Daily Times

The economic rise of East Pakistan, now Bangladesh, has approached grade 25th globally in terms of purchasing power parity (PPP) and 35th globally in nominal terms, Dhaka’s domestic income has increased 50 times, and its per capita income increased 25 times (making it higher than that of Pakistan and India) and its food production by four times. The birth rate was limited to 2.5 times its current rate, increasing the per capita food supply. Apart from Sri Lanka, most socioeconomic factors are higher in comparison to other regional countries. The Human Growth Index has accelerated by 60 per cent. Henry Kissinger once termed it a “basket case,” but it is now viewed as a good example. Much of the progress has been made within the last 30 years, as the first two saw extremely weak development and political chaos. To hold their growth into context, Pakistan’s per national output in 1990 has been twice one of Bangladesh’s, whereas it is now only one-tenth of that. Before Coved 19, Dhaka’s normal rate of GDP (Gross domestic product) growth fluctuated between 7.11 per cent and eight per cent, respectively in 2011 and 2022, nearly double as fast as Pakistan’s. The Dhaka saga was appealed. How can a nation so helpless to natural disasters outclass its much significantly bigger, better-capable neighbours, Pakistan and India, across the board mostly in socioeconomic indicators? Bangladesh went through challenging times, including the establishment of a new administration; the rehabilitation of displaced people; the assassination of its creator father and

supreme party leader, and various botched and popular martial law. The effectual army ruled until 1991 when Gen Ershad planned to revive the democratic form of government. Since 1991, the two dominant political smoking guns, Sheikh Hasina Wazed’s Awami League and Khaleda Zia’s BNP have alternated power. The Awami League has ruled since 2009, experiencing three successive election results. The Begums’ War has continued to remain complicated and bitter. Khaleda Zia decided to boycott the election results and has been imprisoned for a long time, along with several of her party’s leaders. As a result, it is worth considering how the nation could make significant economic and social progress in the face of such fierce political competitors and viewed turmoil. Bangladesh has been able to move forward despite bitter political rivalries. What caused this to happen?

Identifying its drawbacks, the state has offered complete support to non-governmental organisations and allowed them to operate freely

To begin, unlike both Pakistan and India Bangladesh is ethnically homogeneous, with the same language, background, and shared history. There is an urbanised division, but rapid growth has kept the irritation. The search for excellence has turned out to be a societal ethos. Dhaka also faces no significant peripheral threats. The indivisible structure of rule law, even without dominant layers of state and provinces, has given the central government complete control over administrative, political, legal, and financial powers, limiting the resistance innate in multi-layers governmental institutions. Policy direction and implementation adhere to an established professional hierarchy. Given a weak opposition and strong top leadership (which has been criticised as clergies), the democratic assembly makes key decisions, strengthening leadership capabilities and having to hold bureaucrats accountable. Consequently, women’s role in society existed before 1971, but successive governments maintained an aggressive campaign for prenatal care, with the vigorous role of NGOs, likewise, Grameen, BRAC, ASA, and other organisations have played critical roles in continuing to spread health awareness and girls’ education, as well as facilitating microloans access for women. Identifying its drawbacks, the state has offered complete support to non-governmental organisations and allowed them to operate freely. The female primary enrollment ratio is 105 per cent. Even after intense party-political contenders, austerity reforms, projects, and programs have remained consistent. The pressure groups did not stray from the fundamental anchors of economic security, balanced budgets, flexible trade, private sector incentives, and a dedication to communal advancement. Irreversibility of policy has demonstrated that a régime change would cause no abrupt disruption that would harm entrepreneur and investor confidence, allowing the stockholders to proceed with their plan without hesitation resulting in fiscal output over time. Dhaka’s efforts to modernise economic policies, open its trade system, attract overseas technical expertise, and offer generous funds and non-cash rewards incentives to export markets have been repaid. The incredible performance of readymade garment exports, which is behind only China, has resulted in beneficial second-order effects. Many international franchises have decided to outsource their production to Bangladeshi export houses. Woman’s engagement in the company has improved female social acceptance and power dynamics within own the family structure. Work practices have improved as a result of outward orientation. Higher skills and education are in high demand. Progressively higher growth was only possible when national investment and savings rates were both turned up from 15 per cent to 30 per cent. Having this enormous infusion of private enterprise into the manufacturing and civic instalment in public places, as well as skilled labour-force education, the benefits of significant growth, were broad-based. Rising aggregate demand resulted in sophisticated imports, However, these were offset by rising export earnings and capital inflows. As a result, the current account deficit has remained feasible. There are so many things to be learned. The leaders of the two parties were convinced that maximising long-term expansion generated increased political dividends than restricting sponsorship to a narrow elite class. Rather than on a representative personal acceptance, elections were contested according to performance, reputation, and the record of the parties. A mutually beneficial partnership between the commercial market, policymakers, and civil servants resulted in a stable balance. election Candidates received campaign contributions from business tycoons, civil servants supplemented their low-wage work with donations. They did not, regrettably, send the money out of the country. The tax-to-GDP margin has remained stable at 8 to 9 per cent. The basic philosophy turns out to be fringe dollar multiplier in the hands of a commercial businessperson is greater than that found in the civic sector. As a result, the state’s fiscal management must be prudent. Because of primary surpluses, deficits remained low at five per cent, and public debt ratios fell. The ingredients for this success story are economic and financial security, strategy coherency, export, human capital investment (particularly women), and collaboration between the public and private sectors. It is past time to be realistic. Shouting ‘Pakistan zindabad’ from the rooftops while begging the US, Beijing, and Riyadh has gotten us nowhere. Declaring that we have been objectives of a fifth-generation hi-tech secret destabilisation fuels national paranoia but serves no purpose. Instead, to progress, Islamabad must not only focus on building up its war industry, but also invest in human capital, as a top priority agenda.

The writer is a PhD candidate.