Bangladesh makes history at International Economics Olympiad 2020 | The Daily Star
02:44 PM, September 15, 2020 / LAST MODIFIED: 02:55 PM, September 15, 2020


Bangladesh makes history at International Economics Olympiad 2020

Bangladesh has, for the first time, achieved four bronze medals in an international Olympiad. The International Economics Olympiad (IEO) is a worldwide competition organized for high school students intended to stimulate their interest in economics, business, and finance through a creative problem-solving approach.

The competition consisted of the Financial Literacy Round, which was a simulation game based on real-life events that tested participants' ability to maximize capital and utilities through investment in stocks, bonds, ETFs, real estate and other variables. The Economics Round consisted of multiple-choice and theory questions that tested their economic knowledge. Lastly, the business case round required participants to come up with a pricing strategy for a leading pharmaceutical's Covid-19 vaccine. Bangladesh has secured the 3rd position in the Business Case Round and 5th position in the Financial Literacy round, among 29 other countries. 

IEO 2020, was supposed to be hosted in the capital of Kazakhstan, Nur-Sultan; however, due to the pandemic, it was held online. The organizing committee of IEO held the competition on a specially designed platform. They arranged facilities to unite participants from all over the world and provide a wholesome experience. Participants around the globe got the opportunity to meet remarkable individuals - Eric Maskin, Nobel Laureate in Economics and Professor of Harvard University, N. Gregory Mankiw, Marc Uzan and many more. Besides enjoying lectures from notable economists, participants took part in various virtual cultural events, games and entertainment sessions. 

Team Bangladesh comprised of seven members, including five participants: Syed Nazif Ishrak from Sunnydale School, Faraz M. Choudhury from Sunbeams School, Darpan Barua, Esfar Jawad and Promi Zaman from SFX Greenherald International School. The two team leaders were Md. Al-Amin Parvez, lecturer of Dhaka School of Economics and President of the Executive Committee of the Bangladesh Economics Olympiad (BDEO) and Akhtar Ahmed, Chairman of Capstone School and Coach of the National Team of Bangladesh Economics Olympiad (BDEO).

Syed Nazif, Darpan Barua, Faraz Choudhury and Promi Zaman received the bronze medals in individual performance category, which is a first time for Bangladesh. Nazif Ishrak achieved the highest mark from the team, and Promi Zaman was among the top ten in Financial Literacy.

They participated in IEO under the supervision of BDEO committee which is the official partner to send a national team in the event. The Chairman of the National Committee of BDEO is Dr. Qazi Kholiquzzaman Ahmad, Chairman of Dhaka School of Economics. The secretary of the executive committee of BDEO is Rafid Abrar and organizing secretary is Tahsinul Islam.

The official contesting platform is and outreach partner is Strategic Development Council. The participants are proud to represent Bangladesh in this prestigious international platform and to bring four individual bronze medals and one team bronze medal for the first time in Bangladesh by contesting with countries like USA, Canada, China, Russia, Switzerland, India, Iran and others.

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