Dhaka [Bangladesh], June 14 (ANI): Once Bangladesh was labelled as the “basket case” by the then US National Security Adviser Henry Kissinger has now outpaced Pakistan which it was once part of, reported Bangladeshlivenews citing Daily Jang.
The Bangladeshlivenews reported that Bangladesh left Pakistan behind in all the sectors of the economy in 2023-24 as Dhaka presented a budget of USD 71 billion and a growth rate of 7.5 per cent, whereas Pakistan’s growth rate is only 3.5 per cent and inflation cost is 21 per cent. Bangladesh is also ahead of Pakistan in population planning.
The cash-strapped country is currently also affected by the political crisis, as well as the lack of population planning.
Despite having a larger population in 1951, Bangladesh through effective population planning campaigns has kept its population at 165 million, compared to Pakistan’s 200 million.
Bangladeshlivenews reports that the percentage of women working in Bangladesh has been steadily increasing, whereas it has declined in Pakistan. This shows the divergence between their economic paths.
Bangladesh has transformed its economy in the last few years. Bangladesh has improved despite having the same issues as Pakistan such as messy politics and weak public administration.
The Asian Phoenix’s growth rate is significantly higher than Pakistan, and by May 2021, its foreign exchange reserves had hit a record USD 45 billion. At that time, Pakistan’s reserves were only USD 17 billion and today they are USD 4 billion.
Just how sharp the contrast is can be seen as Bangladesh’s economy has increased by 271 times in the last 50 years, demonstrating a consistent and resilient trajectory of growth.
But Bangladesh focused on its labour-intensive light manufacturing industry and became the world’s second-largest clothing exporter after China. Bangladesh’s innovative approach is the reason why a country which does not produce cotton has been able to create thousands and thousands of garment factories that contribute to USD35 billion worth of exports.
Bangladesh’s economic situation is this: it has almost USD 31 Billion in reserves while Pakistan has less USD 4 Billion, with loans.
Bangladesh’s export target in the current year is USD 67 billion while Pakistan’s is USD 38 billion, adding that as per the statistics, Pakistan can provide export and services for only USD 21.5 billion which is very less than the target.
Bangladeshlivenews reported that Pakistan, once an aspiring post-colonial nation, is now mired in political chaos and economic instability. This is the legacy of decades of military rule, which deliberately minimized the role democratic institutions.
Pakistan’s downfall can be attributed to factors including corrupt leadership, irresponsible fiscal policies, and the deep state’s sponsorship of terrorism. Furthermore, Pakistan’s excessive reliance on domestic and foreign debt, fueled by overconsumption and import-intensive policies, has led to unsustainable external debt, further weakening its economy.
Bangladesh and Pakistan’s divergent paths highlight the importance of effective leadership, prudent fiscal policies, and a commitment to human development. While Bangladesh has focused on economic growth, improving health, and reducing unemployment, Pakistan’s priorities have been skewed towards regional power struggles, thus ignoring the development of its human capital.
Bangladeshlivenews reports that Bangladesh has learned their lesson. They have kept the Army away from politics and the government as much as possible. Otherwise, they will turn into Pakistan. (ANI)
This report was automatically generated by ANI News Service. ThePrint is not responsible for the content of this report.