Bangladesh’s amazing economic growth due to ‘Sheikh Hasina factor’: Saida Muna Tasneem
The year 2021 marks 50 years of Bangladesh's liberation; 2021 also marks the birth centenary celebrations of Father of the Nation Bangabandhu Sheikh Mujibur Rahman, remarkable Covid-19 cooperation with neighbours, especially India, and a currency swap with Sri Lanka. In South Asian economies, Bangladesh is a rising star with a per capita income of $2,227.
Bangladesh High Commissioner to the UK Saida Muna Tasneem mentioned the above during a Q&A session while speaking at an event titled "Bangladesh: The Emerging Asian Tiger economy", hosted by PriyajitDebsarkar at the Taj Hotel in Central London, on July 30. This was the first in-person session organised by Bridge India Foundation in association with British Bengali media online Channel NL24.
"On various indicators of human development, Bangladesh had shown significant improvement," she said, adding, "Life expectancy in 2019 was 72.6 years, a gain of over 7 years since 2000, years of schooling were up from 4.1 to 6.2, and the country's human development index value climbed from 0.478 in 2000 to 0.632 in 2019. As a result, Bangladesh's index ranking is now 133rd out of a total of 189 countries."
The High Commissioner pointed out that Bangladesh's growth stems largely from its success as an exporter of readymade garments, which account for 83% of its total exports, and remittances from overseas, which amount to over 7% of GDP. However, the principal driver of growth is investments, which has risen from 24% of GDP in 2000 to 32% in 2019. When asked about Bangladesh's amazing rise and economic growth, she put it down to the "Sheikh Hasina factor".
The High Commissioner emphasised that during the Covid-19 pandemic, the government offered a 2% incentives bonus for Bangladeshis sending remittance back to the country, creating $2 billion to keep the growth going. In addition, the Bangladesh Government under Prime Minister Sheikh Hasina provided an exponential stimulus to the economy to protect the marginal fringes of the workforce. She also highlighted that completion of the Padma Bridge will make a huge contribution to the economy.
In the Q&A session, the High Commissioner also indicated some of the challenges, like diversification of exports beyond the RMG sector, tackling climate change, deepening the financial sector, improving urbanisation, and strengthening governance. "Human capital development remains a priority as well," she added.
The event was attended by CEO(s) and key members of the UK Business community like POP Airways, Royal Sweets & Airline Catering, Future Bricks, and other intellectuals like President Alumni Association UK of Lady Shri Ram College Delhi. Members of the British-Bangladesh Business council were also present who pledged to work together with the Bridge India foundation.
The High Commissioner extended all possible cooperation to business leaders at the event for investing in Bangladesh and exploring future avenues together.