Bangladesh's economy has come of age, now attracts foreign players
Economic liberalization has put Bangladesh on a solid foundation since the current Awami League government has been in power for a long time.
Economic liberalization has put Bangladesh on a solid foundation since the current Awami League government has been in power for a long time. Once called the bottomless basket of the world, Bangladesh's economy has now come of age, and the country's resilient economy now attracts foreign players, reported Bangladesh Live News.
Even the nations that had marked Bangladesh as a bottomless basket are now interested in developing close relations with Bangladesh. Notably, the World Bank Group and the International Monetary Fund Spring Meeting in 2022 lauded Bangladesh for successfully implementing its policies to combat the COVID-19 pandemic and economic recovery from its effect, reported Bangladesh Live News.
Bangladesh has come of age and with the broad-basing of its manufacturing sector and spur in infra projects, it can be an economy to watch out for in Asia. Since when (US Secretary of State) Henry Kissinger called it a 'basket case' in 1971, Bangladesh has come a long way. The recently inaugurated Padma bridge is a case in point. The international agencies that had refused to fund it are now congratulating Bangladesh on its completion.
Linking the southwest of the country to the northern and eastern regions, the road-rail bridge (Padma Bridge) built for USD 3.6 billion was inaugurated by Prime Minister Sheikh Hasina on June 25. Besides, entry into the era of metro rail, express highway, Karnaphuli tunnel, elevated expressway, radical renovation of the dilapidated railway sector which has gradually shrunk after independence, expansion of rail network, the establishment of direct rail network between Dhaka and Cox's Bazar, the establishment of the rail network with the southern and southwestern region through Padma bridge.
Construction of the third terminal of Hazrat Shahjalal International Airport, modernization and expansion of Cox's Bazar Airport, and renovation of Mongla Sea Port, Payra Shallow Sea Port, and Matarbari Deep Sea Port will bring great changes in the communication and infrastructure sector of Bangladesh, which is one of the successes of the government. The current government has improved the power generation record by overhauling the fragile power system left by the previous government, reported Bangladesh Live News.
In 2006, the total power generation capacity in the country was 3,378 MW. So far, Bangladesh's highest power generation capacity is 26,700 MW, and the maximum production in one day is 14,782 MW. Payra thermal power plant and Ruppur nuclear power plant will now provide interrupted power supply to Bangladesh. After China, Bangladesh's position in the ready-made garment industry is very strong. Moreover, the present government has created Special Economic Zones, easy business-friendly policies, reported Bangladesh Live News.
Bangladesh's foreign exchange reserves now stand at more than USD 45 billion, despite rising import costs. Bangladesh's growth rate was way above Pakistan, even before the pandemic; in 2018-19 it was 7.8 per cent compared to Pakistan's 5.8 per cent, reported Bangladesh Live News. From agriculture to pharmaceuticals and from shipbuilding to garments, the country's industrial base is diversifying and its exports increasing. Bangladesh has challenges, but authorities have responded to keep the economy on an even keel.
Government officials' travel abroad is restricted, the taka has been devalued against the US dollar, remittances from abroad are rewarded with cash, and luxury goods are taxed, all of which are helping the country build up its reserves so it can easily meet import demand, reported Bangladesh Live News. In the meantime, the government's policy of raising exports and lowering imports is helping the economy recover. The country's foreign exchange reserves are in a stronger position than those in several other developing countries.
In the early stages of the pandemic, many assumed that remittances would decline as many expatriates lost their jobs. However, due to the success of the government's diplomatic efforts, many Bangladeshis have returned to their workplaces abroad and are sending back money at pre-pandemic rates, reported Bangladesh Live News. (ANI)
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)