bangladesh keeps economy stable despite geo-economic crisis, bangla-desh’s foreign exchange reserves are in a stronger position than those in a number of other developing countries as garments and foreign exchange remitted by Bangla-deshi workers abroad are the main pillars of the economy. “The impact of the Covid-19 pandemic on the economy, which is also constrained by the Russia-Ukraine conflict, cannot be denied. But the Hasina government is determined to keep the economy stable,” Dipanjan Roy Chaudhury, diplomatic editor of Indian newspaper The Economic Times (ET), wrote in an article on Monday.
Bangladesh keeps economy stable despite geo-economic crisis
It said in the early stages of the pandemic, many assumed that
remittances would decline as many expatriates lost their jobs.
However, due to the success of the government’s diplomatic efforts,
many bangla-deshis have returned to their workplaces abroad and
they are sending back money at pre-pandemic rates.
The World Bank (WB)-International Monetary Fund (IMF) Spring
Meeting in 2022 lauded bangla-desh for successfully implementing
its policies to combat the Covid-19 pandemic and economic
recovery from its effects.
bangla-desh itself has given a roadmap – Vision for 2041 – aimed at
ending absolute poverty and graduating into higher middle-income
status by 2031, and becoming a developed nation by 2041.
The country is making progress in several social and economic
sectors, the article mentioned, adding from agriculture to
pharmaceuticals and from shipbuilding to garments, the country’s
industrial base is diversifying and its exports increasing.
Bangladesh has its challenges, but authorities have responded to
keep the economy on an even keel.
Government officials’ travel abroad is restricted, the taka has been
devalued against the US dollar, remittances from abroad are
rewarded with cash, and luxury goods are taxed, all of which are
helping the country build up its reserves so it can easily meet
import demand.
In the meantime, the government’s policy of raising exports and
lowering imports is helping the economy recover.
From when (US Secretary of State Henry) Kissinger called it a
‘basket case’ in 1971, Bangladesh has come a long way. The recently
inaugurated Padma Bridge stands out. The international agencies
that had refused to fund it are now congratulating Bangladesh on
its completion, the article added.
Linking the southwest of the country to the northern and eastern
regions, the road-rail bridge (Padma Bridge) built at a cost of USD
3.6 billion was inaugurated by Prime Minister Sheikh Hasina on
June 25.
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