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2019 | Buch

Bangladesh's Road to Long-term Economic Prosperity

Risks and Challenges

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Über dieses Buch

“A must read for anyone interested in understanding complexities of development process.”–Fakhruddin Ahmed, former Governor of the Central Bank of Bangladesh
“Policy makers and general readers including specialists would find this lucid analysis very useful.”– Nurul Islam, Deputy Chairman of the First Planning commission of Bangladesh
“The author provides both valuable caution and useful guides to everyone interested in Bangladesh’s economic future.”– Salim Rashid, Emeritus Professor of Economics, University of Illinois, USA

This book examines the recent emergence of Bangladesh as one of the fastest growing economies in the world. Identified by Goldman Sachs as being on a meteoric economic rise, the country has dwarfed India in social improvement also. Attempting to build on these successes, the Bangladeshi government has set the ambitious aim of attaining the status of fully developed country by 2041. This study identifies the trifecta of major risks which could derail Bangladesh’s upwards trajectory: the rapid development of robotics and artificial development, the uncertain political and economic global landscape, and the constant threat of climate change and natural disasters. In order to stay on track, the government will need to address various social, political, policy and institutional challenges facing the economy, including poor governance, inadequate physical infrastructure, skill and educational bottlenecks, demographic burden, dwindling social capital and lack of transformational leadership.

Inhaltsverzeichnis

Frontmatter
Chapter 1. Introduction
Abstract
This chapter begins with a thumbnail sketch of the state of economic development of the country at its founding in 1971. Since then, Bangladesh has made significant strides in economic development, which are reflected in its income growth, reduction in poverty, progress in various social and human indicators, and some improvements in infrastructure. In recent years, the country has recorded growth exceeding 7 percent. Impressive as this progress has been, this chapter posits that it would be hasty to conjecture that the future would be a replay of its past performance, given the various serious risks and challenges that confront the economy.
M. G. Quibria
Chapter 2. Political Developments and Economic Progress
Abstract
This chapter starts with a brief outline of Bangladesh’s political developments since independence. It is followed by an overview of the economic progress of the country in terms of growth and structural change. The final section of the chapter provides a brief comparison of the economic performances of Bangladesh and Vietnam to put the discussion in an international development perspective.
M. G. Quibria
Chapter 3. Drivers of Development
Abstract
This chapter highlights four serendipitous things that happened in the 1970s, mostly unforeseen by the economists and disconnected from the bloody political process of that time, which laid the foundation of the present Bangladesh economy. These relate to the emergence of the ready-made garment industry, the start of international labor exports to the Middle East, the surge in agricultural growth, and the rise of nongovernmental organizations. Notwithstanding various challenges, these four drivers of development have remained robust to this day and have contributed to the country’s economic and social progress.
M. G. Quibria
Chapter 4. Risks and Challenges
Abstract
Much of the recent growth and development in Bangladesh has been narrowly based; it has been primarily propelled by what is labeled in this study as the four drivers of development: ready-made garments; international migration and remittances: agriculture; and nongovernmental organizations. While these drivers have served the economy well in the past, their robustness is likely to be challenged in the future. This chapter identifies a trifecta of major risks, which are exogenous to the government and largely beyond its ability to manipulate. These are rooted, first, in the rapid changing technology in robotics and artificial intelligence; second, in the evolving global political and economic environment; and third, in climate change and natural disasters. Going forward, for sustained growth, the country needs to further diversify, which will require addressing various social, political, policy, and institutional challenges facing the economy, including poor governance, inadequate physical infrastructure, skill and educational bottlenecks, demographic burden, dwindling social capital, and lack of transformational leadership.
M. G. Quibria
Chapter 5. Conclusions
Abstract
This chapter strings together the major conclusions of the study. It also provides some observations on political, social, and institutional challenges for the country going forward. These relate to such factors as governance, political institutions, economic openness, industrial policy, labor market and human development policy, investments in physical infrastructure, and the role of leadership.
M. G. Quibria
Backmatter
Metadaten
Titel
Bangladesh's Road to Long-term Economic Prosperity
verfasst von
M. G. Quibria
Copyright-Jahr
2019
Electronic ISBN
978-3-030-11587-6
Print ISBN
978-3-030-11586-9
DOI
https://doi.org/10.1007/978-3-030-11587-6