How Bangladesh transitioned itself into a developing country

@aphale_esha

New Delhi: Be it as a country or as an economic entity, Bangladesh has always been misunderstood and disregarded by others. Undermining the underdog is commonly witnessed and accepted because of the general lack of faith in anything new. But Bangladesh evidently used the criticism to structure their development constructively.

In a candid interview, Henry Kissinger, the former United States of America, Secretary of State, admitted that he’d heavily misjudged Bangladesh in 1971. Praising the country for its recent endeavours, he recalled, labelling Bangladesh as a “basket case”. He considered the now rapidly developing nation to be disorganised and felt as though the USA would be better off without establishing ties with such a nation when the nation had originally started evolving.

Recently celebrating the 50th anniversary of their Victory Day, Bangladesh garnered global attention. All eyes were on the various achievements made by Bangladesh and how it has developed despite the challenges faced during the overbearing pandemic.

Even though the world has learned to adapt to the Covid-19 pandemic and align its development with its restrictions, the aftershocks of such an experience are lasting and usually seep into the cracks of a country’s development. But Bangladesh did not let that thwart its rapid rate of success.

China is known as the predominant manufacturer and consumer of garments. But Bangladesh has been catching up to its competition.

House to the world’s second-largest garment industry, Bangladesh is soon to take over its competitor and predecessor – China. With the percentage of exports rising 16% every year, a rate that is itself elevated, Bangladesh is sure to dominate the garment industry in the upcoming years.

A young population is important in a country’s effort for growth and development. Bangladesh, having the world’s 8th largest population, is filled with younger citizens. Over half the country’s population is below the age of 25. With a population that’s young and malleable, its citizens can easily adjust and adapt to newer ideas, policies and technologies.

With a technologically adept younger population, Bangladesh has over 600,000 IT freelancers who offer their services to top agencies from around the world. The prevalence of technology is also helping a larger number of Bangladeshis to have access to online banking. This has aided the country in joining a more formal form of economy and trade.

With all this progress combined, Bangladesh is called a developing country teeming with a huge economic potential.

Once a hub for farming and manufacturing, Bangladesh is moving toward further intelligence-based industries. With technology flourishing in its various regions, the Bangladeshi government is constructing a hub of technology in Dhaka.

This hub will have 100 different and special economic zones to attract various investments from entrepreneurs and investors, who will be receiving generous tax breaks.

About 2 years ago, right around the time, Covid-19 had started immobilising economies, Bangladesh, with its development, had predicted an economic growth to hit 8%.

Since 2010, the government and different reforms have helped 8 million Bangladeshi people to rise out of poverty. Not only is the country almost poverty-free, but the income per head has also almost tripled in the last ten years.

The last ten years have seen exponential growth and development in Bangladesh, from the technological hubs to a steadily growing economy, the country has overcome most of the obstacles in its way. In the next two decades, with its rate of progress, the country aims to be classified as a developed country, which is a feat that they are sure to achieve.