It is encouraging to see that, compared to last year, Bangladesh has seen its exports rise by a fairly significant margin -- earning $4.73 billion through exports in April of this year, registering a 51.18% year-on-year growth.
This is not surprising, as it appears that we may be returning to normalcy after two years of the pandemic wreaking havoc on the economy. Nevertheless, the fact that we have acknowledged and made the effort to increase export output is impressive, and the authorities concerned and relevant stakeholders deserve plaudits.
We have also seen Bangladesh’s steady rise in per capita GDP, and together with its increasing exports, there is reason for optimism. Yet, we would do well to err on the side of caution, and identify the issues that remain within our economy.
Among the most concerning of these issues is our skewed export basket, which continues to be dominated largely by our RMG sector. The fact that over 83% of our export earnings continue to come from the RMG sector is testament to its prominence but also spells disaster for us if, for any reason, the sector goes through a period of long-lasting shock.
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To that end, diversification of our export basket remains of paramount importance. While recent undertakings by the government to address this has been laudatory, until and unless we create viable industries and sectors which rival the RMG industry in significance, we will always be vulnerable.
Bangladesh’s meteoric economic rise has been impressive, but the next two decades, over which it intends to beat the middle-income trap and become a developed nation, must see our leaders enact the right policy decisions so that we are able to achieve what we have spoken about for so long.
