Bangladesh Prime Minister Sheikh Hasina’s Awami League party won 288 out of 300 seats giving her a fourth straight term. With a political career spanning over four decades, she is the longest-serving prime minister in the history of Bangladesh. Sheikh Hasina has played a decisive role in bringing about a positive change in the country. Ms Hasina’s government has stirred annual growth in gross domestic product from 5.04% in 2009 to 7.86% in the financial year to June 30, 2018, and plans to invest heavily on priorities such as job creation and development.
The government’s Padma bridge project [a 6.1 km road-rail bridge across the Padma River to link southwest to the north and east Bangladesh] will add at least 1.2% to the GDP.
FDI (Foreign Direct Investment) for Bangladesh has virtually tripled in 10 years and it’s on a meteoric rise every year.
The government feels their export basket is very limited and plans to expand it through newer avenues and markets to export goods. It has taken humungous efforts to attract investors and expand industries such as jewels, leather, food processing, and information & communication technology. Moreover, the government considers power, energy, and communications vital for economic development. 93
During Ms Hasina’s tenure, the government has allowed many banks to start operations. While people get accustomed to utilizing the banking sector, the government plans to set up a commission overseeing it. Overall, investment is flowing and the economy is on a meteoric rise. With very little international attention, Bangladesh has become one of the world’s economic success stories. The ready-made garment industry is a vital factor in the country’s phenomenal success story. The country’s largest employer provides about 4.5 million jobs accounting for nearly 80% of Bangladesh’s total merchandise exports in 2018.
From mass starvation in 1974, the country has achieved self-sufficiency in food production for its 166 million-plus population. According to the World Bank, the population living in extreme poverty, classified as under $1.25 per day, has shrunk from 19% to less than 9% over the same period. On many fronts, Bangladesh’s economic performance has indeed exceeded even government targets and Sheikh Hasina plans to take the country further forward with her developmental policies.