Bangladesh has achieved remarkable economic growth and development in the last 15 years, thanks to the visionary leadership of the Awami League government. The country has transformed itself from a low-income to a lower-middle-income country and is now aspiring to become an upper-middle-income country by 2030. Bangladesh is currently the 33rd largest economy in the world in terms of national income and has surpassed many of its regional peers in various social and human development indicators.
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The impressive economic performance of Bangladesh is the result of the revolutionary changes that have taken place in the country’s agriculture, industry, and service sectors. The production and supply of various products and services have increased significantly, creating more jobs, income, and exports for the country. The Awami League government has also invested heavily in infrastructure, education, health, and social protection, improving the quality of life and well-being of the people. The Awami League, targeting to be reelected in the upcoming 12th national elections, has highlighted these achievements as well as promising new policies that continue the saga of prosperity and forward economic movement in its 2024 reelection manifesto.
A Vision for the Future
The Awami League is committed to continuing the momentum of development and prosperity for the people of Bangladesh. According to the manifesto, if re-elected, the Awami League government will implement the necessary policies and strategies to achieve the following goals and plans:
- Ensuring fair wages and prices for the producers and consumers by establishing a correlation between market value and income.
- Creating more opportunities and social safety nets for marginalized and vulnerable groups by reducing the income inequality and poverty gap.
- Investing in education, health, and skill development for the youth and women by enhancing the quality and quantity of human capital.
- Addressing the challenges of climate change and natural disasters by promoting environmental sustainability and resilience.
- Ensuring good governance, transparency, and accountability by strengthening democratic institutions and values.
A Stable and Efficient Financial Sector
The Awami League government has adopted a prudent monetary policy to control money supply and inflation and to support economic growth and stability. The policy interest rates have been used as the main instrument to regulate the money market and the credit market. The government has also extended credit facilities for self-employment of employable trained youth, especially in the rural areas, to promote entrepreneurship and innovation.
The Awami League government has also taken measures to balance the import and export trade, and to reduce the uncertainty in the foreign exchange market. The government has maintained a flexible exchange rate regime, and has built up a comfortable level of foreign exchange reserves. The government has also enforced the laws strictly to recover the defaulted loans from the borrowers, and has ensured that the banks maintain the prescribed provision for the bad debts. Key highlights that show AL’s focus on the economy are:
- Maintaining a balance between growth and stability by using policy interest rates as the main tool for controlling money supply and inflation.
- Creating more jobs and entrepreneurship opportunities by increasing credit provision for self-employment of employable trained youth.
- Reducing the uncertainty and volatility in the foreign exchange market by balancing import and export trade.
- Improving the asset quality and profitability of the banks by strictly enforcing laws to recover defaulted loans.
- Enhancing the capital adequacy and solvency of the banks by requiring them to maintain the prescribed provision for defaulted loans.
A Zero-Tolerance Policy Against Financial Crime
The Awami League has a zero-tolerance policy against financial crime, which undermines the economic and social development of the country. The Awami League government will take effective action against money launderers, who transfer illicit funds abroad and evade taxes. The Awami League government will also eradicate bribery and corruption at all levels of the state and society, preventing unearned income and misuse of public resources. The Awami League government will punish the debt-tax-bill defaulters and corrupt persons through the judicial system, and confiscate their illegal money and property, recovering the public funds and assets.
A Vibrant and Diversified Economy
The Awami League government has recognized the importance of the private sector in economic development, and has created a conducive environment for its growth and expansion. The government has reduced the bureaucratic hurdles and the regulatory barriers for the private sector, and has provided various incentives and facilities for its operation. The government has also used the opportunities for joint investment between the public and private sectors, where reasonable, to leverage the resources and expertise of both parties.
The Awami League believes in the importance of the private sector as the engine of economic growth and development. The Awami League government will continue to support and facilitate the private sector. The Awami League government will also diversify the economy, expanding the production and supply of various products and services in the domestic and international markets. In the manifesto, AL has set ambitious targets to reduce the poverty rate to 11 percent, end extreme poverty, and reduce the poverty rate to 3 percent by 2041. To this end, the Awami League government will take the following steps, if elected:
- Implementing the Delta Plan-2100, which is a long-term and comprehensive plan for the development of the country in line with the national vision. The Delta Plan-2100 aims to eradicate extreme poverty by 2030, achieve upper-middle income country status by 2030, and achieve the status of a prosperous country by 2040.
- Improving the infrastructure and connectivity of the country, enhancing the roads, communication, clean water, modern health care and medical treatment, quality education, improved sewage and waste management, increased electricity and fuel supply, computers, and high-speed internet facilities, expanding the market for quality consumer goods including electrical appliances.
- Arranging self-employment in the rural areas, reducing the migration of the rural youth to the urban areas, and creating more income and livelihood opportunities in the villages.
- Involving the youth in the transformation and development of Bangladesh, expanding the employment opportunities for the qualified and skilled youth, and providing them with the necessary training and guidance.
The Awami League is confident that with the support and participation of the people, Bangladesh will achieve its goals and plans, and become a shining example of economic and social development in the world. The Awami League urges the people to vote for the Awami League in the upcoming election and ensure the continuity and stability of the development and prosperity of the country.