Commentary: Rural revival: Bangladesh must answer to global fragility

History did not reset on the night of the 25th of 1971, nor was it ever expected to. Political transition rarely brings immediate transformation to everyday life.

Bangladesh entered a new chapter without a clear blueprint for change, and for many citizens, the “old life” continues to linger like a stubborn shadow.

This raises an important question: has real change taken place, or has it remained largely symbolic? For a select few, life appears to have improved dramatically, whether through fortune, influence or an ability to navigate systems beyond the reach of ordinary people.

Governments may change, but those who benefit most from power often remain the same.

This leads to a deeper concern — what happened to the promise of securing the greatest happiness for the greatest number? If that ideal remains unfulfilled, then the sacrifices of national heroes and the struggles of ordinary families risk being reduced to little more than political rhetoric.

At the same time, Bangladesh cannot ignore the growing uncertainty beyond its borders.

The West, once seen as the foundation of global economic stability, is showing increasing signs of weakness.

From unpredictable US trade policies and rising tariffs to Europe’s sluggish, energy-constrained economies, the pillars that many developing nations once relied upon are no longer as stable as before.

For Bangladesh, this Western fragility is not simply an international headline; it is a direct economic threat.

The country’s Ready-Made Garment (RMG) sector — the backbone of export earnings and foreign exchange — remains heavily dependent on Western markets.

When those economies slow, Bangladesh immediately feels the pressure through falling orders, reduced export income and weaker employment prospects.

Global disruptions also affect the cost of living at home. Food inflation remains painfully high, not necessarily because of local harvest failures, but because global supply chains are under strain.

Rising fuel costs, import prices and transport expenses push inflation higher, leaving ordinary citizens to bear the burden in their daily struggle for survival.

There are, however, some positive signs.

The new government has taken steps to strengthen social safety nets, particularly through canal excavation projects and targeted aid distribution.

Efforts to revive closed factories also signal an attempt to restore productive capacity.

Canal excavation is more than a public works programme. It is central to agricultural survival.

For generations, Bangladesh’s farming economy has depended on functioning waterways and monsoon-fed irrigation systems. Keeping canals navigable is not optional; it is a basic responsibility of the state.

By investing in such projects, the government is not merely moving earth — it is placing purchasing power directly into the hands of landless labourers and protecting rural livelihoods from the shocks of the global market.

Yet the road ahead remains difficult. Climate change, weakening Western demand and growing geopolitical uncertainty all threaten Bangladesh’s agricultural future.

The country must look beyond short-term relief and consider long-term structural change.

There is strong potential in transforming rivers and canals into centres for commercial fish farming, following examples from countries such as China and South Korea.

This would not only support exports but also generate local employment that does not depend on buyers in London or New York.

Execution, however, requires capital — something currently in short supplies.

At a recent gathering in Sakhipur, Liberation War Affairs Minister Ahmed Azam Khan acknowledged the financial strain facing the government, stating that the previous administration had left the treasury under severe pressure, with an estimated Tk 5 trillion reportedly siphoned out of the country over the past decade.

To sustain public confidence, the government must focus on two essentials: financial stability and political stability.

Domestic production must be prioritised, trade diversification accelerated, inflation controlled and the currency stabilised so that economic policy brings visible relief to households.

At the same time, policymakers must avoid the bureaucratic temptation of pouring public funds into unprofitable state-owned industries.

When private factories fail, owners bear the cost. When state-owned factories fail, taxpayers carry the burden while inefficiency continues unchecked.

Bangladesh cannot afford that luxury. In a world where Western markets can no longer guarantee growth, the stronger path lies in building a self-reliant, agriculture-based industrial economy — one that empowers farmers, supports cottage industries and promotes sustainable local production.

The country does not need miracles. It needs practical reform, rural revival and the determination to build an economy capable of standing on its own feet, even when the rest of the world is stumbling.