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Nothing will hold us back

  • Published at 07:25 pm February 8th, 2017
Nothing will hold us back

Bangladesh could soon take centre stage in the world economy.

A new study conducted by PricewaterhouseCoopers predicts Bangladesh’s GDP will rise to 28th place by 2030.

In fact, along with Vietnam and India, Bangladesh could be one of the three fastest growing economies in the world.

PwC’s findings should serve as a tremendous confidence booster for Bangladesh, as our road to prosperity has not been an easy one.

Bangladesh has been faced with more than its fair share of economic calamities and political instability, and has still maintained a dynamic exporting sector and an admirable growth rate.

Last year we saw a steep increase in foreign aid -- the highest amount the country has received since independence.

Great strides have been made in gender parity, with women now comprising nearly two-thirds of the RMG workforce.

However, to live up to PwC’s optimistic projections, Bangladesh will need reform.

This means strong macroeconomic fundamentals and institutions, and an improved, working education system.

If we cannot root out corruption, and fix our inefficient public institutions, we will keep being held back in spite of the vigour of our private sector.

The world economic order is changing. Game-changing events like Brexit and the election of Donald Trump signal that economic power may be shifting away from G7 nations, and towards developing economies like Bangladesh.

The horizon of possibility for Bangladesh has expanded -- we must seize this chance.