an article in a leading Pakistani\ndaily. He said even 20 years ago, it was unthinkable that by 2020, Bangladesh’s\nper capita GDP would be higher than Pakistan’s. According to him, if Pakistan\nmaintains its disappointing performance, it may have to seek Pakistan’s\ncooperation from Bangladesh by 2030. If Bangladesh can pay 20 million US\ndollars to Sri Lanka, waive the IMF’s Bangladeshi share of money from Somalia\nand Sudan, help Indonesia with Covid-19 medical equipment, shelter a large\nnumber of Rohingya refugees from Myanmar, but also financially in Pakistan. Can\nhelp. This requires a change in Pakistan’s mentality. Bangladesh is a\nhumanitarian state in South Asia. <\/p>\n\n\n\n

The\nCanada-based International Forum for Rights and Security, a think tank,\nrecently published a report on Bangladesh and Pakistan. It has been shown there\nthat Bangladesh is ahead in all areas of the index. Many economists have called\non all countries to follow the Bangladesh model in the development of South\nAsia.<\/p>\n\n\n\n

So,\nit is expected and confirmed that if the Bangladesh government can handle the\nCovid-19 epidemic in the same way in the future as it has done in the past,\nthen in 2035 Bangladesh will be the 25th largest economy in the world and in\n2041 it will be Bangabandhu’s developed and prosperous golden Bangladesh.<\/p>\n\n\n\n

South\nAsian countries such as India, Pakistan, Sri Lanka, Nepal, Maldives, Bhutan\neven Afghanistan are very closed to Bangladesh geographically. The nature and\ntrends of socio-economic factors of Bangladesh and South Asian states in terms\nof territory was likely same. Although Bangladesh is on overpopulated country.\nThere is also Rohingya burden on Bangladesh. Then, Bangladesh is going to be an\nideal for South Asian states including India, Pakistan, Sri Lanka, Nepal,\nMaldives, Bhutan even Afghanistan.<\/strong> Bangladesh is\ndeveloping despite having many other problems such as Covid-19, climate change\netc. The abovementioned states can take the lesson from Bangladesh in this\nregard to boost up its economy. The South Asian countries would be gainer if they\nfollow the Bangladeshi approach and model of economic management and system.\nOne day, they will also be Asian giant in terms of economic power using this\napproach. Everyone will praise and appreciate economic booming of these\ncountries if they take Bangladesh as a model. Ultimately all South Asian\nnations would benefit to recover and revive their economy from Covid-19.<\/p>\n\n\n\n

Writer:\nPathik Hasan, Dhaka based NGO activist and Freelance Columnist (Particularly on\ncurrent international issue)<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

MD Pathik Hasan Present day, Bangladesh is one of the developing economies of the world. In 2015, Bangladesh graduated from LDC status and became a low middle-income country. Many Asian and European including American economists hope that soon Bangladesh will become one of the middle-income countries in the world. Today, Bangladesh is moving forward at […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[179],"tags":[],"class_list":["post-118540","post","type-post","status-publish","format-standard","hentry","category-md-pathik-hasan"],"_links":{"self":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/118540","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/comments?post=118540"}],"version-history":[{"count":0,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/118540\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/media?parent=118540"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/categories?post=118540"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/tags?post=118540"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}