Economically speaking, Bangladesh, just like the rest of the world, is currently feeling the effects of the global recession just like any other nation. But, despite the influence of worldwide events, our economy still stands strong.
In fact, in a new report gathered from statistics gleaned by the International Monetary Fund, Bangladesh has now been declared the 35th largest economy in the world with a GDP size of $460.8 billion.
It's no surprise, of course. Bangladesh has been on a ceaseless forward trajectory in terms of its development, a direct consequence of our aspirations towards achieving middle income status within the next few decades, not to mention our industries, both established and fledgling, and the forward momentum brought on by our burgeoning start-ups.
It is indeed startling to realize just how far we have come as a nation in the relatively short time that it has been since our independence.
For a country like Bangladesh, which is only on the verge of shedding the least developed country tag, to go against massive obstacles such as the Covid-19 pandemic, the rising global inflation, and the overall global economic uncertainty has been nothing short of laudatory.
However, it could also be so much more than what it is.
There are still countless bottlenecks that are hampering our economy from achieving its full potential. One particular way is the lack of any diversification in our export basket. We are still entirely reliant on a handful of exporting industries, especially RMG. To stick doggedly to what
are proven industries is not a way to sustain economic growth, which is why the administration, along with our private sector, need to make export diversification a key manifesto in the coming years.
Another issue that continuously proves to be a thorn on our side is the fact that Bangladesh, despite how attractive it is to foreign investors, does not make it easy for businesses to set up shop. The underlying corruption and needless bureaucracy which lead to the status quo must be gotten rid of.
Our economy is on the verge of achieving new heights, all we need to do is seize any opportunities for that to happen.