Bangladesh wants to become a middle-income country by 2021. However, the political instability which plagues the country could very well hamper the goal that the International Chamber of Commerce, Bangladesh set on May 2.
For us to reach this goal, the required industrial contribution of 35% of GDP needs to be achieved first. But if political turmoil continues in the future, it will become increasingly difficult to achieve this within the set timeframe.
Beyond question, any turmoil will cause more prolonged and harmful effects on the country. To overcome these obstacles, everyone must work together to achieve the high GDP growth of 8.5%. It currently stands at 6.3%.
Five years ago, the industry contributed 22% of the GDP, with it growing to 28% last year. Now, the per capita income is $1,190, which needs to go up to $1,450 for us to achieve the vision similar to middle-income countries.
This year, the government has set a target for a 7% growth rate. The required investment is 34.3% of GDP, with our nation lagging 7-8% behind as estimated by the Asian Development Bank. The organisation believes that investment is not expected because the country’s growth rate has been stagnant.
The World Bank estimated that the remittance of income and individual economic growth this year will be useful for the recovery of this business organisation. Despite the global recession, which has lasted over the last few decades, the economy has maintained a 6% growth rate. Uninterrupted power supply due to constant growth, demand for improved transport, and telecommunications services and procedures have been established to improve infrastructure.
On the other hand, the influential planning minister said the government was going to prepare the seventh five-year-plan to shift the country’s economy to be more investment-driven.
We want a change in production, and the seventh five-year-plan would focus both on internal and external investment to achieve the GDP growth rate of 8-10%. The targets which are yet to be achieved will be fulfilled through the plan.
The seventh five-year-plan (2016-2020) aims to work out the operational details of how the country should move forward. The execution has to be unique.
In recognising the importance of and the challenges facing the task, a plan management office at the planning commission may be established to lead, guide, and co-ordinate the execution of the plan.
An independent Vision 2021 council can be created to continuously refine the vision and the prospective plan and track progress in an objective manner to meet the need for independent, continuous tracking of progress and to provide feedback to inform policy formulation and decision-making.
The implementation of the prospective plan -- to develop the nation into a middle-income country by 2021 -- requires the full commitment of will, skill, and resources from all stakeholders. The government is required to make long-term thinking a central element of the decision-making process and service culture.
Due to the unrest over the last six months, the officials concerned -- even field-level workers -- faced difficulties in carrying out their activities. In this regard, the BNP-Jamaat coalition should have started realising that politics is for the sake of the common people.
Killing can never be a part of politics. In addition, the ultimate goal should be to boost economic growth, move the country ahead, and ensure good governance. Everyone, including the government, BNP, and others, should realise this and show their support to the planning minister.
Moreover, the honourable planning minister should sit with the planners, economists, businessmen, members of the civil society, and cultural personalities in phases to chalk out his next course of action.
It is a collective effort in which the private sector, civil society, and all other stakeholders should share responsibility to reshape the nation’s future. The consultative process in formulating the plan must continue throughout the implementation since Vision 2021 is not a destination itself, but a journey.
The government cannot achieve this goal by itself. We need to properly utilise the vast 70 million-strong labour force that we have.
Only then -- coupled with a good government policy, and environmental and political stability -- can we speed up industrialisation and create employment opportunities for millions.
So, considering our national and financial constraints and the huge pressure for employment, we should focus on small and medium-level, export-oriented industries. We believe it is our masses who will decide whether we are marching forward to achieving this goal.