• Monday, Oct 26, 2020
  • Last Update : 10:13 am

ED: Bangladesh economy continues to beat the odds

  • Published at 08:14 pm October 16th, 2020
economy graph
Photo: BIGSTOCK

We must remember to constantly innovate and diversify

While the coronavirus pandemic has brought much of the world economy to its knees, Bangladesh, against all odds, is all set to overtake neighbouring India in terms of per capita Gross Domestic Product, according to projections from the International Monetary Fund.

India is currently experiencing a slump, with this year being its worst in four years in terms of per capital GDP. Our per capita GDP, on the other hand, is likely to go up by 4% this year in dollar terms. This is great news for Bangladesh, and a cause for celebration -- the Indian economy has often served as something of a model for us to aspire to, and now we have, in a variety of development indicators, equaled or bested India.  

Our continued dynamism in the face of unprecedented challenges can be attributed to our strong agricultural output, our exports, and our remittance numbers. Just a few years ago, India seemed out of reach, but the tremendous growth of our exporting sector has rapidly closed the gap.

It is time, now, not to get complacent, but to keep up this momentum. Our sound agricultural policies need to be continued. Recently, Prime Minister Sheikh Hasina said the government was placing the highest importance possible on producing as much food as possible, and not leaving an inch of uncultivated land untouched. Alongside, we must keep increasing crop intensity and crop diversity, and constantly move towards better and more efficient food production technologies.

Remittance earnings, as we have editorialized several times in the past, form the bedrock of our economy, and success on that front must also be kept up, by supporting, helping, and encouraging our migrant workers. On the exporting front, we must remember to constantly innovate and diversify. Success today is not a guarantee of success tomorrow, so we should always keep our eyes on the ball. 

If we play our cards right, nothing can hold us back.

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