Bangladesh\u2019s foreign exchange\u00a0 reserves are in a stronger position than those in number of other\u00a0 developing countries as garments and foreign exchange remitted by<\/p>\n
Bangladeshi workers abroad are the main pillars of the economy.<\/p>\n
\u201cThe impact of the Covid-19 pandemic on the economy, which is\u00a0 also constrained by the Russia-Ukraine conflict, cannot be denied.\u00a0 But the Hasina government is determined to keep the economy\u00a0 stable,\u201d Dipanjan Roy Chaudhury, diplomatic editor of Indian\u00a0 newspaper The Economic Times (ET), wrote in an article on<\/p>\n
Monday.<\/p>\n
It said in the early stages of the pandemic, many assumed that\u00a0 remittances would decline as many expatriates lost their jobs.<\/p>\n
However, due to the success of the government\u2019s diplomatic efforts,\u00a0 many Bangladeshis have returned to their workplaces abroad and\u00a0 they are sending back money at pre-pandemic rates.<\/p>\n
The World Bank (WB)-International Monetary Fund (IMF) Spring\u00a0 Meeting in 2022 lauded Bangladesh for successfully implementing\u00a0 its policies to combat the Covid-19 pandemic and economic\u00a0 recovery from its effects.<\/p>\n
Bangladesh itself has given a roadmap – Vision for 2041 – aimed at\u00a0 ending absolute poverty and graduating into higher middle-income\u00a0 status by 2031, and becoming a developed nation by 2041.<\/p>\n
The country is making progress in several social and economic\u00a0 sectors, the article mentioned, adding from agriculture to\u00a0 pharmaceuticals and from shipbuilding to garments, the country’s\u00a0 industrial base is diversifying and its exports increasing. Bangladesh has its challenges, but authorities have responded to\u00a0 keep the economy on an even keel.<\/p>\n
Government officials\u2019 travel abroad is restricted, the taka has been\u00a0 devalued against the US dollar, remittances from abroad are\u00a0 rewarded with cash, and luxury goods are taxed, all of which are\u00a0 helping the country build up its reserves so it can easily meet\u00a0 import demand.<\/p>\n
In the meantime, the government\u2019s policy of raising exports and\u00a0 lowering imports is helping the economy recover.<\/p>\n
From when (US Secretary of State Henry) Kissinger called it a\u00a0 ‘basket case’ in 1971, Bangladesh has come a long way. The recently\u00a0 inaugurated Padma Bridge stands out. The international agencies\u00a0 that had refused to fund it are now congratulating Bangladesh on its completion, the article added. Linking the southwest of the country to the northern and eastern regions, the road-rail bridge (Padma Bridge) built at a cost of USD<\/p>\n
3.6 billion was inaugurated by Prime Minister Sheikh Hasina on June 25.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bangladesh\u2019s foreign exchange\u00a0 reserves are in a stronger position than those in number of other\u00a0 developing countries as garments and foreign exchange remitted by Bangladeshi workers abroad are the main pillars of the economy. \u201cThe impact of the Covid-19 pandemic on the economy, which is\u00a0 also constrained by the Russia-Ukraine conflict, cannot be denied.\u00a0 But […]<\/p>\n","protected":false},"author":1,"featured_media":1741,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,2],"tags":[],"class_list":["post-1740","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-featured"],"_links":{"self":[{"href":"https:\/\/financialherald.net\/index.php?rest_route=\/wp\/v2\/posts\/1740","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/financialherald.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/financialherald.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/financialherald.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/financialherald.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1740"}],"version-history":[{"count":1,"href":"https:\/\/financialherald.net\/index.php?rest_route=\/wp\/v2\/posts\/1740\/revisions"}],"predecessor-version":[{"id":1742,"href":"https:\/\/financialherald.net\/index.php?rest_route=\/wp\/v2\/posts\/1740\/revisions\/1742"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/financialherald.net\/index.php?rest_route=\/wp\/v2\/media\/1741"}],"wp:attachment":[{"href":"https:\/\/financialherald.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1740"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/financialherald.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1740"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/financialherald.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1740"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}