Bangladesh’s development over the past decade and a half is nothing but exemplary. Nowhere is this reflected better than our GDP per capita, which stands at over $2500 currently. As per the Economist, when adjusting it for price differences, the scale points to $9,070.
Despite a global pandemic and economic shocks as a result of wars, Bangladesh has managed to steady the ship when it comes to development, for which it has earned plaudits.
With that said, there has arguably never been a more challenging time for us in the 21st century than now; the issue with inflation remains unresolved, revenue generation remains stagnant, government expenditure appears unsustainable. With LDC graduation in a couple of years, many of our benefits of being an LDC disappear.
Add to this the undeniable effects of climate change affecting Bangladesh about as adversely as any nation on the planet, and the challenges appear to be multiplying manifold.
As we look towards the 2030s and beyond, with our pledge to uphold the Sustainable Development Goals, and our ambitions of becoming a smart and prosperous Bangladesh by beating the middle-income trap and emerge as a high-income economy, it is crucial to ensure that the positive trajectory we have experienced not only continues but accelerates.
At the heart of it all will be good governance and institutional reforms, not only for smooth functioning of the country, but to have the enabling environment for business to attract foreign investment -- which remains among the biggest drawbacks from us reaching our full potential.
We aspire to become an upper-middle-income country by 2031 and a developed nation by 2041. It is only through concerted efforts will we continue our admirable economic journey and secure a prosperous future for many generations to come.