Bangladesh's Rise: Charting a Path to Global Prosperity – Insights from International Seminar

The Democracy Forum (TDF) recently conducted a virtual seminar under the theme “Bangladesh’s Path of Global Growth.” Distinguished experts gathered to discuss the impressive development of Bangladesh and the challenges and prospects that lie ahead, including issues related to the climate crisis and political tribalism. In a press statement, TDF highlighted the key points discussed during the seminar.

The seminar, held on Wednesday, featured opening remarks by TDF President Lord Bruce, who emphasized the robust fundamentals of the South Asia region, particularly due to its young workforce. Bangladesh, he noted, serves as a prime example of this strength, with its economic growth surpassing that of India and Sri Lanka over the last decade. The remarkable growth of Bangladesh, driven in large part by the development of its garment sector – the world’s second-largest after China – has positioned the country as a global success story, contributing to 85% of its exports.

However, Lord Bruce expressed concerns about Bangladesh’s over-reliance on the garment trade and its limited diversification into high-value-added industries, such as pharmaceuticals and electronics. He warned that growing nervousness about the nation’s economic future, marked by plummeting living standards and inflation, poses a significant challenge.

Addressing the underlying economic challenges faced by Bangladesh, Lord Bruce cited a recent OECD policy review of the country, which emphasized that its impressive accomplishments have led to only a partial economic transformation. The persistence of significant vulnerabilities could potentially threaten future progress.

Dr. Sohela Nazneen, Senior Fellow at the University of Sussex’s Institute of Development Studies, acknowledged the country’s strong track record in growth and development, even amid global uncertainties like the Covid pandemic. She raised questions about the sustainability of Bangladesh’s momentum in the face of shifts in global economic structures, challenges related to inequality, trust issues, red tape, and corruption.

Naomi Hossain, a Professor of Development Studies at SOAS, expressed concerns about the risks posed by authoritarianism and the narrowing civic space in Bangladesh. She emphasized that the government’s legitimacy is closely tied to its development performance, which extends beyond economic growth and infrastructural projects to include everyday economic factors like food and energy prices.

Journalist Badrul Syed Ahsan reflected on Bangladesh’s democratic journey, emphasizing that democracy is an evolving process. He highlighted the challenges and progress experienced by Bangladesh since its independence in 1972, including periods of military rule and political instability.

A critical concern is the upcoming January 2024 elections, where the credibility of the electoral process will play a crucial role in shaping Bangladesh’s future. Ahsan noted that while the government has demonstrated impressive economic growth and infrastructure development, challenges related to overpopulation and climate change persist.

TDF Chair Barry Gardiner stressed the urgency of addressing the major climate catastrophe facing Bangladesh, calling for a comprehensive response. He also underscored the importance of cross-party consensus, labor rights in the garment industry, and addressing socioeconomic disparities for a sustainable future. The seminar shed light on Bangladesh’s remarkable development and the multifaceted challenges it faces as it continues its journey toward global growth and prosperity.