The last decade and a half of unprecedented development that Bangladesh has gone through has made one thing abundantly clear: That a thriving private sector can often make or break a country.
At the end of July, the private sector credit stood at Tk13,52,566 crore compared to Tk11,87,011cr during the same time a year ago, despite the ravaging effects of the Covid-19 pandemic over the last two years. According to the latest data from the Bangladesh Bank, private sector credit growth was 13.95% in July, which was higher than June’s 13.66% and close to the monetary ceiling of 14.1% set for FY23.
Entrepreneurship is what drives a country forward, but the reality is that entrepreneurs, no matter how brilliant, cannot succeed all on their own. The young, enterprising minds of Bangladesh need a supportive environment: They need to be encouraged, and they need adequate funding.
And yet, despite such growth, Bangladesh’s infamy within the Ease of Doing Business Index means that it is tough even for local businesses and entrepreneurs to set up shop without facing inordinate friction and bureaucratic shortcomings.
To say there is room for improvement within this realm for our country would be a gross understatement.
Economically and technologically speaking, Bangladesh has come a long way since our impoverished days in the immediate aftermath of the Liberation War. A lot of our growth and development can be chalked up to the dynamism of our private sector. But if we are to reach our true potential in the years ahead, our businesses must evolve with the times, which they currently are unable to because of needless red tape and corruption.
If Bangladesh is to fulfill its economic ambitions, we must let our private sector run free.