Bangladesh's ambitions of becoming a “smart” nation in less than two decades is by now well documented, and to say we have plenty of distance to cover would be an understatement.
If we are to indeed become a prosperous and high-income country in such a short time, it is imperative that our growth numbers not only stay consistent, but continue to improve - and that is only possible if each and every sector of the nation performs at its fullest potential.
To that end, it is concerning to learn that, as per the Bangladesh Bureau of Statistics (BBS), the GDP growth in agriculture, manufacturing, and service sectors for the fiscal 2022-23 decreased compared to the previous year. Overall, BBS projected Bangladesh's GDP to be 6.03% this financial year - compared to the 7.10% that was registered in the previous fiscal year.
Of course, there is no questioning the volatility of the global order in recent years; from Russia's invasion of Ukraine to the ensuing power crisis, inflation, and the devaluation of the taka, we have been navigating a tricky path as a nation.
Nevertheless, uncertainty and volatility will continue to be hurdles for Bangladesh, and there will be many other hurdles and challenges that arise over the next two decades - and it is our ability to overcome these hurdles and challenges that will define our nation over this time period.
At this juncture, it is imperative that we get back to the drawing board and do a thorough analysis of why such crucial sectors of our economy are seeing a dip - followed by prioritizing course correction to ensure that these sectors continue to perform at the level that is expected of them.
For Bangladesh to indeed become Smart Bangladesh, only equitable growth across all its sectors will take us there.
