South Asia is a melting pot of nations that share complex history, diverse cultures, and the curse of colonial "raj." Once, British-ruled India was undivided until one religious nationalist movement gave birth to Pakistan in 1947, and another nationalist war liberalized Bangladesh from Pakistan in 1971. Other South Asian nations, Bhutan, Nepal, Sri Lanka, and Afghanistan, also have their fair share of colonial history and independence struggles. What sets Bangladesh apart from these countries is its resiliency. Climate disasters or endemic poverty, whatever is thrown to its face, the country has been slowly but mindfully dealing with its internal and external challenges with a consistent focus on developing its manpower and economy. From its days of being a "basket case," this small yet resilient nation has come very far. So, it does not come as a surprise that in just 50 years, from its time as 2nd poorest country in the world, Bangladesh has become the 35th largest economy in the world.
The compelling narrative of Bangladeshs ascent is woven through a series of remarkable achievements that extend from its robust economic growthto the commendable achievement in gender parity, exemplifying the effectiveness of targeted development policies.Even during the pandemic, when all South Asian economies registered negative growth, Bangladesh boasted a 3.4% growth in GDP.
Bangladesh is also the second fastest-growing economy in South Asia. The upward curve is reflected in most socioeconomic sectors compared to its regional counterparts. The nations commitment to education and gender equality has not only elevated literacy rates but has also fostered an environment conducive to innovation and knowledge-certainly carving a niche for itself as a model for others in the region.
One of the key indicators of a nations socioeconomic prosperity is its economic growth. With an average annual GDP growth of 6% in the last decade, Bangladesh has outpaced India, Pakistan, and Sri Lanka, including the global rate of 3-5%. The country has also been consistently ahead of India and Pakistan in terms of per capita GDP for the last few years. Its per capita GDP is USD 2621 now, while India has USD 2,612 and Pakistan has USD 1,471. Bangladesh is only second to India in terms of foreign reserves, surpassing the others in the region by miles.It is on track to become an upper-middle-income country (at least ~$4,000 GDP per capita) by 2031.
Bangladesh has also secured second position in export growth among emerging economies and first among South Asian nations in the last decade. In 2019, Bangladeshs export growth was9.8 percent while the figure was significantly lower for India, only 5.3 percent. After 52 years since its separation from Pakistan, Bangladeshs exports reached $52.08 billion for the financial year 2021-22, whereas Pakistans exports stood at $31.78 billion during the same financial year. Even Pakistans inflation rate this year is three times higher than Bangladeshs. Today, the countries stand at opposite poles from their time of East and West Pakistan.
While the numbers speak for Bangladeshs economy, the country also stands out as a remarkable success story inthe health and education sector.
Bangladesh has a higher life expectancy rate than Bhutan, Afghanistan, India, Nepal, and Pakistan. Over the past 33 years, from 1990, life expectancy in Bangladesh has increased from 58.2 to 72.3 years. The child mortality rate has fallen by 81.5% since 1990-currentlyonly third to Sri Lankaand Bhutanin the region. United Nations Childrens Fund (UNICEF) has already recognized Bangladeshs outstanding success in reducing child (under five years old) mortality rate as Prime Minister Sheikh Hasina received MDG Award-2010 for the countrys remarkable achievement in attaining the Millennium Development Goals (MDGs), particularly in reducing child mortality.
Mothers are also safer in Bangladesh, as in the last two decades, the maternal mortality ratio (MMR) in Bangladesh has declined by 38 percent and the country is among the leading countries to have reduced MMR significantly.
Bangladeshs strides in education, particularly the narrowing gender gap, are also commendable.The country wasone of the few to achieve gender parity in school enrollment by 2015.There are presently more girls than boys attending Bangladeshi secondary schools. Bangladeshi households also top the chart in expenditure on education among other South Asian countries. This is certainly conducive toBangladesh being first in South Asia in secondary education.
The country alsoconsistently tops the gender parity charts in the region-a risingfemale literacy rate of 73.25% from 50.20% in the last decade is a sign of that.The countrys growing overall literacy rate has also helped it achieve the lowest unemployment rate in south Asia.
While celebrating Bangladeshs triumphs, it is crucial to recognize that challenges persist. Bangladesh still remainsnear the bottom of the barrel in social mobility, human development, rule of law, governance and most importantly happiness and prosperity indexes. Political instability, corruption, human rights violations, and ongoing infrastructure development are areas that require continuous attention to improve on this. Still, the countrys journey offers a blueprint for inclusive and sustainable development, emphasizing the importance of utilizing economic strengths, targeted social programs, and stable political atmosphere.Its stellar performance in socioeconomic sectors set a high bar for South Asian nations and for itself-fostering a collective pursuit of prosperity and well-being for the entire South Asian region.
The writer is a student, Peace and Conflict Studies (MSS), Dhaka University, Bangladesh
