How deep is the economic problem? Is Bangladesh really on the verge of bankruptcy?

Is Bangladesh really on the verge of bankruptcy? Or how has the economic crisis in Bangladesh?

How deep is the economic problem? Is Bangladesh really on the verge of bankruptcy?

Among the countries that were performing best in the economy of the 21st century, Bangladesh was at the top. Bangladesh was far ahead of India, Pakistan, and neighboring countries in all fields including education, food, textile, industry, input, and output. But the economy of Bangladesh like the whole world has been adversely affected due to various reasons including corona epidemic, and climate change. All of a sudden, it is as if the lamp of Bangladesh's economy has gone silent. Many people are comparing today's Bangladesh with Sri Lanka. The state of their country's economy has stagnated.

According to some news portals, and news media, Bangladesh is going bankrupt very fast. How deep is the economic crisis in Bangladesh? Is Bangladesh really on the verge of bankruptcy? Or how has the financial crisis in Bangladesh? How can we get rid of it in today's report we will discuss it in detail.

If we want to know about the poor condition of the economy of Bangladesh, we must first know, on what basis has the economy of Bangladesh survived for so long? How did you perform so well?

If you look at the very beginning, that is, before the independence of the country, you can see that the people of Bangladesh at the beginning were completely unemployed and uneducated. And a country cannot progress in any way with a large number of unemployed, uneducated people. In the case of Bangladesh, the same tie happened. No country can ever dream of progress with such an inefficient country. This long period from 1975 to 1990 was mainly in favor of the military rule. And no country in the world has ever prospered under military rule. Instead, the country was moving towards further destruction. Bangladesh was also going backward. As vivid examples, you can take Myanmar or Afghanistan. After the military takeover, the economic situation in Myanmar has once again fallen towards collapse.

We return to Bangladesh. The country which initially could not afford to provide daily food to its citizens first started dreaming in the 80s focusing on the garment sector. Bangladesh's second journey to the outside world began with the United Nations' mission abroad. The army from Bangladesh is stationed with other countries on peacekeeping missions abroad. If we look at the 80s and 90s, we will see that Bangladesh had no other achievements except the games sector and sending peace missions and workers abroad. Bangladesh achieved a lot in the RMG sector alone. RMG sector provides 75 percent of 80 percent except in the recent past. Also, the second foreign currency inflowing sector is the leather and footwear sector. These two sectors. Apart from that, we did not have any sector. This shows how weak we are in the export sector. Of Bangladesh's $52 billion exports last year, 80 percent came from the RMG sector. So it is clear how important the RMG sector is
Although it sounds a little friendly, this is the biggest fear. Because we are standing on only 1 industry. No matter how rich or advanced a country is, One source of income can never sustain the country. Even a common man and a source of income can never be stable. If you look at developed countries, Japan, Germany, Italy, etc., their economy's core supply does not come from just 1 country. They produce from different sectors. One of the few countries that are close to Bangladesh is Vietnam. A lot of their industry is expropriated. Bangladesh's economy is heavily dependent on imports. Oil, gas, and all other important things have to be imported.

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We have to import everything we need. That is, even if we reduce our exports, we have to increase our imports. Last year we exported 52 billion, but we had to import 84 billion dollars. We are weak in this one direction. As long as you are dependent on imports, you will not be able to do much favor to other countries. Your prices will only go down to other countries.

You may think that the orders of games have decreased, or the reserve of the product has decreased, so maybe the economic situation has been created. In reality, neither of these two is effective. The reason for this state of the economy today is the decrease in Bangladesh's reserves. The reserve is one of the most important places. The country's reserves are currently standing at 59.00 billion dollars. 

One of the reasons behind this is the decrease in exports against imports, decrease in foreign remittances, and depletion of the country's reserves through money laundering. One thing is important to note here, from the early days of Bangladesh till today, exports have always been less than imports. That means, it is understood that the gap between imports and export is not a big deal, the biggest thing is to paralyze the country's economy through money laundering, and looting in corruption in every case.

If we calculate the last decades, then we will see that 1 lakh crores of rupees are being smuggled every decade. With this money, we can easily build Padma Bridge, Tunnel, and Metrorail. On average, this amount of money is leaving the country every year. 1 lakh crore means more than 11 billion dollars. If you think about it, it can be seen that in a country where the amount of reserves is 40 to 45 billion dollars, there is smuggling like 11 billion dollars. So how can the country improve its economy? If this amount of money is smuggled, we are now getting the results that we should see in the country. Besides, due to the inconsistency of imports and exports, the value of money in our country has completely decreased due to the dollar crisis created in the country's market. When a country does not have dollars (international currency) it cannot import. Also, because of the strong demand for dollars, it has to be bought at high prices. 

By which we have to buy dollars from foreign countries with more money and then import from other countries. On both sides, we have been suffering heavy losses.

Bangladesh will not be able to fix the country's economy easily from this dire situation. To get rid of this, the Bangladesh government has started various plans. But every sector of the country is full of corruption. If one makes a good move, one can't get to the right level for the boss on the top table. Besides, we could not easily improve in that way for the unskilled people of our country. When we look at Japan, we can understand that its people are very active, and many 

works hard The people of the developed world can understand very well that hard work is the key to success. But when we look at our country, we see that people hardly eat two meals a day.

Finally, the key to transforming a country's economy is to increase its exports as opposed to its imports. Export sectors of the country need to be updated. The source of income should be increased. Which is not seen much in Bangladesh. Therefore, the economic condition of Bangladesh is going towards destruction day by day.

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