Earlier this month, the World Bank confirmed that Bangladesh is on the road to middle-income status as Gross National Income per capita has officially hit $1,314 a year, which is within the lower middle-income country bracket.
However, this does not change the reality that the lives and aspirations of tens of millions of our citizens are constrained daily by poverty.
If this was not the case, human traffickers would not be able to prey on so many Bangladeshis. Poverty is what motivates so many to risk their lives and board dangerous and illegal boats to Malaysia and beyond.
For all the nation’s progress in advancing social indicators, Bangladesh has, and for the foreseeable future, will, still have huge numbers of underemployed people living on the margins.
To change this picture around, the country needs more investment in factories and power stations to create jobs and raise living standards.
Unfortunately, corruption and extortion hinder and plague businesses of all sizes.
The Bangladesh Hawkers’ Federation has reported that daily toll collections by extortionists during Ramadan are extracting over Tk9.3cr a day from small stall-holders across Dhaka.
Large companies are not secure either, as mastaans frequently disrupt and threaten businesses to extort money.
Protection from corrupt officials and political leaders allows such criminals to operate with impunity, and mastaans can often force any factory or business to be shut down.
Such lawlessness can only deter investment from growing at the rate the poor need.
The government must act to root out extortionists at all levels if we wish to attract and grow more investment.
Only by securing rule of law can we hope to create more high-value jobs at home and enable more citizens to benefit from economic growth.