Despite the plethora of crises currently plaguing the world economy at large, Bangladesh has fared surprisingly well in terms of revenue over the last two year period.
In particular, the country's export earnings seem to have grown further this year, crossing $50 billion for the second time, with $55.55bn earned in the 22-23 fiscal year.
Although the earnings fell short in terms of the target set for this fiscal year, a milestone of this scale is certainly commendable -- especially in the face of global inflation and general economic unrest.
However, it is important to note that over-reliance on the RMG sector is still noticeably prevalent, evidenced in the data, accounting for over 84% of the total earnings this year -- with other export products experiencing a negative growth.
Experts have repeatedly addressed the possible implications of this dependence on a particular sector, on which this newspaper has also editorialized on multiple occasions. Aside from it being an unfair and risky burden on the RMG industry, such a practice is also indicative of the nation's vast resources being underutilized.
While the garment industry should no doubt be given room to grow further, it is imperative that we diversify our export basket and facilitate the expansion of other potentially profitable sectors. Relevant authorities must conduct thorough research to identify probable markets to expand our reach, and make full use of the rich resources available to us as a nation.
It cannot be emphasized enough: Growth achieved on the back of a single industry cannot be the sustainable way forward, especially considering the highly ambitious development goals that we are trying to achieve.
For Bangladesh to become a truly successfully nation, it is crucial that the growth of other sectors is prioritized and catered to.
