Summary:
- Bangladesh is expected to see the establishment of a political government next year, as stated by Planning Adviser Dr. Wahiduddin Mahmud at the BIDS-organized ABCD Conference in Dhaka.
- Dr. Mahmud highlighted economic and income inequality as major concerns, emphasizing the urgent need for quality education to address these issues.
- World Bank Chief Economist Indermit S. Gill urged Bangladesh to focus on investment, job creation, entrepreneurship, and technology to escape the middle-income trap.
- The World Bank also recommended strategic measures for uninterrupted energy supply and enhancing trade and value addition in goods and services for sustainable growth.
Professor Dr. Wahiduddin Mahmud, Economic and Planning Advisor, has announced that Bangladesh is expected to see the establishment of a political government next year. Speaking at the opening session of the ABCD Conference organized by the Bangladesh Institute of Development Studies (BIDS) in Dhaka on Saturday, December 7, 2024, Dr. Mahmud emphasized the pressing challenges of economic inequality and the need for quality education to address these disparities.
“Economic and income inequality remain significant concerns,” Dr. Mahmud stated, highlighting that Bangladesh is still far from achieving the level of quality education necessary to bridge these gaps. He underscored the importance of targeted investments in education as a means to reduce inequality and foster sustainable development.
The conference also featured insights from Indermit S. Gill, Chief Economist at the World Bank, who stressed the urgency of escaping the middle-income trap through enhanced investment and job creation. Gill urged Bangladesh to focus on fostering entrepreneurship and increasing the use of technology to drive economic growth. He also recommended strategic measures to attract foreign investment, expand bilateral and regional trade, and enhance value addition in goods and services.
The World Bank further advised Bangladesh to develop short-, medium-, and long-term plans to ensure uninterrupted energy supplies—a critical factor for sustaining industrial growth and economic stability.
This discussion comes at a pivotal moment for Bangladesh as it approaches its anticipated graduation from Least Developed Country (LDC) status in 2026. While the nation has achieved significant economic progress, including consistent GDP growth averaging 6–7% annually in recent years, challenges such as income disparity, educational inequities, and limited job opportunities remain pressing issues.
Reports indicate that 20.5% of Bangladesh’s population lives in multidimensional poverty, with rural areas experiencing significantly higher deprivation rates compared to urban centers. Addressing these structural inequalities will be essential for ensuring inclusive growth as the country transitions to middle-income status.
The conference highlighted the importance of comprehensive reforms in education, urban planning, and financial governance to sustain economic resilience. Experts emphasized that quality education is critical for developing a skilled workforce capable of driving innovation and productivity.
As Bangladesh prepares for potential political changes next year, policymakers face mounting pressure to address these socio-economic challenges while fostering an environment conducive to sustainable development.
Source: Daily Inqilab
