GDP
Strengthening the demand for employment on May Day
Civilization has advanced through the blows of the worker’s hammer. While it is true that one becomes a worker through labor, the term “worker” typically conjures the image of an industrial laborer. Yet, the scope of working people is far broader, because every human being is involved in some form of work, and every task requires labor. In that sense, all people on earth could be considered workers. From a Marxist perspective, the working class is the most modern class, destined to lead the revolution. Karl Marx gave special status to factory workers as a revolutionary class—liberated from feudal bondage, yet united under one roof and one collective interest within the factory system.
Why the neglect in enforcing labour laws despite existence?
Three driving forces underpin Bangladesh’s development and progress: high-yielding rice in agriculture, labor-intensive export-oriented garment manufacturing, and remittances from overseas employment. At the core of all three lies labor and the working population. However, in the development equation, the share of the working class remains minimal. According to international standards, the rights and dignity of workers in Bangladesh have not been established in state, social, or economic spheres. Workers and employees in the country are still deprived of living wages, the right to freely form trade unions in accordance with ILO Conventions 87 and 98, and other legitimate rights, social recognition, and protection.
Foreign investment cannot be attracted without conducive environment
A four-day International Investment Summit was recently held in the capital. Over 500 investors and investment-related professionals from various countries participated in the event. This recently concluded international investment summit was significant for several reasons.
Investment summits alone won’t help without improving investment climate
A four-day international investment summit was recently held in Dhaka. Given the changing global and domestic context, this event carried particular significance. According to the Bangladesh Investment Development Authority (BIDA), foreign investors attending the summit proposed investments amounting to Tk 310 billion. Some of these proposals were already in the pipeline. While this is certainly encouraging, especially amidst global economic instability, the mere announcement of investment proposals is not enough.
Reevaluating agriculture sector and need for an agriculture commission
In recent years, the number of medium and large farmers has been declining, while the number of small farmers has been increasing. This trend has had a negative impact on overall crop production. According to the latest Agricultural Census (2018–19), the number of farms increased by 11.19 percent in 2019 compared to the 2008 census. However, land under the control of large farms decreased by 46.18 percent, while land held by medium farms declined by 36.06 percent. Conversely, small farms have taken control of 32.24 percent more land.
Graduation to the list of developing countries: Decisions must be based on reality
To qualify for graduation to the final list of developing countries, a nation must meet three essential criteria. Bangladesh has successfully met all of these conditions. After being under observation for several years, Bangladesh is set to officially graduate to the developing country category in 2026. This will be the most significant economic achievement for the country since its independence. No nation wants to remain a least developed country (LDC) indefinitely. Every country aspires to graduate to the developing nation category as quickly as possible. While LDCs receive certain benefits from developed nations, these privileges are often granted out of a sense of charity rather than respect. Thus, achieving developing country status is a matter of national pride.
Economic significance of women's empowerment goes beyond GDP growth
Bangladesh is a small country in South Asia with a population of 172.92 million. Over the past few decades, the country has emerged as a development success story. Currently, the female population in Bangladesh is 88.07 million, slightly higher than the male population of 84.85 million. Although women are an important part of the country's demographic and economic reality, gender disparities in education, employment and professional representation are still evident, highlighting the need to take more initiatives to empower women economically. Women's empowerment is not only a social imperative, but also an economic imperative for Bangladesh. By removing barriers to women's participation and advancement in various economic activities, the country can unlock significant economic potential and accelerate the pace of development.
Some thoughts on the budget for FY 2025-26
The preliminary work for drafting the national budget for the upcoming fiscal year (2025-26) has already begun. If everything goes as planned, the proposed budget will be presented for approval on June 5. Since there is no active national parliament at present, the proposed budget for the next fiscal year will be submitted for approval to the advisory council of the interim government. Since Bangladesh gained independence, the national budget has been approved through the parliament every year, except during periods of military rule and the fiscal years 2007-08 and 2008-09.
Accurate statistics are essential for food security
There is a lack of reliable statistics in the country. The data regularly provided by various government and private organizations are often questionable and do not always align with reality. As a result, the public has limited confidence in the statistics related to national income growth, inflation, production, consumption, and distribution. This lack of trust must be addressed by ensuring accurate and reliable data from the concerned institutions. Without this, it is impossible to formulate and implement effective development plans. Accurate statistics are also crucial for research; otherwise, the findings may fail to achieve their intended goals.
Curbing inflation is priority over high growth now
cently, Bangladesh Bank announced a new monetary policy. This was the second monetary policy for the current fiscal year (2024-25) and the first one formulated under the present interim government. For quite some time, economists had been discussing the proposed monetary policy. Given the ongoing trend of high inflation in the country for nearly three years, there was significant interest in what kind of monetary policy would be adopted
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