Page 64 - IBT October 2020

Bangladesh have been working Workers who are still employed LDCs could not capitalise on the
in the Middle-Eastern and abroad have been sending more same opportunities due to
South-East Asian countries. money to their distressed families supply side constraints and lack
They have helped us earn a during the pandemic. Moreover, of capacity. However, we have
large volume of foreign the returnee migrant workers to do better. We need to address
exchange income. have brought back all their the infrastructural constraints,
Although the growth savings. So, the volume of and administrative
momentum has taken a hit remittance income has increased complications including delays
because of the coronavirus significantly. in decision making.
pandemic, we have to remember Therefore, after lockdown for two, Once Bangladesh graduates
that this is an unprecedented we have seen a gradual opening from the LDC category, it will
and unavoidable circumstance. up of the economy. While the lose its presidential treatment
The global economy is reeling health alerts are still on, in terms of duty-free market
from the pandemic so we economic activities are access. If Bangladesh graduates
should not be too hard on increasingly coming to normalcy. in 2024, it will get another
become an upper middle-income ourselves. If this trend continues and if three years as a grace period to
country by 2031 and a developed COVID-19 has disrupted the there is no spike of COVID-19, prepare for smooth graduation,
country by 2041. production system and supply Bangladesh's economy will do Unemployment so that when in 2027 trade
Several factors facilitated this chain within the country. well. Despite high growth, youth preferences are finally
achievement; policy support from Domestic demand has been However, there are numerous unemployment is high. Though withdrawn, the country is well
the government and hard work of hampered. The shock has also challenges that we have to be the national unemployment rate prepared to cope with the new
Bangladeshi people are the major come from external sources; aware of. The pandemic has is 4.2 per cent, youth circumstances. Hence, the
factors. Continuity of supportive exports have declined, affected all the countries in the unemployment rate is 10.6 per country has to prepare from
policies is pivotal to ensure good remittance initially declined. world. So, the nature and speed cent. We need more investment now on to adjust to the new
economic performance. It Fortunately, both the sectors of our recovery will significantly for job creation. Every year about reality. It has to be strong
provides predictability to the have bounced back. Exports depend on how other countries 20 lakh job seekers enter the enough and competitive enough
investors. It also saves resources. have increased recently. recover from the crisis. Besides, labour market. But our economy International to export by paying duties and
If there are any interruptions or (agriculture, industry, service) Remittance inflow has we have to look into the perennial is not large enough to absorb trade still can sustain its export
abrupt changes in government have been playing an increased significantly during weaknesses of our economy. To everyone who enters the job After independence, Bangladesh volumes and income.
policy, it will have impacts on instrumental role in facilitating the last two months. But ensure the continuity of high market. Therefore, the used to be identified as an The preparation will also be for
investor confidence, especially in the economic achievements. COVID-19 has been a challenge growth, we have to ensure that growth trajectory over the next on technology and livelihoods employment strategy should be aid-dependent country because taking advantage of new trade
the case of foreign investors. If Speaking of the industrial this fiscal year (FY 2021) and infrastructural development decade. As the country is in the for better adaptation to climate focused not only on creating more we were highly dependent on benefits even after LDC
policies change frequently, sector, over 80 per cent of our the immediate past fiscal year meets the demand of the path of double graduation change. We also have to urge jobs in the public and private foreign aid. We needed a large graduation. However, that
project implementation is export income comes from the (FY2020). As a result, our investors. Investment is pivotal mentioned at the outset of this the developed countries to sector, but also create amount of foreign funds to deal requires fulfilment of stringent
hampered and sometimes stalled. readymade garment (RMG) projected growth rate which for continuation of growth article (from LDC to developing enhance support towards opportunities for with a war-affected economy. compliances in areas such as
This leads to wastage of sector. The entrepreneurs was to be 8.2 percent for momentum and higher income. and from lower middle-income adaptation. We need technology self-employment. This will require However, over the last five labour, environmental, and
resources. deserve a lot of credit for the FY2020 has declined to 5.24 per Unfortunately, the private sector to upper-middle income for innovations for climate enhanced access to finance. The decades, we have graduated human rights issues.
By Fahmida Khatun Secondly, many sectors have success of the apparel sector. It cent according to the investment has not been so country) maintaining high tolerant agriculture, and we from an aid-dependent country There is an urgent need for
Executive Director, Centre for Policy significantly benefited from these is also the four million workers Bangladesh Bureau of promising. Had it been higher, it economic performance will be have to invest in embankments, government will need to allocate to a trade-dependent one. export diversification. Our trade
Dialogue (CPD) critical. Diversification of the shelters, and job creation for resources for the youth who want
policies, including agriculture, who extend their labour for the Statistics. would have created more to start their own businesses. Currently, the share of trade in is concentrated on only a very
industry and the services sector. industry. They have been a Our exports have bounced back employment and enhanced economy and reduction on a the affected people who will Bangladesh GDP is around 37 few items, mostly on RMG. It is
Over the last decade, Bangladesh And the people of Bangladesh narrow export basket are badly suffer due to sea level rise Besides, we need to redesign our
has seen consistent and stable have been able to take advantage major driver of industrial thanks to increase in RMG economic growth further. If the needed for the country. At the which is the result of global education system according to per cent while the share of extremely risky to have such a
growth. Its growth rate has been of that support. As a result, the growth, exports and foreign exports in recent months, a domestic private sector same time, performance on warming. contemporary market demands. foreign aid is about 2 percent of narrow export basket. Any
much higher compared to its agriculture sector has managed exchange income. Similarly, the diametric scenario from during investment does not pick up, social indicators such as In addition to climate change, We have to change the mind-set GDP. internal and external sock can
peers in South Asia. This has to see positive changes. Our food government has been the height of the pandemic foreign investors will not be education and health outcomes there may be other external of having a university degree by Also, due to the policies which create a serious crisis. The
allowed Bangladesh to be production has been supporting the sector since the which saw a lot of cancelled encouraged to invest. Modern will also be determining factors shocks which could affect everyone. We have to expand were taken in the mid-'80s and government has identified a few
categorised as a high performing awe-inspiring, and we have been emergence of the industry in orders. It has been reported that infrastructure, skilled human for Bangladesh’s Bangladesh's economy. vocational training and early 90's which made a shift thrust sectors which have
economy. As a result, Bangladesh able to achieve food sufficiency. the 80s. Global opportunities almost 80 -90 percent of the resource, efficient bureaucracy, transformation. It will also COVID-19 is an ongoing job-specific training. Now that the towards market economy and potential to expand. But the
has been able to meet up all three Only about five per cent of our like Multi fibre arrangement cancelled orders have been corruption-free business depend on how we address our challenge. The global economic fourth industrial revolution has trade liberalisation there has progress towards diversification
criteria required to be considered food requirement is imported. (MFA), which provided duty-free reinstated. environment, policy stability, and vulnerability due to the impact meltdown of 2008 is another dawned upon us, and the been a gradual increase of is still not encouraging. These
for graduation from a least Even during the pandemic, the export of Bangladeshi RMG also Similarly, following the low political risks are essential to of climate change. Of course, example. So, external factors pandemic has forced mass trade, mainly through RMG sectors will have to be
developed country (LDC) to a agricultural output has been helped. outbreak of the pandemic and attract investment. Currently, we Bangladesh is a victim since can play a role in the pace of adaptation of technology, there exports. As an LDC, Bangladesh supported with substantive
developing country. It is expected excellent. Production of rice and The contribution of the services worldwide lockdowns, are ranked poorly in the global climate change is the result of Bangladesh’s growth. While we will be more demand for high has been provided the duty-free policy measures.
that Bangladesh will become a other agricultural commodities sector has been increasing thousands of migrant workers competitiveness index published the actions by the developed are optimistic about having a skilled human resources. quota free access to the
developing country by 2024. It has been very good which has steadily. The sector accounts for have returned to Bangladesh by the World Economic Forum. We countries. Therefore, we have to higher growth, the domestic Technology can be an enhancer as European and many other
has also graduated from a helped the country to pull over fifty of the Gross Domestic after losing their jobs. The will have to work towards adapt to the effects of climate and unpredictable external well as a divider. Unless it is markets in the world. And
low-income country to a lower through during COVID-19. So, the Product (GDP) of Bangladesh. migrants still continue to return overcoming the limitations to tap changes. Bangladesh has been factors on which we have no accessible by all, inequality will Bangladesh could utilise the
middle-income country. people behind the three sectors Semi-skilled and low skilled as the economic conditions of the full potentials of the economy. successfully doing so. However, control can slow down the increase. And if growth is not opportunities provided to LDCs,
Bangladesh now aspires to human resources from their employers have declined. These factors will determine our there has to be more investment momentum. equitable, it is not sustainable. whereas numerous African

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