Staff Reporter :
Bangladesh’s economic story over the past 50 years has been one of remarkable progress, fueled by the tireless efforts of its farmers, industrial workers, and a growing diaspora.
This was revealed by economists, at a recent book launch who hailed these groups as the true architects of the nation’s development. However, a shadow now looms over this success story.
The launch of “Fifty years of Bangladesh: economy, politics, society and culture,” hosted by the Centre for Policy Dialogue (CPD), revealed concerns about a growing trend of elite capture.
Economists warn that powerful business interests, wielding undue influence over policy, are jeopardizing the level playing field that once fostered growth.
The garment industry, a cornerstone of Bangladesh’s economic rise, is now cited as a prime example of this imbalance.
Garment owners, it is alleged, are enjoying undue benefits while private banks, crucial to a healthy economy, are being exploited by their own leadership.
The government’s perceived inaction in addressing these issues further fuels anxieties.
CPD’s founding chairman, Rehman Sobhan, offered a blunt assessment of the situation. “We have achieved development,” he conceded, “but our institutions remain riddled with gaps and weaknesses.”
Sobhan’s pointed questions resonated deeply: Does the justice system deliver equal rights for all? Does the banking system offer fair access to credit? Are institutions like the Election Commission and the Anti-Corruption Commission truly independent?
Bangladesh’s path forward hinges on confronting these troubling realities. The nation’s impressive economic journey is a testament to the power of its people.
Ensuring all citizens, not just the privileged few, can contribute and benefit from this growth will be essential in securing a truly sustainable and equitable future.
He further said, “We are looking at an advanced stage of deterioration in the banking system. It has turned into a serious structural crisis now.”
In the illuminating discourse provided by Selim Raihan, Executive Director of the South Asian Network of Economic Modelling and co-author of the esteemed publication, a profound observation said, ” Amidst the backdrop of institutional frailty and declining regulatory standards, the economy has paradoxically witnessed growth.”
Yet, Raihan is not alone in his apprehension for the future. He aptly points out the looming specter of entrenched corruption and resistance to reform, a formidable challenge demanding a political consensus for resolution.
Rizwanul Islam, distinguished former advisor at the International Labour Office in Geneva, said, “Any illusions of miraculous economic growth is nothing more than a dream.” ” Central to Bangladesh’s remarkable GDP ascent,” Islam contends, “is the indomitable spirit of its labor force.”
“Through the adoption of high-yield rice seeds and the silent revolution within the agricultural sector, Bangladesh has thrived, buoyed by the toil of its industrious workers and the vital contributions of migrant remittances, added the former advisor.
However, amidst this narrative of progress lies a stark reality articulated by Islam-an alarming stagnation in real wages for industrial laborers, juxtaposed against the relentless tide of inflation.
Moreover, the plight of expatriate workers, besieged by myriad forms of harassment and rights deprivation, underscores the human cost of Bangladesh’s economic ascent.
Dr. Zahid Hussain, former lead economist at the World Bank’s Dhaka office, presents a cogent argument, shifting the discourse from mere acknowledgment of Bangladesh’s development to a crucial interrogation of its underlying dynamics.
He challenges the prevailing narrative, urging a deeper understanding of the inertia impeding institutional reform despite the nation’s developmental strides.
Published by Routledge of London in November 2023, this seminal work serves as a beacon, illuminating the multifaceted tapestry of Bangladesh’s developmental odyssey.
Through meticulous empirical analysis and incisive commentary, the book navigates the intricate interplay of economic, social, political, and cultural forces that have shaped Bangladesh’s trajectory.
In a gathering graced by luminaries such as Hossain Zillur Rahman, Executive Chairman of the Power and Participation Research Centre, and Mustafizur Rahman, a distinguished fellow of the CPD, the occasion transcends mere discourse-it becomes a celebration of knowledge, inquiry, and the relentless pursuit of progress.
