MD. Azgar Ali :
Although economy all over the world has intensely inflicted with the COVID-19 pandemic, economy of Bangladesh is an exception in this regard. The economy has turned over the past two decades after overcoming thousands of adversities, comparing it to the ‘rising of the phoenix from the ashes’. The economy of Bangladesh has been growing at a regular rate for the last 20 years. Due to COVID-19 havoc, the overall economic production was disrupted in the last financial year and the expected growth target was not achieved. However, at the end of the financial year, the growth stood at 5.24 percent, which is not less than the economy of other countries. There is a glimmer of hope in the forecasts that all donor agencies, including the World Bank, IMF and ADB, are making about Bangladesh. The country’s economy is on a positive note. It’s like being optimistic.
Despite the COVID-19 epidemic, Bangladesh’s economy will not shrink this year. The government is on the right track in the recovery process. There may be controversy over the number of growths. Besides, the main driving force of the economy is exports and remittances. But the second wave of the Corona is also hitting large economies. So there is some concern about the country’s exports and expatriate income. As per the National Board of Revenue (NBR), the revenue is falling below the target. Although the revenue has not increased, the expenditure has been increasing. Financial management is under great pressure. The challenge of 2021 is different than other years.
This year we will celebrate the fiftieth anniversary of our independence. We will stride to a developed economy. The main aspect to this is to raise money. Therefore, experts think that the government should put more emphasis on raising money from foreign sources. The money is spent on the implementation of the incentive package announced by the government. If this money reaches the real victims, the wheel of industry will gain momentum. SME and export sector will be strengthened. This will increase employment. Industrial production will also increase.
This year, the world’s economic growth will slow down and the amount of remittances around the world will also decrease. Its symptoms are more or less visible already in almost all countries of the world. Most of the Bangladeshi workers go to the Middle East. A large part goes to Europe and the United States. A lion’s share of our expatriate income comes from those countries. Expatriate income from these countries has already been adversely affected. At the moment there are also limited employment opportunities. However, there are speculations that Bangladeshi workers may get job opportunities in some European countries. It is important to take steps now so that this opportunity is not missed. Immigration is declining due to the epidemic. It is expected that this trend will continue till the middle of this year and its impact on remittance inflows will be significant. The contribution of expatriate income to the national economy alone is 12 percent or so. It is easily conceivable that a collapse in this sector would mean catastrophe, albeit somewhat, for our overall national economy. Corona has ruined the national economy. Bankruptcies were in turmoil. Restructuring of the financial sector and the chaos created in the financial sector must be removed. At the same time, the corrupt should be cut off to create investment friendly environment.
Corona is the biggest political, social and economic challenge of the century. Corona has caused at least 26 trillions in economic losses worldwide. Expert said it was a historic crisis. All of us should be moved and fight cautiously and waited patiently to deal with it. Achieving the SDGs target by 2030 and becoming a high-income country by 2041 has several challenges. The growth that is taking place now must be continued. We need to ensure that all people get the benefits of economic development, opportunities and growth equally. Only then will the desired success of the people of the country be achieved. Although there has been some slowdown in economic growth due to COVID-19, it is expected to return to full swing by mid-2021 and by 2035 the country will be the 25th strongest economy in the world. The transition from Least Developed Countries (LDCs) to developing countries will be finalized in February. It has been able to meet all the conditions required by the UN standards. We hope there will be no more problems in the transition to developing countries. Due to Corona, both domestic and foreign investments were disappointing. The interest of foreign investors is already very promising for us as the business friendly environment is favorable in Bangladesh. The government of Bangladesh has continued its efforts to save the Coronated economy.
A report has been published according to the World Economic League Table 2021 of the Center for Economics and Business Research, a British economic research organization. According to the 2020 index, Bangladesh is now the 41st largest economy in the world. Although many other countries have experienced economic recession in the Corona situation, Bangladesh has been able to avoid it to a large extent.
(Md. Azgar Ali, Publicity Secretary, Bangladesh Statistical Association)
