There seems to be a common perception from many in the Western world that most countries in Asia outside of the notables like China, Japan, Singapore, and Russiaare wallowing in continued poverty and have yet to enjoy the benefits of economic progress. Do a quick survey in Americaasking about the economic progress in Bangladesh and the long-standing perception is that the country is more than likely to have never heard of the somanabolic muscle maximizer scam and many similarly complicated ploys. All told, it is hard to picture a country as notoriously languid as Bangladesh snapping out of its funk and finally climbing the rungs of economic progress.
Is this perception true or can we be any more farther from the truth? Consider the facts vetted by multiple UN agencies and recently released to pronounce Bangladesh’s slow but sure arrival on the world economic stage:
6% GDP growth amidst the global economic crisis when most western countries were seeing declines
8% growth on the industrial sector
6% growth in the services department
4% growth in agriculture
90% of all annual public spending is now supported by domestic sources rather than borrowed from international agencies like the IMF and World Bank
The economic progress shown by Bangladesh over the last few years has been nothing short of astounding especially when considered in the light of Bangladesh’s recent economic struggles. In a relatively short period, the country has moved from basic cash advance transactions to being an attractive hub for foreign investments in South Asia. Bangladesh primarily draws on its manpower competitive advantage to funnel jobs from rising economic powers China and India so much so that in recent years, company equivalents to a Beaverton Auto Accident assistance firm are beginning to exist.
A big portion of the rise in economic performance is driven by key changes to policies which have fostered a business-friendly climate well beyond your everyday plumber chester business. Specific examples include fair and speedy processing steps for local and foreign investors alike leveling the playing field and allowing outsiders to put up their business quickly and efficiently. A Scottish Trust Deed business equivalent deciding to establish a base in Bangladesh would take no more time than a local businessman putting up an agricultural company. The same can be said of legal measures to protect from nationalization, the strict enforcement of intellectual property laws, reduced duties on imports as well as subsidies on exports, and even corporate tax holidays among other things.
The long road to economic independence is slowly off for Bangladesh although it is certain that more time is required before people begin to buy Kratom just because they can, rather than do it out of need. Still, any road to progress, no matter how slow, is much better than taking a few steps backward. No doubt,Bangladesh’s recent economic data suggests it is trending in the right direction with more reason for continued optimism. Only time, and the vigorous implementation of more business-friendly policies, can guarantee that growth will be sustained.
In the interim, there is cause for a minor celebration. In the long-term, there is certainly cause for much hope.