While state statistics do suggest a modest 6% growth driven by exports rising for our apparel sector, we must listen to key industry voices marking the reality behind these figures which state that export numbers are misleading.
When factored against soaring production expenses, Bangladesh’s primary export engine could actually be experiencing net negative growth, and this reality cannot be swept under the rug.
To be sure, there is a genuine bright spot: Remittance inflows. Overseas workers sent home $11.465 billion during the July-October period, representing a robust 13% year-on-year surge. This steady inflow from our expatriate workforce once again has offered vital support to our macro-stability.
However, while we can never be thankful enough for the work our expat workers do for the economy, relying on remittances to prop up an economy is an unsustainable strategy, and we need better solutions.
Above all, we must stop taking comfort in superficial statistical milestones and acknowledge our reality, that the economy remains grim: Overall GDP growth has stalled, private sector credit growth languishes at historic lows, and millions of workers remain trapped in a relentless real-wage crisis.
This is the time for our government to work towards genuine national recovery. From restoring liquidity and credit flow to private enterprises to taming persistent inflationary pressures and rebuilding investor confidence, we remain far from solving these issues, and yet they are what must be solved.
Cautious optimism may be warranted, but complacency is fatal. Sustaining export growth is important and necessary, but more important is recognizing where we stand. We must move past short-term statistical relief and focus relentlessly on comprehensive, structural economic revival.
