{"id":218706,"date":"2022-12-16T18:53:34","date_gmt":"2022-12-16T13:23:34","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=218706"},"modified":"2022-12-16T18:53:34","modified_gmt":"2022-12-16T13:23:34","slug":"bangladesh-a-cautionary-tale","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/bangladesh-a-cautionary-tale\/","title":{"rendered":"Bangladesh: A cautionary tale\u00a0"},"content":{"rendered":"\n

Source<\/strong>: The post is based on the article\u00a0\u201cBangladesh: A cautionary tale\u201d <\/strong>published in the Business Standard <\/b>on 16th<\/sup>\u00a0November 2022<\/strong>.<\/p>\n

Syllabus<\/strong>: GS \u2013 2 \u2013 India and its neighbourhood- relations.<\/p>\n

Relevance<\/strong>: About economic crisis in Bangladesh.<\/p>\n

News<\/strong>: Economic difficulties in Bangladesh are exposing the political flaws within the country.<\/p>\n

About the iconic economic growth of Bangladesh<\/h5>\n

For the past decade and a half, Bangladesh has been powering economic growth by linking its democratic dividend to global supply chains<\/strong>, especially for readymade garments.<\/p>\n

From being one of the world\u2019s poorest nations at independence in 1971<\/strong>, the country has reached middle-income status<\/strong> and is headed to exit the United Nations\u2019 Least Developed Countries list<\/strong> by 2026.<\/p>\n

For example, a)<\/strong> Poverty has declined from 43.5% in 1991 to 14.3%, b)<\/strong> Human development indicators outmatch most of its peers, especially in terms of women\u2019s workforce participation and empowerment.<\/p>\n

What is the present status of Bangladesh’s economy?<\/h5>\n

Bangladesh two years ago faced a balance of payments crisis<\/strong>. This made Bangladesh to approach the International Monetary Fund<\/strong> for a $4.5-billion bailout package. This made it the third South Asian nation to do so in the recent past.<\/p>\n\n\n\n
Read more: India, Bangladesh establish contact as more Kuki-Chin refugees are expected to enter MizBangladesh: A cautionary tale\u00a0m<\/a><\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
What is the reason for the economic crisis in Bangladesh?<\/h5>\n

-Due to the pandemic and the Russian invasion of Ukraine<\/strong>, global demand has been crimped and Bangladesh has seen a surge in inflation.<\/p>\n

-Bangladesh’s economy has overwhelming reliance on a single item<\/strong> which is Ready-made garments. These garments alone account for over 80% of its exports.<\/p>\n

-There is an absence of a dynamic domestic economy<\/strong> built on a wider economic base, skilled labour, and efficient infrastructure.<\/p>\n

–Political reasons<\/strong>: This is one of the key structural limitations of Bangladesh. The present government was in power since 2009 and follows an authoritarian nature such as being intolerant of criticism, etc.<\/p>\n

There have been accusations of electoral fraud, extra-judicial killings of critics, a rigged judiciary, and arbitrary arrests.<\/p>\n\n\n\n
Read more: India-Bangladesh ties, a model for bilateral cooperation<\/a><\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
What can be done to overcome the economic crisis in Bangladesh?<\/h5>\n

The need for stable institutions, a robust social security system, implementation of rule of law, and general good governance can make the environment conducive to business investment. This can stabilise the economy in the long run.<\/p>\n","protected":false},"excerpt":{"rendered":"

Source: The post is based on the article\u00a0\u201cBangladesh: A cautionary tale\u201d published in the Business Standard on 16th\u00a0November 2022. Syllabus: GS \u2013 2 \u2013 India and its neighbourhood- relations. Relevance: About economic crisis in Bangladesh. News: Economic difficulties in Bangladesh are exposing the political flaws within the country. About the iconic economic growth of Bangladesh… Continue reading Bangladesh: A cautionary tale\u00a0<\/span><\/a><\/p>\n","protected":false},"author":10311,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[10503,212],"class_list":["post-218706","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-business-standard","tag-gs-paper-2","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/218706","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10311"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=218706"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/218706\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=218706"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=218706"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=218706"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}