With the corrupt people around, economy can’t hope to be strong

Economic vulnerability will continue to bog down Bangladesh, if the relevant policy makers do not give the much needed thrust to diversify its exports basket.

This crucial need was again emphasised by the World Bank country director for Bangladesh and Bhutan.

The country director pointed out that light engineering and pharmaceuticals have export potentials and urged Bangladesh to explore new market opportunities for facing the challenges after graduation from the Least Developed Country (LDC) status.

The World Bank country director pertinently said that Bangladesh’s exports may fall by 14 per cent after graduation, and the country will lose duty-free market access as it does as an LDC.

For Bangladesh, the LDC graduation will bring new opportunities for changing the economy and the country director rightly pointed out that shipbuilding, leather, jute and agricultural sectors have the potential to grow more in export markets.

But what he failed to mention, while addressing as the chief guest at a meeting of the Metropolitan Chamber of Commerce and Industry (MCCI) yesterday is that these burgeoning sectors have suffered a serious jolt in the last couple of years for corruption and wrong policies.

Take for example the shipbuilding industry.

Like every sector in the country, this prospective industry is going through a deep crisis now.

Reportedly, 50,000 people working in the sector, already mired in various problems, have lost jobs as the Covid-19 pandemic and the Russia-Ukraine war made the import of raw materials scarce and costly.

The ongoing dollar crisis as well as gas-electricity price hike in the country also hit the industry very hard.

It has also been apprehended that the livelihood of another 50,000 people of the industry’s associated businesses is also uncertain.

The economic mismanagement and pervasive corruption as well as looting of banks and money laundering have brought Bangladesh to its present precarious state.

Against this backdrop, the prospect of diversifying export baskets looks bleak.

Hence even if Bangladesh starts negotiations for trade agreements and joins various trade blocs, as the WB country director pointed out, it is difficult to expect that Bangladesh can make a major breakthrough in diversifying its exports.

As cheap labour would certainly not exist after LDC graduation, Bangladesh needs to brace up for the coming economic challenges.

But all efforts are bound to fail if the selfish people in the government, its crony businessmen and corrupt bureaucrats continue to dominate the country’s economy and the financial assets.