During the Corona period, where the growth of most of the countries of the world has come down drastically, Bangladesh has maintained the pace of growth. It's a pleasure. The Asian Development Bank (ADB) has forecast that Bangladesh's gross domestic product (GDP) growth in the current fiscal year (2020-21) could be 6.8 percent. Manmohan Prakash, the agency's country director, said in a recent ADB report that Bangladesh's economy was recovering from the epidemic. The government has consolidated the economy through appropriate economic incentives and social security measures.
The ADB official also reminded that people are not happy when growth in any country increases. In the 1960s, the IMF and the World Bank declared that growth means development. Modern economists consider this idea to be outdated and obsolete. Development can be said to be possible only if the standard of living of the people increases, not growth. Basic human needs, such as food, clothing, housing, education, health care and nutrition must be guaranteed.
What the people of Bangladesh are like cannot be understood by looking at the glamor of Gulshan, Banani and Baridhara. Because, next to it there is Karail slum. The appearance of the majority of people's residences, hat bazaars, public transport and public gatherings can tell how happy or unhappy they are. Corona has made our faded social appearance even more gray.
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ADB decoration also reminds us that people are not happy when growth in a country increases.
Bangladesh ranks fourth in the ADB's growth report of 30 Asian countries. India, China and Maldives are ahead of us. On the other hand, Bangladesh's position is nearing the end in terms of the happiness and well-being of Asians. 26th out of 30 countries. In other words, although we are far ahead in growth, we are far behind in terms of happiness. Taiwan is ahead of the happiness index in Asia. Taiwan is known as an economic power. At the same time, they have been equally concerned about the happiness of the people there. The people there are happy. The same applies to Bhutan and the Maldives. The people of these two small countries in South Asia are relatively happy. Tourism-dependent Bhutan's economy has been hit hardest by the Corona. Even then they are happier than the people of Bangladesh.
Of course, we can get some satisfaction in thinking that Bangladesh is ahead of India, Sri Lanka, Myanmar and Afghanistan. There are political and social conflicts in these countries. In comparison, Bangladesh is called the country of social harmony. Then why aren't we happy? The structure of the economy needs to be analyzed to find the cause.
Rich country does not mean happy country. When there is equality in the distribution of wealth, most people become partners in happiness. But inequality is more than equality in Bangladesh. Socialist countries had many problems. There was no freedom of expression. Instead of democracy, they imposed authoritarian rule. But there was a kind of equality in the distribution of resources, a system to meet the basic needs of all. When these socialist countries leaned towards capitalism, the happiness of the common people also decreased. China's per capita GDP has doubled in the past decade. However, the average happiness rate has increased by only 0.43 points. According to The Economist's data from 125 countries, per capita GDP and happiness in 43 countries are opposite. Bangladesh will also fall in that category.
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In order for the benefits of growth to reach all people, it must be inclusive. A picture of wealth inequality in Bangladesh is available from the government agency Bangladesh Bureau of Statistics (BBS). According to their household income-expenditure survey, the income of the richest 5 percent of households in the country has increased by about 56 percent. Their monthly income stands at Tk 8,941. In contrast, the income of the poorest 5 percent of households fell by 59 percent at the same time. Their monthly income stands at Tk 633, which was Tk 1,791 in 2010.
Government policy makers have been promoting that Bangladesh is a role model of development in the world. But the catastrophe that befell public life six months after the Corona crisis is a clear sign of underdevelopment. The development strategy of the government is to put oil on the head. There is no attempt to bring those who are behind everyone, below everyone, in front of them.
The three artisans of Bangladesh's economy are farmers, expatriate workers and workers in the ready-made garment industry (80 percent of the workers in this sector are women). This time Corona did not have such an adverse effect on agriculture and farmers. Rice has had bumper yields over the years. The farmers of Bangladesh are the most hardworking and patient people. Let the crops be destroyed, let the storms come, let the fields be burned by drought, even then they will plant. Land is their first and last refuge.
The readymade garment sector is the main export sector of Bangladesh. In the meantime, they have managed to corona. In the last two months, they have received more purchases than usual. But that did not endanger the workers in the industry. Many factory owners have laid off workers because of the coroner's arrears. More than one crore people of Bangladesh work abroad. They are the children of poor peasants and workers. He earns money by going abroad to change his fortune without getting any job in the country or even if he has a job. Keeps the wheel of the economy moving. The country's foreign exchange reserves are inflating. During the Coronation period, many of them lost their jobs and returned to the country or were forced to return. According to a BRAC survey, 8 percent of migrant workers have no alternative source of income. 33% of people who can run for three months or more with their own savings. Fifty-two percent say they need financial assistance on an emergency basis.
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These are the expatriates coming to the country from abroad, the people of the city are leaving the village, the livelihood of both is uncertain. The government has no sustainable plan for their rehabilitation or employment. The image that the media has painted of different parts of the country is very worrying. People returning from the city to the village may have a house like Gonza. But there is no system of income. It is unknown at this time what he will do after leaving the post. Many families now eat twice a day instead of three. UNICEF says children are the most vulnerable to coronavirus infections as low-income people in the country have lost their livelihoods. The lives of millions of workers in the tea industry are also uncertain. Many gardens are in arrears.
According to a survey conducted by Bangladesh Development Research Organization (BIDS), people's income has decreased and unemployment has increased due to Kovid-19. Those with lower incomes have suffered more. According to the agency, 1 crore 84 lakh people in the country have become poor due to corona. Fifty-nine percent of those surveyed had jobs, 18 percent were unemployed before the corona and 13 percent lost their jobs after the corona outbreak.
Growth for the happiness of a handful of people, even if the size of the economy increases, can not alleviate the grief of losing jobs, returning workers and marginal farmers. That is why we are ahead in prosperity but happily behind. Where is the end of this conflict between happiness and prosperity?
Good article