The next decade will be crucial
Bangladesh’s journey from “basket case” to where it is now -- one of the fastest growing economies in the world -- has been a tremendous one, one which highlights the tenacity with which we have overcome each obstacle.
Described by The New York Times last month as an example of “how to engineer progress by investing in the most marginalized,” Bangladesh now stands as a nation brimming with potential, on the brink of graduating from LDC to developing nation.
These 50 years of struggles and eventual successes deserve to be celebrated and those involved in this process, both in the public and private spheres, must be commended.
But this is only the beginning of a much longer journey -- the direction of which will be determined by the lessons we learn from our past and the mistakes we successfully avoid in the future.
In an interview with the Dhaka Tribune, the country director of ADB in Bangladesh, Manmohan Prakash, compares Bangladesh’s growth story to that of South Korea, whose GDP went from one of the poorest in the world in the 1960s to surpassing Italy’s last year.
But in order for us to successfully achieve the same success, we must learn from such countries, and invest in education and skills, and prepare for the next industrial revolution.
In fact, we should try to learn from every nation that has successfully managed to establish itself as an economy to be reckoned with and a go-to destination for some of the world’s most necessary supplies. As we have editorialized on before, we must not only diversify our exports and move away from depending on specific heavyweight sectors, we need to create an environment conducive to investment and progress and move up the Ease of Doing Business Index.
There is still much to be done to ensure that our growth stays on track. The next decade will be crucial.