Tuesday, June 25, 2019 | ePaper
The Emerging Economy
BD Enjoys Highest Growth Rate Among SAARC Countries
Nearly fifty years after independence, Bangladesh economy has gained the ability of getting praise from globally renowned financier, the World Bank. The WB in a study said that recent pace of economic growth of Bangladesh shows highly competitiveness among south Asian countries. Even though, the neighboring economy India that dominated Bangladesh earlier in many ways cannot now keep pace with it in respect of growth trend. The government deserves appreciation for this long desired achievement for her charismatic leadership.
Actually, South Asian region are covered with land locked and least-developed countries. With these countries' previous socioeconomic conditions, this was completely impossible to be economically grown up. In present time, the region's economic status becoming appreciable to Washington-based WB due to sustained growth trend. In terms of economic growth rate, among eight countries, Bangladesh and Maldives ranked first where India second and Nepal third according to the study carried out by the WB.
Bangladesh has been the role model to the view of renowned economists. The economists are now trying to discover the actual reason of economically progress so fast. But, their trying remains undiscovered. Actually, the people connected with manufacturing sectors are continuously battling relentlessly to take the country forward. Export oriented sectors are playing a crucial role for positive growth trend. Nevertheless, many bravery steps have so far been undertaken to join the race with developed economies. Afghanistan and Sri Lanka have been termed as worst in respect of growth.
I think, if promoted regional connectivity Bangladesh including other south Asian countries would be able to keep pace with any dominant economies in the world. The need for mapping an economic corridor among India- Nepal- Bhutan- Bangladesh is a must if we want to become one of the world's leading economies. Ultimately, our dream to be developed countries one is set to fulfil if our motives are on the right track. The nation has to have contributions for achieve the status of developing and developed country respectively.
There needs to be mentioned here in this article that India known as fastest growing economy in the world is currently passing bad time as their growth level is recorded unsatisfactory. Once upon a time, Bangladesh had to follow Indian charismatic economic strategies to go ahead. But, now those days have gone. Bangladesh is now going to becoming an economic model in this region. To keep the growth sustained there is no alternative to increase export volume. The WB also advises Bangladesh to enhance export in its study. Goods and services produced in the export oriented factories must be maintained quality asked by concerned buyers. If found fault in the ordered products, the attained growth rate is likely to collapse soon.
The South Asian economically was badly affected due to absence of regional cooperation. Only, the South Asian Association for Regional Cooperation (SAARC) can promote the regional economy within brief time if its member countries move together with optimum efforts. As committed by SAARC member countries' leaders earlier the need for promoting South Asian Economic Union (SAEU) aiming to trade expedition is a must. Moreover, a plan for introducing regional economic corridor for transportation goods within countries is a must. Upgradation of old aged trade policy that was incorporated in the regional-based platforms has to be done right now.
To conclude, the South Asian countries must be turned into developed countries within next couple of years if head of the government of SAARC member countries start horse race from now on. A strong harmonization is needed among the country-heads if the region wishes to become powerhouse economically. To turn the country into Sonar Bangla, friendly relation through economic diplomacy must be established by hook or by crook among the neighbouring nations.
(Md Mazadul Hoque, official at Social Islami Bank Ltd, Member of Bangladesh Economic Association; email: email@example.com)