Poverty Alleviation and Economic Development in Bangladesh
Tithi Bhaduri2022, Poverty Alleviation and Economic Development in Bangladesh
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Abstract
Recently Bangladesh, a South Asian country, is celebrating its Golden Jubilee ceremony of its Independence Day. After a nine-month Liberation war with the supreme sacrifices of three million freedom fighters, Bangladesh finally achieved independence on December 16, 1971. Since its liberation war in 1971, the country has been known for its tragedies: wrenching poverty, natural disasters, and nowadays one of the world's biggest refugee crises, after the influx of 750,000 Rohingya Muslims fleeing persecution in neighboring Myanmar. Now, Bangladesh has also become one of the world's economic success stories. Aided by a fast-growing manufacturing sector - its readymade garment industry is second only to China's, the garment trade that began in Bangladesh in the 1970s is now a $34.13 billion industry, -- Bangladesh's economy has averaged above 6% annual growth for nearly a decade, reaching 7.86% in the year through June. Now Bangladesh is in the leading position among the South Asian countries based on the GDP growth rate. The Government of Bangladesh has taken enormous measures in this hurdle-ridden journey of eradicating poverty from the country and ensuring beyond poverty development and human dignity for all. Bangladesh will be pronounced as a country where poverty has been eliminated; the ruling development and the governance policy are inclusive, people-centered, sustainable, and equitable; and all citizens live a healthy, educated and empowered, and humanly honorable life. To reduce poverty to gradually lift the vast majority of the people above the poverty line and improve the quality of life for the average citizen is the most crucial goal of the economic policy of the government of Bangladesh. The policy implications of these results show that economic growth is the foremost tool for fighting against poverty. From mass starvation in 1974, the country has achieved near self-sufficiency in food production for its 160 million-plus population. Per capita income has risen nearly threefold since 2009, reaching $1,750 by 2019. The number of people living in extreme poverty -- classified as under $1.25 per day -- has shrunk from about 19% of the population to less than 9% over the same period, as per the World Bank record.
Key takeaways
- The study also highlights the significance of investment in infrastructure for achieving enhanced economic growth and faster reduction of poverty in Bangladesh.
- To ensure that everyone has food security is therefore a high priority for the Government of Bangladesh.
- To accelerate the economic growth of Bangladesh poverty reduction, social emancipation and sustainable development should be the priority for the country.
- The importance is usually given to developing rural (and relatively small) infrastructure in Bangladesh to reduce the poverty of the country.
- As most of the poor are landless in Bangladesh so that proper management of land is key in reducing the poverty of Bangladesh and close to 1% of agricultural land is being lost every year to other areas including settlements for a growing population.
