Economic liberalization has put Bangladesh on a solid foundation since the current Awami League government has been in power for a long time.
Once called the bottomless basket of the world, Bangladesh’s economy has now come of age, and the country’s resilient economy now attracts foreign players, reported Bangladesh Live News. Even the nations that had marked Bangladesh as a bottomless basket are now interested in developing close relations with Bangladesh.
Notably, the World Bank Group and the International Monetary Fund Spring Meeting in 2022 lauded Bangladesh for successfully implementing its policies to combat the Covid-19 pandemic and economic recovery from its effect, reported Bangladesh Live News.
Bangladesh has come of age and with the broad-basing of its manufacturing sector and spur in infra projects, it can be an economy to watch out for in Asia.Since when (US Secretary of State) Henry Kissinger called it a ‘basket case’ in 1971, Bangladesh has come a long way. The recently inaugurated Padma bridge is a case in point. The international agencies that had refused to fund it are now congratulating Bangladesh on its completion.
Linking the southwest of the country to the northern and eastern regions, the road-rail bridge (Padma Bridge) built for USD 3.6 billion was inaugurated by Prime Minister Sheikh Hasina on 25 June.
Besides, entry into the era of metro rail, express highway, Karnaphuli tunnel, elevated expressway, radical renovation of the dilapidated railway sector which has gradually shrunk after independence, expansion of rail network, the establishment of direct rail network between Dhaka and Cox’s Bazar, the establishment of the rail network with the southern and southwestern region through Padma bridge.
Construction of the third terminal of Hazrat Shahjalal International Airport, modernization and expansion of Cox’s Bazar Airport, and renovation of Mongla Sea Port, Payra Shallow Sea Port, and Matarbari Deep Sea Port will bring great changes in the communication and infrastructure sector of Bangladesh, which is one of the successes of the government.
The current government has improved the power generation record by overhauling the fragile power system left by the previous government, reported Bangladesh Live News.
In 2006, the total power generation capacity in the country was 3,378 MW. So far, Bangladesh’s highest power generation capacity is 26,700 MW, and the maximum production in one day is 14,782 MW. Payra thermal power plant and Ruppur nuclear power plant will now provide interrupted power supply to Bangladesh.After China, Bangladesh’s position in the ready-made garment industry is very strong. Moreover, the present government has created Special Economic Zones, easy business-friendly policies, reported Bangladesh Live News.