BANGLADESH STIRRING TROUBLE TO HIDE CRISIS

Bangladesh is heading toward an alarming economic situation. Its future now hinges on a delicate balance of domestic political developments and international interventions

- SALAH UDDIN SHOAIB CHOUDHURY

BANGLADESH'S economy is in a rapid nosedive, with over a million people becoming unemployed since August 5. Numerous commercial and industrial establishments are shutting down due to an acute liquidity crisis. This hampers entrepreneurs from opening letters of credit to import essential raw materials and other items required to sustain their businesses.

Meanwhile, dozens of 'buying houses' that coordinated the procurement of readymade garments from local factories for large buyers—mostly in the United States, Britain, and EU nations—have closed their offices. The worsening situation is primarily driven by mob anarchy, rampant extortion, threats, intimidation, and a hostile environment that discourages foreign nationals, particularly Indians, from remaining in the country.

Analysts warn Bangladesh is heading toward an alarming economic collapse. A significant segment of its population could face acute famine, while most of the 6.5 million workers in the country's garments sector—a key economic backbone—risk losing their jobs. International buyers are already shifting their orders to alternative sources due to the growing influence of extremist groups like Al-Qaeda, Islamic State, Hizb Ut-Tahrir and Hefazat-e-Islam. Thousands of Quranic madrasas in Bangladesh, considered breeding grounds for jihadists, further exacerbate the issue. These institutions are heavily influenced by anti-Semitism, jihadism, and Hindu hatred.

Given the troubling scenario, geopolitical analysts suggest Bangladesh, once seen as a rising economic star in Asia, is on the verge of becoming another Libya, Iraq, or Pakistan. The rise of religious extremism and state-sponsored violence may make the country a target for terrorist attacks.