With ensuring a stable gross domestic product (GDP) increase over the past one decade or so, Bangladesh’s economy is striding much faster than those of many other nations in the world. Bangladesh’s economic pace, against tens of thousands of snags on its path, is worldly lauded for long. That’s why the latest commendation by the World Bank, in its report titled ‘Bangladesh Development Update: Powering the Economy Efficiently,’ does not surprise us any longer. The success of the country’s economy, so far, has been possible due to a responsible roleplaying by all the relevant stakeholders.
However, we should not be complacent by earning this level of achievement for there is enough scope to do even better. To that view, we need to implement the economic reforms. In the view of the WB report, entrepreneurship, innovation and structural transformation are three key aspects which we need to promote enormously to maintain the current growth flight of the economy. An economy becomes stronger when its small and medium enterprises are taken special care of. The banking sector of the country, too, currently lacks discipline and good governance which have increased non-performing loans.
The big loan defaulters are badly hitting the banking sector due to which the banks are losing confidence of the depositors who are ultimately losing all their savings and capital. To prevent these anomalies in the sector, the central bank of the country must play its roles strictly. We know readymade garment sector and foreign remittance have been the two key contributors to the economy for a long time. What we need to focus on from now on is export diversification. Alongside this, manpower export has a great potential for Bangladesh. It needs to explore more labour markets internationally as well as our workers should be developed in skills and foreign languages.
To accelerate the growth of national economy we need more investment and employment. The more investment will increase the more employment opportunities will be created. It is hopeful that recently foreign investors are showing positive signs to return to invest in Bangladesh provided that bureaucratic tangles are removed. In fact, Bangladesh’s economy has its opportunity ahead, and the country needs to grab it.