Bangladesh's Journey of Inclusive Development

 

Bangladesh is a "development surprise" that very few could have predicted, having persevered against overwhelming several problems over the past few decades. Bangladesh has developed into a $465 billion economy from a nation devastated by war in 1971. Among the many factors that contributed to the remarkable development of the nation were its robust economic growth, impressive levels of health and education, strong growth in exports and remittances, careful macroeconomic management, and enhanced ability to handle natural disasters. Many obstacles and weaknesses still exist, despite its remarkable accomplishments on many fronts. Instead of concentrating on a wide range of micro and sector-specific problems, we address a few key issues in this paper, such as the lack of policy tools to address inequality and promote inclusive growth, the low amount of money allocated to health and education, the difficulty of accessing high-quality healthcare and education, the inability to create large numbers of jobs, the low rate of participation of women in the labor force, and the disparities brought on by climate change. Aiming to solve the fundamental problems and advance a better society with shared prosperity in light of these difficulties, related policy recommendations are made.

Bangladesh has overcome tremendous problems over the past few decades to become a "development surprise" that very few could have predicted. The economy grew at a steady pace, averaging more than 5% in the 1990s, over 6% in the 2000s, and roughly 7% in the 2010s. A $30 billion economy in the middle of the 1990s has grown to a sizeable one of more than $465 billion in 2023 thanks to steady economic growth. In the same time frame, per capita GDP grew from about $300 to over $2,528in 2023. Bangladesh is one of the few low-income nations that has never experienced unstable external debt and is not a member of the Heavily Indebted Poor Countries (HIPC) group that has benefited from international assistance.

Bangladesh has advanced remarkably in all areas of human development. Bangladesh has made impressive strides toward guaranteeing access to education, especially at the primary level: the net enrolment rate in primary education increased to 97% in 2023 from 75% in 1990, and the secondary enrolment rate more than tripled to 66%. The gender parity index for both primary and secondary enrollment has risen above one, indicating a greater proportion of girls enrolling than boys. Two noteworthy accomplishments of Bangladesh are the reduction of the primary school dropout rate from approximately 50% in 2005 to less than 18% in 2023 and the rise in adult literacy from 35% in 1990 to 74.6% in 2023.

Bangladesh is now well-known throughout the world for promoting the economic empowerment of women. As was already mentioned, investing in the health and education of women has produced long-term benefits and aided in the advancement of women's economic empowerment. Bangladesh has been closing the gender gap faster than its South Asian counterparts since 2014, according to the Global Gender Gap Report 2022, which rates nations based on how well they have done in achieving gender equality. Notably, 71.4 percent of Bangladesh's gender gap has been closed thus far.

The phenomenal economic progress, built on the foundation of human development, has enabled Bangladesh to achieve two important development transitions. It became a lower-middle-income country in 2015 after being alleviated from the ranks of ‘low-income’ countries as per the World Bank classification of global economies. Then, in 2021, having met qualification criteria in two consecutive triennial reviews (in 2018 and 2021), the county has been recommended by the United Nations to graduate from the group of least developed countries (LDCs) in 2026. According to its development aspirations, Bangladesh wants to become an upper-middle-income country (UMIC) by 2031 and a high-income country by 2041.

                

For Bangladesh, RMG has been a vital source of foreign exchange. Bangladesh is now the EU's top supplier of clothing, surpassing China, according to the most recent Eurostat data. The country keeps expanding in tandem with its other industries' growth. According to reports, Bangladesh has moved up 12 spots in the World Bank's Logistics Performance Index for 2023. All the credit for that should go to professional and excellent logistics services, on-time shipments, and efficient customs and border management. Moreover, Bangladesh is looking beyond its regional borders due to the attention it is receiving from superpowers. Bangladesh has made noteworthy progress in other areas as well.

In the field of megaprojects, Bangladesh has experienced a revolutionary shift characterized by large-scale initiatives meant to propel the country into a new phase of growth and prosperity. These massive undertakings, which range from energy projects like the Rooppur Nuclear Power Plant, Matarbari Power Plant, and Payra Thermal Power Plant, to infrastructure projects like the Padma Bridge and the Dhaka Metro Rail, Karnaphuli Tunnel, Dhaka Elevated Expressway, represent the nation's commitment to modernization and economic expansion. These projects have the potential to drastically alter industries, promote innovation, and generate a large number of new job opportunities in addition to meeting urgent infrastructure needs. They also improve connectivity both nationally and regionally, which promotes investment and trade. Bangladesh's emergence as a regional powerhouse and its resolve to overcome obstacles and seize opportunities for sustainable development are highlighted by the government's strategic focus on megaprojects.

Bangladesh's inclusive development journey highlights an incredible shift brought about by policies that put social justice and economic advancement first. The government has ensured representation and heard the voices of marginalized communities by actively engaging with a diverse range of stakeholders. There are observable advantages to this strategy, including increased prospects for different social groups and the development of a more inclusive, united Bangladesh. As long as the country keeps going in this direction, it will be acknowledged on a global scale as a major player that leads conversations about sustainable development. Bangladesh's efforts to establish a society in which no one is left behind are demonstrated by the progress made in inclusive development, thereby serving as a model for other countries aiming to achieve fair growth and prosperity.