BDs economic successes ‘get world recognition’

After the corona pandemic, the world economy has got stuck due to the Russia-Ukraine war.

In this situation small economies are facing the biggest problem. Sri Lanka went bankrupt due to a severe economic crisis. Pakistan has failed in all economic indicators.

To overcome the crisis, countries are going to donor agencies without getting desired response.
However, Bangladesh has been able to maintain stability of its economy by bypassing various crises and uncertainties. Its economic successes are being praised in the world and are getting recognition from the international community.

Sources said that Pakistan started oppressing Bengalis without improving their living conditions.

As a result, the then East Pakistanis lagged behind in various aspects including education, health, and treatment.

At some point, discrimination took a dire form. Struggle started for rights, on the other hand Pakistani oppression continued.

Through a long struggle and a bloody liberation war, an independent state named Bangladesh was established on December 16, 1971.

War-ravaged Bangladesh faced various obstacles including natural disasters and famine. The new government faced economic problems. Seeing this, international analysts expressed concern about the future of Bangladesh.

Former US Secretary of State Henry Kissinger called Bangladesh a ottomless basket. His idea was proved wrong. In 1974, Kissinger visited to Bangladesh.

The world is seeing a prosperous-self-reliant changing Bangladesh. The economy is moving forward at a breakneck speed with tireless hard work. Bangladesh is now among the developing countries during its golden jubilee celebrations.

The economic journey of independent Bangladesh started in 1972. At that time Pakistan was ahead of Bangladesh in every economic index. Now Bangladesh has achieved enviable progress economically and socially.

After 52 years of independence, Pakistan is lagging behind Bangladesh in almost all socio-economic indicators. This is the great achievement of Bangladesah.

In 52 years,  Bangladesh moved forward faster. According to some of the world leaders, Bangladesh is a ole model of development, some say, the Running Bull of South Asia, according to some, Bangladesh is a country of endless potential.

After half a century of independence, former Pakistan Prime Minister Imran Khan praised Bangladesh, as "I see a different Bangladesh."

Comparing the development of Bangladesh with the economy of his own country, Imran Khan said, "When East Pakistan (now Bangladesh) became Bangladesh, many people told us that they (East Pakistan) were a big burden on us.

I have heard this with my own ears. That East Pakistan (Bangladesh) has progressed. This has happened because of their visionary thinking."

Bangladesh is ahead of Pakistan in most of the indicators. The matter will be more clear if we look at the comparative statistics. In 1972, Bangladeshs per capita income was $120 and Pakistans was $180," he added.

According to the latest Bangladesh Bureau of Statistics (BBS) per capita income of Bangladesh is now $ 2,765. According to the information of the news agency ANI, the per capita income of Pakistan is $1,471.

The Gross National Product (GDP) of Bangladesh in the fiscal year 2021-22 was $460 billion. Pakistans GDP was $348 billion. Bangladesh is also leading in exports. In fiscal 2022-23, export earning of Bangladesh was $50.556 billion. Pakistans export income was $2,7.40 billion.

In fiscal 1972-73, Bangladeshs export earning stood at  $377 million and Pakistans at  $760 million. 52 years ago Bangladeshs exports were less than half of Pakistans.

And now the export earning of Bangladesh has surpassed that of Pakistan. Bangladesh ranks second in the world after China in exporting ready-made garments. The value of Bangladesh is also much higher than that of Pakistan.

Currently, 1 US dollar is equal to Tk 110 of Bangladesh compared to 283rupee of  Pakistan.

As of December 2023, Bangladeshs foreign exchange reserves stood at around $19 billion, compared to Pakistans $12 billion.

That is, Bangladesh has more reserves than Pakistan. The upward trend in the prices of energy and commodities in the global market has affected the countrys market. Now the inflation rate of Bangladesh is 12.5 per cent, while the inflation rate of Pakistan is 29 per cent.

In 1972-73, the average life expectancy of people in Bangladesh was 47 years, in Pakistan it was 54 years. The average life expectancy of people in Bangladesh is now more than 72 years, 67 years in Pakistan. The under-five mortality rate in Bangladesh is 31 per 1,000, compared to 55 per 1,000 in Pakistan.

In World Banks The Human Capital Index 2020 Update: Bangladesh ranks 123rd among 174 countries, in contrast Pakistan ranks 144th.

According to 2020 index, the latest published forecasts of the British economic research organisation Centre for Economic and Business Research, Bangladesh is now the 41st largest economy in the world. The growing development of Bangladesh shows that the country is moving towards a large economy step by step. Bangladesh will be the 25th largest economy in the world by 2035.

Salim Raihan, executive director of the private research institute South Asian Network on Economic Modeling (SANEM), said, "Being ahead of India in per capita GDP is definitely a happy news. It is an important indicator of development, but not the only one. Whether the per capita income is distributed equally or not, what is the disparity -  also need to be seen. If we consider that aspect, we are lagging behind India in terms of purchasing power parity."

Former governor of the Bangladesh Bank Dr Atiur Rahman said, "Bangladesh should be compared with other developing countries."

He also said, "In  49 years after independence, there has been a wonderful change in Bangladesh. In 1972 our per capita income was $93, now it has exceeded $2,000. The budget size has increased from Tk 786 crore to Tk 7.64 lakh crore."