Today digital transformation of economic development has started worldwide. Bangladesh, being a small country of South Asia, has come to the focus of world economy which is characterized as a developing market economy. It is the 31st largest by purchasing power parity. This year, it celebrates its 50 years anniversary of independence. In the decade following 2004, Bangladesh averaged a GDP growth of 4.5%.
Its GDP is expected to reach 310.00 USD billion by the end of 2021.The key drivers of economy are RMG, remittances, agricultural sectors & manufacturing industries.
Through a series of political ups and downs, Bangladesh has attained a dignified status in the world economy under the dynamic leadership of Prime Minister Sheikh Hasina which is a landmark success in the history of Bangladesh.
Despite lots of socio-political bottlenecks Bangladesh is advancing towards MDG bridging the gap between the rich and the poor and curbing all sorts of social injustice and prejudices by ensuring rule of law and economic emancipation.
Bangladesh has achieved the status of mid-income country which is a member of the D-8 Organization for Economic Cooperation, the South Asian Association for Regional Cooperation, the International Monetary Fund, the World Bank, the World Trade Organization and the Asian Infrastructure Investment Bank.
The world is being transformed by the fourth industrial revolution. Technology has transformed just about every facet of human living. Currently 4IR is one of the most discussed issues in Bangladesh also. Seminars, conferences and round table discussions are being organised by different stakeholders on 4IR and its problems and prospects.
Scholars are trying to make stakeholders aware about 4IR concept and inspiring entrepreneurs to adopt newer technologies to get advantages out of it. They are reminding that businesses are to adopt 4th and 5th generation technologies to remain them up-to-date with concurrent market demands.
People are connected by mobile devices which will be multiplied by emerging technology breakthroughs in fields such as AI, robotics, IoT, autonomous vehicles, nanotechnology, biotechnology, and quantum computing.
Immediately after the victory in 1971, a ground satellite station at Betbunia in the Rangamati district was launched by our Father of the Nation Bangabandhu Sheikh Mujibur Rahman. He took initiative to reform all sectors including information technology to take the country's economy forward. Bangladesh has already become known all over the world as the Asian Tiger. Its economy is now stronger than most other countries in the world.
The standard of life and living of ordinary people has improved to a great extent. Major government services, especially land registration, birth registration, university admissions & many other government services are being delivered digitally to the citizens.
There is no alternative to digitization to make the Fourth Industrial Revolution effective. Bangladesh has already been able to achieve the title of Digital Bangladesh.
The Government of Bangladesh has constituted NCST (National Council on Science & Technology) to ensure the policy formulation and implementation in science and technology. Digital inclusion in rural economy has facilitated the rural workers to adopt technology to promote economic growth by reducing poverty, and transforming the lives of the general population.
Over 5,000 Digital centres have been set up across the country and digital services like Smart NID, the biometric database of unique IDs, fingerprints and iris scans have been made available. Digital services, access to information and technical and vocational training for less privileged women have been playing a major role in empowering them.
E-health services, including telemedicine, have already been effective including cloud-based health monitoring systems, web portals etc to help bridge shortages of trained medical professionals in rural areas. The government is implementing a number of mega projects which include 100 special economic zones and 28 IT parks in various parts of the country to establish an integrated and uninterrupted communication network across the country.
Bangladesh, like other countries, faces social and economic challenges due to COVID-19 which has a great impact on both national and international economy. With much technological advancement Bangladesh is at the threshold of the fourth industrial revolution.
The challenges that we are facing are unemployment, inflation, unskilled and semi-skilled people which can be mitigated by digital transformation of our economy from top to bottom through building KSA (knowledge, skill & ability) of our young generation with modern and sophisticated skill-sets in the respective fields of science & technology.
It has done all its needs to prepare for digital integration during or after the Fourth Industrial Revolution. It has adopted 5G communication which is an adventure in the field of ICT facilitating even the remote people to merge in economic development ranging from E-learning to E-commerce and what not.
It is well-prepared to equip its people with skill-sets to compete in the 4th industrial revolution to gain competitive edge as well as to thrive in the future economic market.
Mumta Hena Mim, student, Department of Economics, University of Rajshahi
