Ruling party to cash in on megaprojects for upcoming election victory

Bangladesh's economy now ranks 34th in the world, but it is predicted to move up to 24th by 2036 and become the ninth-largest consumer nation in the world by 2040. Bangladesh's GDP is predicted to grow from its current US$460 billion to US$1 trillion by 2040, barring any significant setbacks.

Bangladesh has seen a sizable number of development projects that may be categorised as mega projects as it moves closer to leaving the LDC category. Bangladesh is effectively planting the seeds for a sustainable future by giving major infrastructure projects top priority as "fast-track projects." Prime Minister Sheikh Hasina officially opened the 82-km Padma Bridge Rail Link on Tuesday, one of the most significant infrastructural projects in Bangladesh. It is expected to directly benefit 80 million people and increase economic growth by 1.5%.

It is evident that the present government began a number of monumental construction projects after taking office in 2009 with the goal of upgrading the nation's electricity, transportation, and communication infrastructure. Many of them have already been completed, while others are in progress. The Padma Bridge Rail Link, the elevated expressway, the Metro Rail, the third terminal of Hazrat Shahjalal International Airport, and the Rooppur Nuclear Power Plant are just a few megaprojects that PM Sheikh Hasina recently inaugurated. By modernising existing physical infrastructure and developing an ideal business climate, the initiatives aim to make the country particularly profitable in terms of economic margin and safe investment.
As the world's second-fastest-growing major economy, Bangladesh is included in the IMF's list of the next eleven emerging market economies and is considered a frontier market. Bangladesh's economy now ranks 34th in the world, but it is predicted to move up to 24th by 2036 and become the ninth-largest consumer nation in the world by 2040. Bangladesh's GDP is predicted to grow from its current US$460 billion to US$1 trillion by 2040, barring any significant setbacks. Over the last decade, Bangladesh has exerted enormous effort to get its "flagship projects" implemented on schedule. The country hopes to attract foreign investment by showcasing the benefits of investing in its megaprojects, which include logistical support and a business-friendly atmosphere.

Benjamin Parkin, a Financial Times columnist, recently complimented Bangladesh's current leadership for its "journey of progress" in transforming the country from one of the world's poorest to a success story. Despite rising inflation in recent months, he claims that Bangladesh's economy is one of the fastest-growing in Asia, thanks in part to the success of its textile export sector. Bangladesh's garment industry, the world's second largest after China, has drawn millions of people from rural poverty to higher-paying urban occupations. Poverty has been reduced by half in the previous 15 years, to roughly 20%. A graph shown by analyst Benjamin Parkin demonstrated how Bangladesh's economic growth had surpassed that of Sri Lanka and India. However, he advised Bangladesh to take measures to diversify its economy, which is primarily dependent on exports of clothing (around 85%).
 
Political observers in Bangladesh think that the country's megaprojects will be the ruling party's trump card in the forthcoming 12th national parliament election. The Padma Bridge, the first gift to the nation, was a major electoral card for the ruling party in the 12th National Assembly elections since it linked the capital with the 21 southern districts, ensuring a steady and low-cost supply of raw materials essential to industrialization. Expanded connectivity not only reduces travel time for individuals but also encourages a wider range of trade possibilities and more opportunities for economic activity.The Asia Foundation's August survey showed that the majority of respondents deemed the $3.6 billion Padma Bridge, which opened last year, "Bangladesh's most important success."

"Electricity for all" was a popular slogan of the current administration. The Rooppur nuclear power plant project and the Matarbari 1200 MW coal-fired power station project are on their way to making this slogan a reality. The first unit of the Matarbari coal-fired power plant in Maheshkhali, Cox's Bazar district, is expected to start up in December. The port will increase cross-border commerce by providing quick port service and integrated connectivity.

Last month, the prime minister launched an 11-kilometre elevated expressway to alleviate traffic congestion in the capital city and its vicinity. On October 28, she will open the Karnaphuli tunnel in Chattogram, making it the first tunnel among South Asian countries and ushering Bangladesh into the tunnel age. Her government is also going to start a direct rail link from Dhaka to Cox's Bazar. This will advance the transit system for regular passengers, including tourists.

Young voters will be attracted if all of these initiatives are visible before the next elections; similarly, these successes will have a positive effect on poll politics. Notable writer Benjamin Parkin also believes that the completion of large projects has an election dimension as Prime Minister Sheikh Hasina, the world's longest-serving female leader, ramps up her campaign for a record-breaking fifth term. According to Parkin, the recent completion of large-scale projects to boost the country's economy and improve people's well-being will likely influence voters' minds strongly. He stated that the infrastructure drive is a core part of the message Sheikh Hasina is sending to voters ahead of the January national elections.

This brief analysis provides a preview of what the country's growth will look like in the near future. What is important at this stage is to ensure that any significant election-related unrest is prevented at all costs. There is no way to overlook these "high-yielding projects" that have been reshaping society and the environment by leveraging "economies of scale." The projects that were launched have already benefited millions of people. This might benefit the incumbent administration in the upcoming elections. People might put their faith in this party to lead the country forward under this administration.

The writer is a strategic affairs analyst