Bangladesh: From ‘International Basketcase’ to Role Model for Developing Countries

Bangladesh now has 300 state-of-the-art pharmaceutical companies which meet 97% of the domestic needs and export to 70 countries across the world.

The South Asian nation has become the second highest troop provider to UN peacekeeping missions in the world.

Its progress had been recognized by the United Nations for development and termed as a “remarkable success story.”

100 Specialized Economic Zones had been set up and achieved as Millennium Development Goals.

According to an IMF report, Bangladesh is one of the three countries of the world that has achieved the highest economic growth until 2021.

From nearly no foreign reserves the country’s foreign exchange reserves today stood at US 47 billion dollars. The South Asian country was utilizing its manpower and became a middle-income country with a per-capita GDP of $2,554; which is growing further and fast and the life expectancy has risen to 73 years.

This development has been possible, thanks to the hard and sincere work of three groups; a) Rural farmers for producing food for the nation, b) Rural boys and girls mainly working in the garment sectors earning foreign exchanges and c) Rural boys mainly and girls working abroad, specially a large volume of Bangladeshi migrants working in the Middle East, who send billions of $s to BD. None of these groups are engaged in corruption or abuse of power, or breaching the law and order. Interestingly, none of the three groups got any higher education from the universities.

Dr. Mannan Mirdha, professor of Biomedical Engg., Sweden

Bangladesh’s economy was improving at the rate of 5.47% in the preceding years -it is now producing 25,000 MW of electricity, bringing its 100% population under electricity coverage.

Bangladeshis (nearly 13m) are working all around the world at prestigious positions and remittance earnings from expatriates working abroad reached a record $21 billion in 2021 ($1615 per expat; $125 per capita of 168m population).

The country has worked upon “One House One Farm Project” called Asrayan Project, meaning shelter for all. It provides free textbooks, which number 400 million copies each year. The current enrollment rate in primary school was 98% and the number of universities in Bangladesh has risen to 170.

After attaining Vision 2021, now they are working on vision 2041, wherein Bangladesh will join the list of developed countries.

In 2021, Bangladesh achieved a massive economic breakthrough when its per capita income reached $2,554.
The country surpassed the GDP per capita income of both India ($2277) and Pakistan ($1538).
Only nine percent of Bangladesh’s population now lives below the poverty line.
Bangladesh’s garment export industry is trailing only behind China’s.
Bangladesh has achieved self-sufficiency in food production for its 168 million inhabitants.

An International Prize for Creative Economy had been set up at UNESCO as Banglabandhu prize.

Bangladesh’s remarkable progress has defied Henry Kissinger’s dubbing the country (after it became independent 50 years ago) an “International Basketcase”.

It is now one of the fastest-growing economies in the world.

Content sourced from a speech by the Deputy High Commissioner of Bangladesh in Karachi Mahbubul Alam in his address under the auspices of QAHM, Institute of Nation Building, to the members of Board of Governors Karachi Council on Foreign Relations (KCFR).

1 thought on “Bangladesh: From ‘International Basketcase’ to Role Model for Developing Countries

  1. You intentionally avoided mentioning the volume of loans Bangladesh has already acquired

Comments are closed.