The journey has been arduous and has required immense sacrifice by all. The nation had suffered from the ravages of cyclones, faced famine and hunger, endured abject poverty of a huge populace, endured political turmoil and instability, faced military coups, and went through global accusations of child labour, low wages and non-compliance of labour rights. It overcame most of these hurdles and has now graduated from being known as a Least Developing Country to being recognized as a Developing Country.
Bangladesh is the 8th most remittance receiving country in the world.
What has driven Bangladesh’s spectacular growth in recent years? Prof. Selim Raihan of the University of Dhaka lists five major drivers: (a) exports of readymade garments (b) inward remittances (c) sustained growth in agriculture (d) growth in microfinance and (e) public investment in big infrastructure projects.
Other experts list ‘women empowerment’ as well. The readymade garments sector is highly labour-intensive and has played a prominent role in focusing on the industrialization of the nation. Bangladesh is the world’s second-largest exporter of garments after China. Export of garments constitutes about 45% of its manufacturing GDP and 7% of total GDP. It has over 4,500 factories employing over four million people, 80% of whom are women. It contributes 84% to Bangladesh’s total export, thus exposing this sector to changes in global trends and economies. Over the years it has weathered many storms, including proliferation of child labour, demonstrations against low wages, and the disastrous Rana Plaza collapse of April 2013 when over 1,200 died and some 2,500 were injured.
The progressive thinking of major garment manufacturers, with total support from the government, has managed to overcome these negative roadblocks, contributing to upward progress in exports. Rubana Haq, the first woman President of the Bangladesh Garment Manufacturers and Exporters Association, has made it her top priority to change this image deficit. She has been regularly participating in virtual events of the ILO and International Organization of Employers and projecting the new normal in the garment sector.
The government has also been very pro-active in manpower exports, with the result that a formidable amount is remitted by ten million expatriates and migrant workers. This has jumped by 80% in the last decade and has been a major contributor to the economy. According to the World Bank, Bangladesh is the 8th most remittance receiving country in the world. The menace of remitting through informal channels is also present which has led the government and banks to provide incentives to encourage migrants so that they can remit through official banking channels.
Agriculture has also been of prime importance in the progress of Bangladesh, growing at an annual average of 3.50% for the last 15 years and heading for food self-sufficiency and food security. Rice, jute and tea are the mainstay of the agricultural economy. Fisheries are an important sector growing at a pace of over 6% every year. Grameen Bank, a micro-finance and community development bank, spearheaded by the Nobel Prize winner Muhammad Yunus, has been instrumental in the paradigm shift, providing micro-financing, especially to women, to become micro-shepreneurs. Over the past few years, many unemployed youth (in Bangladesh, 40% of the population is between 18 and 35) have migrated into the digital economy and are becoming relatively successful in freelancing. Bangladesh attracts a lot of online labour, with over half a million active freelancers, including a substantial number of women, according to the ICT Division of Bangladesh. Women empowerment has become the vital element in the progress of Bangladesh, providing the garment industry with a formidable and hardworking labour force.
The Chinese are also assisting Bangladesh in becoming a fast growing economy, much to the chagrin of India. Bangladesh has signed agreements for nearly $ 7 billion funding for nine essential projects. It has planned an ambitious $35 billion investment in the power sector in the next two decades. The nation still has lot of domestic and external challenges that must be addressed so that the 160 million people of Bangladesh can prosper. As Prime Minister Sheikh Hasina Wazed said, “Bangladesh is not a rich country, but we have a big heart”. 
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