{"id":121586,"date":"2021-12-27T17:20:03","date_gmt":"2021-12-28T00:20:03","guid":{"rendered":"http:\/\/www.lankaweb.com\/news\/items\/?p=121586"},"modified":"2021-12-27T17:20:17","modified_gmt":"2021-12-28T00:20:17","slug":"bangladeshs-success-story-why-and-how","status":"publish","type":"post","link":"https:\/\/www.lankaweb.com\/news\/items\/2021\/12\/27\/bangladeshs-success-story-why-and-how\/","title":{"rendered":"Bangladesh\u2019s Success Story: Why and How?"},"content":{"rendered":"

Jubeda Chowdhury\u00a0<\/em><\/span><\/h2>\n\n\n

Bangladesh has improved its quality of life, economic strength and\nprosperity, education and research in every field. And that is why in the past\nBangladesh was said to follow the developed countries to move forward, today\nthe countries of Africa are being urged to look forward to that Bangladesh. No\ndevelopment in Bangladesh today is a surprise, but the result of systematic\nhard work. Today Bangladesh is reaping the harvest of thousands of days of\nsuffering of millions of people.<\/p>\n\n\n\n

When Bangladesh achieved GDP growth of more than 6 percent for the\nfirst time in 2010, it was a surprise. Surprisingly, Bangladesh achieved this\neven during the global economic downturn. <\/p>\n\n\n\n

Due to the global epidemic corona, Bangladesh’s growth has slowed\ndown. But where the growth of all the developed countries of the world was\nnegative in these years, the achievement of Bangladesh was also noticeable. <\/p>\n\n\n\n

Describing Bangladesh’s growth, the BBC said in its analysis that\nby 2035, we will reach the list of the 25 strongest economies in the world.  Bangladesh’s economic progress is being\ncompared to that of Singapore and Malaysia in the last century. Shijin Chan,\nformer vice president of the Asian Development Bank (ADB), described Bangladesh\nas one of the fastest growing economies in the Asia-Pacific region. And GDP\ngrowth will be 6.8 percent this year and 7.2 percent next year. On the other\nhand, the country’s per capita GDP growth this year will be 5.5 percent and\nnext year it will increase to 5.8 percent.<\/p>\n\n\n\n

In 2015, Bangladesh was hailed around the world as one of the most\nsuccessful countries in meeting the United Nations Millennium Development Goals\n(MDGs). Bangladesh did well in all the eight goals. Bangladesh has achieved 13\nout of 33 sub-indicators to achieve these goals. One of the main goals of the\nMDGs is to achieve the goal of poverty alleviation.<\/p>\n\n\n\n

The target was to reduce the poverty rate to 29 percent by 2015,\nwhile Bangladesh has reduced the poverty rate to 24.6 percent. In addition,\neducation, gender inequality, infant mortality, maternal health, disease\ncontrol, and a sustainable environment these are just some of the key\nindicators to develop.<\/p>\n\n\n\n

The matter has been made possible by following Bangladesh’s own\nplan or model. Although it emphasized the return of the digital Bangladesh\nsystem, it did mention in each case the economic empowerment of marginalized\npeople. A number of initiatives have been taken to reduce the dependence on\ncity-centric industries, businesses and income systems, ranging from credit\nassistance, training activities, counseling assistance to the marginal level.\nAt the same time, by spreading ICT education to the marginal level of the\ncountry, a skilled population is being formed through technical education.<\/p>\n\n\n\n

Even in 2010, Bangladesh, which is in an economic position close\nto Pakistan, has left Pakistan far behind in terms of GDP per capita and has\nbecome a rival to India. At present, the average life expectancy of the people\nof Bangladesh is 74 years, which is higher than that of neighboring India and\nPakistan. The average life expectancy in India and Pakistan is 70 and 68 years\nrespectively.<\/p>\n\n\n\n

Bangladesh is now a leader in the export of readymade garments in\nthe world. Other cases are also moving forward. For example, the pharmaceutical\nindustry of Bangladesh is said to be prosperous. There are 300 pharmaceutical\ncompanies in the country, which meet 97 percent of the local demand. They are\neven exporting drugs to the global market.<\/p>\n\n\n\n

Export earnings from the pharmaceutical industry have increased\neleven times in the last one decade. At present, 47 Bangladeshi pharmaceutical\ncompanies are exporting Bangladeshi medicines to about 147 countries of the\nworld including Europe and America. Bangladesh has paid special attention to\nevery aspect of its foreign exchange earnings as a result of which about 13.2\nmillion Bangladeshi workers are currently working in 168 countries of the\nworld.<\/p>\n\n\n\n

Bangladesh ranks eighth among the top 10 countries receiving\nremittances from abroad. In all, from January 1 to December 10, 2020, the\ncountry received 20.50 billion dollars, which is about 12 percent more than the\nentire period of 2019. While the flow of remittances around the world has\ndecreased due to the impact of Covid, the World Bank has expressed the view\nthat the income from remittances of expatriates will increase in Bangladesh\nthis year as well. <\/p>\n\n\n\n

A number of initiatives have been taken in the joint efforts of\nthe Ministry of Expatriate Welfare, the Ministry of External Affairs and High\ncommission offices including providing comprehensive assistance to workers\nabroad and providing them with online passport renewal facilities. The\nexpatriates are getting the benefits. At the same time, the Bangladesh\ngovernment has created various opportunities for remittances and investment of\nexpatriates through legal channels.<\/p>\n\n\n\n

Through which crores of people of the country are benefiting. Not\nonly that, Bangladesh has created new opportunities in the world labor market.\nBesides ordinary workers, Bangladesh is currently sending skilled workers\nabroad. At the same time, skilled experts in technology are also getting\nopportunities in the job market outside the country. About 7 lakh workers were\nbeing employed abroad every year, but in the year 2020, 2.2 lakh workers were\nemployed due to Covid-19.<\/p>\n\n\n\n

By 2030, Bangladesh wants to establish itself as a middle-income\ncountry, and the country’s ready-made garment sector is a very effective\nindustry in this regard. The labor-intensive garment sector developed slowly in\nthe eighties. The garment industry is the largest export sector in Bangladesh. 83\npercent of the total export income is coming from this sector (fiscal year\n2019-20).<\/p>\n\n\n\n

ICT is another important sector for receiving remittances in\nBangladesh at present. There are more than 42 different projects under the ICT\ndepartment. Through these projects, the Bangladesh government is helping young\npeople to turn new ideas or technological ideas into business. Hi-tech parks\nand innovation centers have been set up to create technology hubs like Silicon\nValley in the country.<\/p>\n\n\n\n

Engineering and public universities are being prepared for\nresearch in this regard. Bangladesh is moving from a labor-dependent to a\nknowledge-based economy for the benefit of technological knowledge, and\ninformation technology is accelerating its growth. 100 million people in rural\nareas are being brought under broadband internet, which will create employment\nfor 20 million people.<\/p>\n\n\n\n

In addition, it is estimated that by 2021, the export of ICT\nproducts and services will be five billion dollars. The IT sector will emerge\nas the second largest sector after readymade garments. As a result, gross\ndomestic product (GDP) is expected to grow by more than 1 percent.<\/p>\n\n\n\n

The agrarian economy has always been criticized by the Western world\nas a fragile economy. But today Bangladesh has become self-sufficient in food\ndue to its dependence on agriculture. Achieving self-sufficiency in food is one\nof the reasons why the global economic downturn and epidemic Corona have not\nbeen able to have a major impact on the country’s economy. Food production has\nincreased almost five times (4.75) as compared to 1971 and now stands at 42.2\nmillion tons (FY 2018-19).<\/p>\n\n\n\n

Bangladesh has imported very little rice in the last few years and\nexported much. Bangladesh has reduced the price of fertilizer by 4 points to\nreduce the production cost of the crop. In the last decade, the cost of\nfertilizers (TSP, MOP, DAP) has been fixed to some extent reduced.<\/p>\n\n\n\n

In the 2017-18financial year alone, it has produced 807.14 million\nmetric tons of food grains. the agriculture budget is being increased day by\nday. Bangladesh ranks 4th in the world in rice production by inventing 108 high\nyielding varieties including paddy. It has provided agricultural inputs to 2\ncrore 8 lakh 13 thousand 46 farmers.<\/p>\n\n\n\n

However, agricultural dependence on exports has declined, and the\nimportance of the manufacturing industry and services has increased. After\nindependence, the contribution of the industrial sector to GDP has increased\nfrom 9 percent, to about 35 percent in FY 2019-20, of which the contribution of\nthe manufacturing sector is 24.2 percent. <\/p>\n\n\n\n

Uninterrupted fuel supply is needed to keep this manufacturing\nsector of Bangladesh strong. Bangladesh is currently trying to ensure\nuninterrupted power supply by expanding the supply system through implementing\nvarious projects.<\/p>\n\n\n\n

Bangladesh is in the top three in the list of countries leading in\nachieving the Sustainable Development Goals (SDGs). Bangladesh is following all\nthe models provided by the United Nations. At the same time, the country has\nits own goals. Implementation of Digital Bangladesh by 2021 is no longer a\nreality.<\/p>\n\n\n\n

It is not surprising that the milestone of being a middle-income\ncountry by 2024 is not normal but it is normal and mega projects like Padma\nBridge, Karnafuli Tunnel and Metro Rail starting from the Century Delta Plan\nshow that the dream of Bangladesh to be recognized as a developed country by\n2041 is to be realized. Not a very unrealistic thought. But it requires an\nuninterrupted development environment and strong leadership. And this is why\nthe development management of Bangladesh has become a role model for\nunderdeveloped countries in all development agencies including the United\nNations and the World Bank.<\/p>\n","protected":false},"excerpt":{"rendered":"

Jubeda Chowdhury\u00a0 Bangladesh has improved its quality of life, economic strength and prosperity, education and research in every field. And that is why in the past Bangladesh was said to follow the developed countries to move forward, today the countries of Africa are being urged to look forward to that Bangladesh. No development in Bangladesh […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-121586","post","type-post","status-publish","format-standard","hentry","category-forum"],"_links":{"self":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/121586","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=121586"}],"version-history":[{"count":0,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/121586\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/media?parent=121586"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/categories?post=121586"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/tags?post=121586"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}