A new World Bank report titled “The Latest Bangladesh Development Update: Powering the Economy Efficiently” said that certain economic reforms could hasten the economic growth of Bangladesh. Terming Bangladesh’s economy as one of the fastest growing ones, the report has said Bangladesh’s overall growth, however, will remain resilient, underpinned by strong domestic demand and structural transformation, but there is no room for complacency.

It is heartening to note that Bangladesh is among the 10 fastest growing economies in the world and has made commendable progress on human development. WB forecasts 7 per cent GDP growth for the current fiscal against the fiscal target of 7.8 per cent with the 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.

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. Financial sector governance, including banking sector performance, especially the high share of non-performing loans (NPLs), which reached 10.4 per cent of all loans in the fiscal year 2018 should be improved.

Eighty per cent of the total population of the country lives in villages. Development of the country cannot be thought of ignoring the people living in villages. It is encouraging to note that rural road development projects are being implemented in different places in the country for improving rural accessibility, enhancing sustainability of rural transport and market services. Infrastructure development is needed for improving rural communication network thus facilitating overall socio-economic advancement. The improved transportation network is also facilitating reducing the transportation cost and creating marketing facility of the produce. This is   contributing to raising standard of living in the remote villages. The government and all stakeholders should strive to reach the goals of achieving upper-middle income status.