Dhaka
Vision 2041
The pursuit of a prosperous future for Bangladesh is closely linked to its level of freedom. However, recent events present a complex picture.
Bangladesh Vision 2041 is an ambitious blueprint or strategic plan devised by the National Economic Council and issued by Prime Minister Sheikh Hasina Wajid. The plan seeks to chart a course towards sustainable economic and social development of the country over the next two decades. The ultimate goal is to emerge as a developed and prosperous nation resting on solid socio-economic foundations.
It is a continuation of the first Perspective Plan of Bangladesh 2010-2021 or Vision 2021, which the Awami League unveiled in 2008 as its elections manifesto. The plan aimed to transform the country into a middle-income nation by 2021 and achieve development targets across various sectors, including infrastructure, digitization, human resources, and social justice.
By its set target date, the country achieved notable successes in several arenas. Bangladesh experienced remarkable economic growth, becoming the second-largest economy in South Asia. Neighbouring India is the biggest. Technology and human development indices also showed significant improvements. Hundreds of thousands of women joined the productive workforce. Per capita income rose to surpass both India and Pakistan. Vision 2021 played an important role in charting a course for Bangladesh’s multi-faceted development. It also served as a foundation stone for further initiatives.
In general terms, Vision 2041 seeks to completely eradicate extreme poverty by 2031 and enable Bangladesh to jump into the higher-income category by 2041. For this purpose, the government plans to build on the success of Vision 2021 while also drawing on the experiences of peer countries that have eliminated poverty.
Achieving the stated goals of Vision 2041 requires a broader strategic approach toward economic growth, social progress, and democratic governance, along with providing fundamental rights and freedom. However, Sheikh Hasina’s return to the premiership for the fifth time in January 2024 signals an unfolding autocratic phenomenon of one-party dominance. The elections in January – shunned by the main opposition party - saw a voter turnout of just below 30%. Such a political climate further necessitates the importance of free institutions and a resilient, democratic environment that would help the country navigate through mounting challenges.
To an extent, Bangladesh’s highly commendable economic achievements are eclipsed by its declining rankings on the global freedom index. There is an urgent need for focused reforms across multiple sectors to lay the foundations for sustained economic growth and nationwide prosperity.
Economic freedom is a crucial foundation for prosperity, highlighting both progress and the areas that need attention in Bangladesh. The nation has made notable strides in economic governance, particularly in investment freedom. However, significant challenges persist in critical areas such as property rights, trade freedom, and women’s empowerment. Tackling these issues is vital to creating an equitable economic environment that promotes inclusivity and growth that benefits all.
Trade freedom is the first and foremost factor that influences growth. It is gauged by evaluating a range of trade constraints such as tariffs, quotas, administrative barriers, and regulations on exchange rates, and capital flow. Efficient customs procedures, a freely convertible currency, and minimal restrictions on moving goods and human resources signify greater trade freedom. Bangladesh currently ranks 144 out of 155 countries in the trade freedom category, underscoring the need to revitalize trade policies and initiatives that ensure sustained growth and competitiveness in the global market.
A practical approach involves removing barriers that hinder the flow of goods and services within the country and across borders. This includes reducing tariffs, quotas, and subsidies that artificially inflate prices or restrict product movement. By lowering trade barriers, a more open and competitive trading environment will be created that will benefit both consumers and producers. Due to increased competition, consumers enjoy a broader selection of goods and services at lower prices. At the same time, producers can expand their market reach, leading to better and cheaper production, job creation, and economic growth.
Bangladesh’s highly commendable economic achievements are eclipsed by its declining rankings on the global freedom index.
Strengthening property rights is crucial for fostering entrepreneurship, encouraging long-term investment, and promoting economic stability. Enhancing land titling and registration systems, simplifying bureaucratic procedures, and leveraging technological innovations are critical steps in this effort. These improvements boost confidence among individuals and businesses, motivating them to pursue productive ventures and innovative activities, ultimately contributing to the nation’s economic growth and prosperity.
Women’s economic empowerment lies at the core of Bangladesh’s development strategy. Legal reforms have been introduced to promote workplace gender equality, but further improvements are needed. Eliminating legal gender barriers and providing equal opportunities for women are essential for unlocking the potential of half the population.
Bangladesh’s pursuit of a prosperous future is closely linked to its level of freedom. However, recent events present a complex picture. The January parliamentary elections have entrenched a “dominant-party” system, with the Awami League extending its fifteen-year rule due to an opposition boycott. Prime Minister Sheikh Hasina has become the world’s longest-serving female head of government. While this suggests stability, dominant-party systems often encounter challenges that can undermine good governance. Ensuring healthy competition in politics, government, and the economy is essential to overcome these challenges.
The writer is a freelancer and an investment banker based in Karachi. He can be reached at syedatifshamim@hotmail.com
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