Nepotism in our economy is a serious issue
Bangladesh has been posting constant economic growth at an impressive rate, and our country has come to be a model for many developing countries.
However, the rampant corruption, nepotism, and slanted economic distribution that plague our country threaten to destabilize our growth trajectory, according to economists at the Bangladesh Economic Association.
To simply measure a country’s economy by its Gross Domestic Product (GDP) or per-capita income is not the best idea, as doing well in many other metrics that measure wealth distribution, business environment, human development, and corruption perception are also paramount.
To that end, Bangladesh has made decent strides in improving its position in terms of curbing corruption, and it has also recently been promoted up the Human Development Index, but we still lag behind in the GINI index, which measures inequality, something that seems to be widening with each rendition.
One of the main factors behind this is the rampant corruption and nepotism in many fields of the economy.
Nepotism in our economy is a serious issue, often holding back entire institutions from reaching their true potential. When capital becomes inaccessible to entrepreneurs and only those with the right connections get to start new businesses, the GDP growth will be held hostage by the wealthy and wealth inequality will continue to rise.
The government must step up to ensure economic justice by rooting out corruption, nepotism, and income inequality if it wants to make our growth sustainable and equitable.
Otherwise, all the progress we have made will be wasted, especially if that progress falls into the grasp of cronyism.