Global instability, stability of Bangladesh

Dr. Pranab Kumar Pandey

Dr. Pranab Kumar Pandey: Bangladesh is a model of perseverance, development and economic prosperity in a constantly changing and volatile world. The country has overcome many obstacles to become a significant force in the international arena. The country has achieved incredible growth, its position making it a strategic player globally. This article highlights the reasons behind Bangladesh’s recent success in a chaotic global environment. Bangladesh has experienced a significant economic transformation over the past decade. The country’s average annual GDP growth rate has consistently exceeded 6 percent. Which makes it one of the fastest growing economies in the world. Several factors have contributed to this steady expansion, including a strong manufacturing sector, a thriving ready-made garment industry and significant growth in foreign direct investment. Bangladesh’s economic growth can be largely attributed to the country’s dedication to improving the lives of its citizens. Education rates are rising, poverty is falling and the middle class is growing due to government spending on education and healthcare. There is now a thriving startup ecosystem, which is attracting domestic and foreign investors, thanks to government programs to encourage innovation and entrepreneurship.

Many see Bangladesh as a nation at the forefront of the fight against global warming. The country is particularly sensitive to the effects of climate change because it is located in a low-lying delta region, which is vulnerable to destruction by floods and storms. Without giving in to these problems, Bangladesh has taken initiatives to adapt to the effects of climate change. Construction of cyclone shelters, flood-resistant infrastructure, promotion of climate-resilient agricultural practices are just a few examples of innovative approaches taken by the government under Sheikh Hasina. Bangladesh has become a world pioneer in renewable energy, especially solar power. Bangladesh can mitigate the effects of climate change by investing in renewable energy to ensure reliable electricity for its growing population. Bangladesh was on a promising growth path until Covid-19 derailed it. 2020 put the country in serious trouble. Bangladesh, like many other countries, felt the devastating impact of the pandemic on their economy and healthcare system. The escalation of the Russian-Ukrainian war has delivered another wave of global economic uncertainty just as Bangladesh begins to recover from the devastating effects of Covid-19. Bangladesh has shown incredible resilience, emerging as a success story in the face of tremendous challenges, including the global economic crisis caused by the Covid-19 pandemic and the Russo-Ukrainian war. The South Asian country has faced the pandemic and its economic impact with remarkable resilience.

Bangladesh’s quick and effective response to the Covid-19 pandemic is an example of the country’s preparedness and leadership. The government has wasted little time in implementing comprehensive measures like mass testing, communication, public awareness campaigns to contain the spread of the virus. Essential services continue with minimal disruption despite lockdown social distancing restrictions to protect public health. Investing in medical research and development Bangladesh has demonstrated its strength by rapidly developing a healthcare system. Due to the close collaboration between the government, medical experts, and the general public, Bangladesh was proactive in protecting its residents from the epidemic. Bangladesh’s successful vaccination campaign comes amid a global search for a Covid-19 vaccine. Bangladesh is underdeveloped but its vaccine collection, distribution and administration systems are well-run. Bangladesh has taken preventive measures to ensure the safety of its population as other countries struggle to get their hands on vaccines. The success of the Covid-19 vaccination in Bangladesh reflects the country’s commitment to public health and people’s well-being. It is the result of careful planning, collaboration with foreign partners and a strong healthcare infrastructure. To keep the economy moving despite the Covid-19 outbreak, the government has quickly rolled out stimulus measures to boost the affected sectors, especially export-oriented industries like textiles and apparel. Steps were also taken to support the home sector, promote innovation and increase domestic consumption. Bangladesh has been able to mitigate the effects of the global economic crisis largely due to the country’s emphasis on promoting economic diversification Small and Medium Enterprises (SMEs).

Bangladesh faced significant difficulties due to the conflict between Russia and Ukraine which led to the global economic crisis. Yet the country has effectively navigated these challenging times due to wise economic policies, prudent fiscal management. Bangladesh’s economy has shown significant recovery and development despite adverse conditions such as reduced international trade and disruptions in supply networks. Bangladesh’s economic stability is largely attributed to the country’s steady remittance and FDI inflows. The government has worked with IFIs to access foreign markets for funding. Bangladesh was able to weather the storm due to these strategic moves and innovative macroeconomic policies. Bangladesh’s growing diplomatic influence signals the country’s ascent on the global stage. The country has adopted a proactive foreign policy to address critical concerns promoting cooperation. Bangladesh has long supported international efforts for stability, human rights, long-term economic growth. Bangladesh has been recognized as the most significant personnel contributor to the United Nations Peacekeeping Mission due to its dedication to the mission. Another example of the country’s humanitarian leadership in the face of enormous problems is helping the Rohingya refugees.

In light of the current unstable global situation, an important question arises: What is Bangladesh’s ability to overcome its difficulties? Sheikh Hasina’s leadership has played a helpful role in advancing Bangladesh in today’s uncertain global environment. Despite the difficulties presented by the Covid-19 pandemic and the global economic crisis, it is because of his leadership that Bangladesh has risen to the highest level of growth. His strategic thinking, initiative and devotion to the welfare of the country have taken Bangladesh forward. Successfully coping with the global economic crisis and the Covid-19 pandemic are just two examples of how economic success, along with climate resilience, defines Bangladesh’s progress in today’s volatile world. The country has shown resilience in the face of adversity due to the quick and successful response of wise economic policies to the pandemic. It is moving forward, tenacity in the face of adversity, vision in planning and what can be achieved through concerted efforts, Bangladesh is an example.

Author: Professor, Department of Public Administration, Rajshahi University. Source: Daily Sun. Translation: Mirazul Maruf