Bangladesh made spectacular economic progress despite limited resources

Bangladesh has made spectacular economic progress over the last five decades despite limited resources_ International Chamber of Commerce_ Bangladesh (ICCB) President Mahbubur Rahman said Sunday.

'The GDP growth rate has reached a record high. Per capita income has also risen steadily_' he said.

Rahman made the remarks while presenting the Executive Board Report of ICC Bangladesh for 2020 in its annual council held virtually in the city.

He said the country has achieved near self-sufficiency in food production for its population of 170 million.

"The country now even shoulders the burden of the world's largest refugee population of over 1 million Rohingyas who have fled persecution in neighbouring Myanmar_" Rahman said.

ICCB President noted that Covid-19 has created not only a global economic crisis but the loss of millions of lives globally. "This has led to steep recessions in many countries. It has also had devastating effects on women_ the young_ the poor_ people employed informally_ and those working in contact-intensive sectors."

However_ Bangladesh_ which weathered the pandemic better than most economies in the sub-region_ will continue to grow strongly as exports pick up.

In Bangladesh_ according to experts_ not everyone has benefited equally from the nation's impressive growth and development because of rising income and wealth inequality_ said the ICCB.

Another challenge is the heavy concentration of economic activity in big cities like Dhaka and Chattogram_ resulting in a huge rural-urban divide and increased urban poverty_ it said.

Referring to a recent study_ the Executive Board Report mentioned that a staggering 96% of micro_ small and medium enterprises (MSMEs) in Bangladesh lost income during the Covid-19 pandemic.

MSMEs in the country reported a median loss in business of 82% during the "national holidays" and customer footfall reduced by an average of 67%.

The recent upsurge of pandemic waves in India_ which started in March 2021_ has caused unprecedented and alarming infection and death.

The Indian virus has also spread in neighbouring countries including Bangladesh as well as the UK. Unfortunately_ vaccine producing countries are reluctant to allow the production of vaccines in other countries_ said ICCB.