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Bangladesh economy gained ability to draw attention to the world’s development partners by dint of its growth pace. The acknowledgement came before Covid-19. The growth pace was forced to be halted in the face attack by coronavirus. It is essential to know that since fiscal year 2015-16, economy was running ahead with above 7 per cent GDP growth rate. The rate was recorded at 8.15 per cent in FY 2018-19 after three consecutive fiscal years. The pandemic situation was not favorable at all to keep previous growth rate stable. The wheel of economy began to go slow in view of deadly virus that was originated from Wuhan, a province of China. Ultimately, the fate of Bangladesh economy turned into worse situation and the growth rate in FY 2019-20 stood at 3.51 per cent amidst virus time. Though it was positive growth rate, the economic programs had heavily been destroyed by ferocious approach of the virus. The programmes included achieving Sustainable Development Goals (SDGs) by 2030, becoming a higher middle income country in 2031 apart from thinking of addressing post-LDC graduation challenges.
The world’s multilateral development agencies came forward with financial packages in the aim of lifting virus-hit economy. The Bangladesh government announced a total of 28 stimulus packages worth Tk 1.87 trillion. According to media reports, about 69.1 million people and around 0.15 million organizations had already been brought under the packages till February of this year. It is sad to note that the stimulus packages provided by the government generated a wide range of criticism while distributing.
Till now, corona-affected people and organizations could not grow ability in terms of sustainability in absence of good governance. Currently, the people in the categories of low and middle-income groups are facing inflationary pressures due to the Russia-Ukraine war. The inflation-hit people are being forced to make compromises in respect of maintaining their living standards with fixed wages and salaries. On account of taking lower than required calorie by inflation-hit people, the nutrition status of the people is being compromised. So, post-Covid-19 period and ongoing Russia-Ukraine conflict put the people in dire straits. In this moment of economy, it is not possible achieve expected GDP growth rate set earlier. The first priority is to control price levels and secondly to lift corona-ravaged people and organizations. With internal resources, it is impossible to change the economy hit hard by coronavirus. It needs international backing. Otherwise, we might fail to achieve economic programs set earlier. Furthermore, to achieve SDGs would be a challenge.
The world’s second biggest economy recently came up with “Global Development Initiative (GDI)”. The objective of GDI taken by China is to promote post-pandemic reconstruction and implement the 2030 agenda (SDGs). The GDI included poverty alleviation, food security, Covid-19 response and vaccines, development financing, climate change and green development, industrialization, digital economy and connectivity. According to China Daily the initiative is committed to true multilateralism, putting people front and centre, fully implementing the 2030 Agenda and realizing the aspiration of all people for a better life. Besides, UN Secretary-General Antonio Guterres opined that the initiative is of great positive significance to promoting global equality, balance and sustainable development.
Chinese leaders already called on many countries’ chief executives and tried to make them understand about the significance of the GDI. Bangladesh is yet to give nod in respect of joining GDI. A media report suggests that 53 African countries gave the GDI a nod during the Forum on China-Africa Cooperation (FOCAC) 8th Ministerial Conference. The idea of GDI platform was originated by Chinese President Xi Jinping in September in 2021 at the General Debate of the 76th Session of the United Nations General Assembly.
There needs to be said that Bangladesh’s position in SDG index is not remarkable if done evaluation with its peer countries. According to progress report released by the UN Sustainable Development Solution Network in 2021 said that Bangladesh ranked 109th out of 157 countries. Bangladesh made 63.5 scores out of 100 in the SDG index, the report reads. It is important to note that Bangladesh’s position was better in SDG index before 2021 SDG report. Bangladesh achieved 63.28 and 63.26 scores once. Bangladesh feels proud of seeing SDG index that is ahead of India and Pakistan in South Asia. As per 2021 report, Bangladesh lags far behind in achieving SDG scores compared to Bhutan ( 70th), Maldives( 79), Sri Lanka ( 87th) and Nepal ( 96th). Bangladesh anyhow has to achieve SDGs adopted by the UN in 2015 where 17 goals are to meet by 2030. In view of latest SDGs ranking and scores, Bangladesh will have to join China-led GDI platform.
In the first week of August this year, Chinese Foreign Minister Mr Wang Yi came to Dhaka and held discussions with government high ups. His tour to Dhaka made the nation optimistic on many issues. Chinese foreign minister put emphasize on these issues titled “Global Development initiative ( GDI) and Global Security initiative ( GSI)” while talking to his Bangladeshi counterpart. Since Bangladesh is on the way of recovering Covid-hit index, GDI platform would surely be helpful. If Bangladesh fails to decrease poverty rate and increase employment rate, to achieve SDGs is supposed to be critical. More than hundred countries, in the meantime, joined china-floated GDI platform for the cause of being recovered from economic crises arising from coronavirus. The actual objective of visiting Chinese foreign minister was to convey message on GDI issue among others. The Bangladeshi leaders and policymakers had better give a nod towards GDI issue considering current economic scenario in Bangladesh. GDI helps to boost bilateral relations in coming days apart from helping in the affairs of achieving Sustainable Development Goals.
The writer is an economic affairs analyst. He can be reached at : mazadul1985@gmail.com
