Poverty alleviation

It is heartening to note that the country’s poverty rate came down to 21.8 per cent in 2018, according to the latest data of the Bangladesh Bureau of Statistics (BBS). Meanwhile the poverty rate, as per the lower poverty line or people living in extreme poverty, came down at 11.3 per cent in last year. The Household Income and Expenditure Survey (HIES)- 2016 findings showed that the country’s poverty rate as per the upper poverty line came down at 24.3 per cent in 2016 which was 40 per cent in 2005. At the same time, the poverty rate in 2016 as per the lower poverty line or people living in extreme poverty came down at 12.9 per cent which was 25.1 per cent in 2005.

Bangladesh has made remarkable progress in reducing poverty, supported by sustained economic growth. Life expectancy, literacy rates and per capita food production have increased significantly in the country. Rapid growth enabled the country to reach the lower middle-income country status in 2015. In 2018, Bangladesh met the eligibility criteria for graduation from the United Nation’s Least Developed Countries (LDC) list, and is on track to graduate in 2024.

The country has made commendable progress on human development. There are bright chances for robust private investment, increased exports and remittance inflows. Remarkable progress has been made in reducing poverty and creating opportunities for the citizens. However, there is no room for expressing complacency. For achieving its growth aspirations, Bangladesh requires to create more and better jobs by boosting private investment, diversifying exports and building human capital. The country also needs to make doing business easier, complete its mega-projects on a fast track, improve financial sector governance and ensure a reliable supply of electricity.

Infrastructure development is needed for improving rural communication network thus facilitating overall socio-economic advancement. Emphasis should be laid on sustaining the country’s export and remittance growth. Improving infrastructure, urban management, and environment conservation should also be given importance. What is needed is to promote entrepreneurship, innovation and structural transformation. Stress should also be laid on improving education, skills, nutrition and adaptability to enable its workforce to thrive in an environment of rapidly changing technology and global demands.

 

 

Poverty alleviation

It is heartening to note that the countrys poverty rate came down to 21.8 per cent in 2018, according to the latest data of the Bangladesh Bureau of Statistics (BBS). Meanwhile the poverty rate, as per the lower poverty line or people living in extreme poverty, came down at 11.3 per cent in last year. The Household Income and Expenditure Survey (HIES)- 2016 findings showed that the countrys poverty rate as per the upper poverty line came down at 24.3 per cent in 2016 which was 40 per cent in 2005. At the same time, the poverty rate in 2016 as per the lower poverty line or people living in extreme poverty came down at 12.9 per cent which was 25.1 per cent in 2005. Bangladesh has made remarkable progress in reducing poverty, supported by sustained economic growth. Life expectancy, literacy rates and per capita food production have increased significantly in the country. Rapid growth enabled the country to reach the lower middle-income country status in 2015. In 2018, Bangladesh met the eligibility criteria for graduation from the United Nations Least Developed Countries (LDC) list, and is on track to graduate in 2024. The country has made commendable progress on human development. There are bright chances for robust private investment, increased exports and remittance inflows. Remarkable progress has been made in reducing poverty and creating opportunities for the citizens. However, there is no room for expressing complacency. For achieving its growth aspirations, Bangladesh requires to create more and better jobs by boosting private investment, diversifying exports and building human capital. The country also needs to make doing business easier, complete its mega-projects on a fast track, improve financial sector governance and ensure a reliable supply of electricity. Infrastructure development is needed for improving rural communication network thus facilitating overall socio-economic advancement. Emphasis should be laid on sustaining the countrys export and remittance growth. Improving infrastructure, urban management, and environment conservation should also be given importance. What is needed is to promote entrepreneurship, innovation and structural transformation. Stress should also be laid on improving education, skills, nutrition and adaptability to enable its workforce to thrive in an environment of rapidly changing technology and global demands.