On February 5, 2016, cyber-robbers made off with $81 million dollars (US) after successfully executing a series of transactions that traveled through the New York Federal Reserve Bank and moved money to accounts in Sri Lanka and the Philippines.
The recent killing of a Hindu priest in the north of Bangladesh is reflective of the continued threat of terrorism in the country. The so-called Islamic State (IS) has claimed responsibility for more than 10 attacks since September 2015. The recent deportation of 26 Bangladeshi terrorist suspects from Singapore is evidence that a segment of the Bangladeshi diaspora community overseas is also affected by violent ideologies. With this backdrop, the effectiveness of the current counterterrorism response of the Bangladesh government appears to be inadequate.
Bangladesh’s social, economic and political development is one of the great success stories of the past 25 years. However, today it is Bangladesh’s politically dysfunctional ‘battling begums’ — Sheikh Hasina of the ruling Awami League (AL) and Khaleda Zia of opposition Bangladesh Nationalist Party (BNP) — that hold the country back.
Bangladesh’s year started with political turmoil when the opposition party — the Bangladesh Nationalist Party — protested, demanding free and fair elections. On 5 January 2014, Bangladesh had voted in its current government led by the Bangladesh Awami League, but controversy surrounded the election. Unlike all previous elections since the ousting of Bangladesh’s autocratic government in 1991, it was held under the ruling party instead of a neutral caretaker government.
Bangladesh’s recent graduation to the World Bank’s lower-middle-income category from a low-income category was only a matter of time. The country experienced steady growth in the 2000s and boosted its per capita income. It is from a mere 2.8 percent in the 1970s to 6 percent in the 2010s, and per capita income increased from only US$90 in 1973 to US$1314 in 2015.
For a quarter of a century, India has looked east, and for a year ‘acted east’. The latter policy is proving to be more than just rhetoric. Bangladesh, previously a major gap in India’s ‘look east’ quest, has been substantially bridged to the mutual benefit of not just the two neighbours but also, hopefully, the entire region.
Increasing state control over Grameen Bank will not serve Bangladesh’s best interests. And it will be detrimental to the nation’s progress on gender equality.
One of the most promising economies in the world today, Bangladesh has a host of positive statistics and numbers including:
* In 2014, gross income per capita reached $1,190
* Bangladesh ranks number 140 out of 177 countries for development and it is moving higher
* The rate of population growth is currently at 1.39% a year
Bangladesh’s economy has recorded remarkable economic performance in the new millennium, though its per capita income has remained low. Even more spectacular has been the steady improvement in its levels of many social development outcomes. Popular commentaries have drawn comparisons with India and Pakistan in highlighting the significance of Bangladesh’s development achievements.
Thanks to its strategic geopolitics, Bangladesh is now being courted by both China and the United States. It is a historical moment when right economic policies, appropriate investment levels and favorable demographics could unleash a period of growth and prosperity. However, with wrong policies, Bangladesh could suffer a new era of stagnation, poverty and fall behind its regional peers.
