June 7, 2021

hISTORY eNDS EVERYWHERE:

A country that reversed a narrative of poverty (CS Monitor Editorial Board, June 7, 2021)

In May, for the first time, Bangladesh's average income earned per person was larger than India's. Just 14 years ago, it was half of its larger South Asian neighbor. In fact, its income grew 9% during COVID-19 while India's shrank. It now claims to be the fastest-growing economy in Asia, with a stable currency and stock market.

Despite a vulnerability to cyclones, an often-unstable democracy, and high durniti ("ill practice," meaning corruption), Bangladesh has rewritten the rules of prosperity. Its microfinance institutions like Grameen Bank have fed an entrepreneurial culture. It has cut infant mortality and illiteracy while boosting exports with industries such as textiles. Before the pandemic, it was able to cut the poverty rate by half in just 15 years. The United Nations says Bangladesh's social development is "phenomenal." In the coming decade, the country is projected to have the world's 28th largest economy.



Posted by at June 7, 2021 8:04 PM

  

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