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PM Sheikh Hasina Applauds Bangladesh’s Resilient Economy Amid Global Recession
On Thursday (July 20), Prime Minister Sheikh Hasina stated that despite the global economic pressures caused by the recession, Bangladesh’s economy continues to thrive. She addressed this during a meeting of the ruling Awami League-led 14-party grand alliance at her official residence, Ganabhaban. The Prime Minister emphasized the government’s commitment to prepare for the upcoming challenges the country will face as it aims to achieve developing nation status by 2026.
While acknowledging the worldwide dollar crisis and its impact on Bangladesh, Sheikh Hasina asserted that the nation’s economy remains resilient. She mentioned the ongoing efforts of a sub-committee, led by the Prime Minister’s Principal Secretary, which is examining the opportunities and challenges that come with Bangladesh’s full graduation to a developing nation.
Highlighting Bangladesh’s remarkable progress, the Prime Minister proudly declared the country as a role model of development for the rest of the world. She credited her government’s policies that have successfully reduced poverty rates, improved food production, provided housing for landless families, and increased electricity access.
During the meeting, Prime Minister Hasina also addressed the issue of corruption during the BNP’s regime and expressed her government’s determination to recover money siphoned off by BNP leaders to foreign countries. She criticized Khaleda Zia’s family, particularly her sons Tarique Rahman and Arafat Rahman Koko, for their involvement in corruption, which led to the World Bank discontinuing financial support for the BNP due to corruption in the road sector.
Despite challenges in recovering funds from abroad, the Prime Minister acknowledged the success in bringing back Tk 40 crore laundered by Tarique and Koko. She reiterated her government’s dedication to creating employment opportunities and support entrepreneurs through various stimulus packages and training initiatives to further reduce the country’s unemployment rate, which currently stands at 3 percent.
Over the past 14 and a half years of her government’s tenure, Bangladesh has made significant advancements in various sectors, transforming the nation’s socio-economic landscape. Under the Awami League’s leadership, the country has witnessed substantial positive changes and remains steadfast in its commitment to further progress.
Prime Minister Sheikh Hasina has underscored her firm stance against any recurrence of the 2013-14 incidents of arson terrorism and inhuman atrocities in the run-up to the next national election. During a community reception held in her honor at the Methodist Central Hall Westminster, she emphasized that there would be no tolerance for such actions conducted in the name of a movement.
Recalling the events of 2013-14, Prime Minister Hasina pointed out that the BNP-Jamaat alliance had wreaked havoc across the country by setting people on fire, destroying public and private properties with petrol bombs hurled at various modes of transportation, including buses, trains, and launches. These actions led to severe burn injuries for many, including women, who continue to suffer from the consequences.
She clarified that her government had no objection to peaceful movements but highlighted the stark difference between peaceful protests and movements that involve killing people through arson terrorism and damaging the nation’s assets. She also referenced a past incident where 29 police personnel were killed, emphasizing that any attempt to harm innocent citizens would not be tolerated.
Foreign Minister Dr. AK Abdul Momen and AL Publicity and Publication Secretary Dr. Abdus Sobhan Golap were in attendance during the event, presided over by UK AL President Sultan Sharif and moderated by General Secretary Syed Sajedur Rahman Faruk.
Prime Minister Sheikh Hasina, who also serves as the President of the ruling Awami League, criticized the BNP’s claims about democracy, citing their dubious election practices. She noted that the people of Bangladesh had swiftly removed the BNP from power within a short period after they conducted a controversial election on February 15, 1996.
Regarding voter lists, she pointed out that the BNP-Jamaat alliance had attempted to manipulate elections by creating a voter list with 1.23 crore fake voters. In contrast, Awami League leaders and activists had worked tirelessly to establish and protect the voting rights of the people, with some even sacrificing their lives in the process.
Prime Minister Hasina reiterated her commitment to holding free and fair elections, highlighting the reforms implemented by her government, including the establishment of an independent election commission and the introduction of transparent ballot boxes and voter lists with photographs.
She also mentioned that the BNP’s focus had shifted from political movements to seeking treatment abroad for Khaleda Zia. She clarified that she had acted within the confines of the law when allowing Khaleda Zia to stay at home after suspending her jail term in a corruption case.
Prime Minister Hasina called upon Bangladeshi expatriates to send remittances through official banking channels, acknowledging their contributions to the country’s progressive and democratic movements, including the War of Liberation in 1971.
In light of rising inflation due to global factors, she encouraged citizens to utilize every inch of land for agriculture to reduce dependency on food imports. She briefly outlined her government’s efforts to advance Bangladesh economically and digitally, with the goal of transforming it into a developed and prosperous nation by 2041.
In September of this year, the country’s export earnings from goods demonstrated robust growth, surging by 10.37 percent and reaching a total of $4,310.33 million. However, these single-month export figures fell short by 7.05 percent of the strategic export target set at $4,637 million, as reported by the latest statistics from the Export Promotion Bureau (EPB).
Comparatively, the export earnings for September in the previous year amounted to $3,905.07 million, indicating a noteworthy increase in the current year.
Taking a broader view, the data from EPB revealed that the overall export earnings during the first quarter of the current fiscal year (July-September) saw a significant growth of 9.51 percent, totaling $13,685.44 million. This exceeded the strategic target of $13,988 million set for the same period.
In contrast, during the same July-September period in the last fiscal year (FY23), the export earnings were recorded at $12,496.89 million, illustrating a noticeable upswing in the current fiscal year.
Among the various exportable items, the Ready-Made Garment (RMG) sector continued to dominate the overseas market during this three-month period, amassing an impressive $11,617.5 million with a growth rate of 13.07 percent.
Breaking down the RMG category, knitwear stood out as the frontrunner, securing the highest export amount of $6,762.59 million, followed closely by woven garments with earnings of $4,854.91 million.
For the current fiscal year, the government has set an ambitious target to export goods worth $62 billion, aiming for an 11.59 percent year-on-year growth. This follows a remarkable achievement in the previous fiscal year (FY23), where exports reached a record-breaking $55.56 billion despite challenging global conditions and uncertainties.
Prime Minister Sheikh Hasina issued a stark warning, suggesting that unless the ruling Awami League retains power, the country could regress into a state of darkness. She conveyed this message during a reception hosted by the US chapter of the Awami League at the Holiday Express Inn Hotel.
However, the Prime Minister expressed her confidence in the people of Bangladesh, stating that they would not want to return to such a bleak period. She referred to the 29 years under the BNP-Jamaat governments as an era of darkness during which little was done for the citizens except for the self-enrichment of the ruling clique.
She emphasized that the Awami League, since coming into power in 2009, has made significant strides in bridging the developmental gap created during those years of darkness. Bangladesh has achieved recognition as a developing country during this period, thanks to specific plans and a continued democratic process.
Prime Minister Hasina mentioned that her government is preparing for Bangladesh’s journey as a developing nation, starting in 2026. To facilitate this journey, a committee has been formed, led by her principal secretary, to find ways to ensure development and prosperity. She reiterated her belief that if the Awami League remains in power, Bangladesh’s path to becoming a developed nation will face no hindrances.
