Feel the winds of change

It was around mid-2014. I was a non-resident Bangladeshi (NRB) banker completing seven years in the UAE, working for regional banks there. I was an NRB, but my heart was in Bangladesh and I could feel the wave of growth the country was experiencing. I asked myself at that time if I was ready to return to my motherland and contribute to our growth aspirations. I fondly recalled my earlier days with the then ANZ Grindlays and then Standard Chartered Bank during the late 90s and early 2000s, where in the workshops and gatherings, I had come across many Indian colleagues who would brag about their return to Mumbai/Bangalore or Chennai from the thriving alleys of Wall Street or London.

This reverse drain of professionals occurred in India due to the economic development that the country started witnessing around that time. Most of them I spoke to were willing to be a part of the winning streak and be amongst their dearest ones.

I, amongst many others, wanted to be a part of the winning story of Bangladesh—its economic development that has awed the world over the past decade and more. I have no regrets about leaving my comfortable life and coming back to Dhaka to play my role in this splendid saga. I felt it was my responsibility.

I distinctly recall the rise of the RMG industry during the early 90s and how that not only propelled our export earnings and, for the first time, put us in the global trade landscape with our own brand being cast, but also influenced a large number of underprivileged women of our society to step outside their homes and embrace economic independence. Many of them not only became bread earners in their families, but also earned a seat of respect with the economic support they could provide to their families. That was development.

However, at the same time, these women became prey to consumerism, which is natural. But they also supported the birth of several mid-scale local toiletries manufacturers who got a ready segment to cater to. That led to an expansion of consumers in the local market—they not only needed make-up and hair oil, etc but also converted from sandals to more decent footwear and vanity bags, thus supporting relevant manufacturers.

While we slowly started to become a basket of providers to the globe from a bottomless basket (as we were once called), there were visible signs of the impact of economic development that we could see happening around us.

In a similar fashion, the rural economy over the corresponding period of time started to change through the introduction of policies from the state as well as the assistance delivered by NGOs. They played a significant role alongside the government to slowly bring access to finance for rural populations, and also to make them aware about the long-run negative impacts of not controlling birth rates, as well as many other social issues. I recall the late 70s and all of the 80s, when political polarisation and unwanted interferences from non-democratic forces didn't allow us to focus on our economic development, while our peers in East Asia were racing towards their economic goals. During this time, some infrastructural development surely happened, but that wasn't sufficient to foster the potential we have as a nation.

Wage remittance and RMG steadily became major drivers in Bangladesh, but that wasn't the game changer as of yet. Early 90s onwards, the political weather remained heated and that had its ill impacts on our potential development. Amidst all this, a niche of the upper class started flourishing and we saw Dhaka skyscrapers taking over the landscape, overlooking the slums. At this point, the private sector was struggling to unleash our prospects in the economy due to some inherited problems and infrastructural weaknesses, like the energy crisis.

However, despite all such odds, it is the resilience of our first-generation (in most cases) entrepreneurs who beat all calamities and continued to build their own fortune from this fertile land of ours. This development slowly started to impact their lifestyle and spending. During one of my regular visits to Bangladesh (while I was working abroad) in 2010/11, I could feel the wind of change more strongly than ever before. I could see a purpose glittering in the eyes of passersby while I walked the streets of Dhaka.

I came across a new generation of young people. These young minds were infused with the purpose of personal growth—they wanted to earn a decent living and aspired to a better lifestyle, one which would enable them to visit foreign destinations like Kolkata or Bangkok for vacations.

So, I returned and joined in the quest for growth in the land that is often termed as the best-kept secret of Asia. In all the forecasts by relevant bodies, Bangladesh stands out today as one of the best performing economies, not only in South Asia but also in the world. Since my return, I have heard one common feedback from all expats visiting the country for the first time, or visiting since earlier, that one can see the change not just in Dhaka but all over the country. It is no longer the flood-stricken or cyclone-devastated country that it used to be depicted as. It is rather the buzzing coffee shops alongside the ongoing mammoth infrastructure work of Dhaka city, as well as the developed and connected rural economy, that remain in everyone's minds now.

Rural lifestyles have also significantly changed ever since digitalisation and infrastructural development aided prosperity. The pace of financial inclusion in our country has become a role model for the rest of the world. Bangladesh is on an upward growth trajectory. Despite the shock of the pandemic, our dreams have not diminished. Rather, we have demonstrated our strength and resilience once again, leading to Bangladesh being recognised as one of the fastest growing economics in the world by the IMF in 2020. As we celebrate the 50th year of our nationhood, our past achievements are writ large, but Bangladesh's is a story that is only just beginning. The best is yet to come.

Rahel Ahmed is a banker and financial industry  analyst. His Twitter handle is: @rahelahmed1971.