It is time Bangladesh pursued inclusive growth

Emerging from the ruins of the war of independence in 1971 with a devastated economy, Bangladesh has gradually transformed into a vibrant lower-middle-income country, which is poised to graduate from the Least Developed Country (LDC) status in November 2026. Over the years, factors such as remittances, exports, agriculture, small enterprises, microfinance, and the increasing participation of women in the labour force have played crucial roles in poverty alleviation and improving several human development indicators of the country.

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Yet, behind the success lies an emerging set of concerns. Income inequality has increased, urban poverty is becoming more complex, and a series of external shocks, including the pandemic, the Ukraine war, global price volatility, climate impacts, and persistent inflation, have revealed deep-rooted structural vulnerabilities. For Bangladesh, the issue is not about the rate of growth, but whether growth can be inclusive. Bangladesh's fight against poverty has indeed been one of its notable achievements. Rural households gained from expanded irrigation, the adoption of high-yielding crop varieties, better connectivity, and the growth of non-farm enterprises.