The Economy of Tomorrow and Bangladesh

In the face of economic, political, and ecological challenges, different kinds of visionary plans are evolving in the world to handle the challenges of the countries. The economy of Tomorrow (EoT) is one of them. It is a normative vision about making a good society that will be ecologically viable and guides the nation to build an economic foundation for making equitable and sustainable societies.

The main objective of EoT is to seek an alternative development path that will effectively handle the countries prime challenges. It focuses to produce socially just, resilient, and green dynamic growth for a 'Good Society'. Socially just growth is formed by fair incomes and inclusion of all talent. Resilient growth is driven by stability in the financial sector and natural environment as well as balanced trade and budgets.

Green dynamic growth is driven by the greening of the old economy and green innovation. It tries to solve economic challenges in the light of environmental crises. EoT drives to ensure Green dynamic growth of a countries economy incorporating with other sectors. In the face of ecological crises in the world, green growth and sustain the economy become the first and major responsibility 21st century for every country.

Bangladesh gained independence in 1971. The government fights on rooting out poverty, unemployment, and improving the livelihood of people since our liberation. Decades of double-digit growth have elevated large portions of our society out of poverty and creating a rapidly growing middle class.

The economy of Bangladesh is flourishing now. Bangladesh's economy has been deeply integrated into the global division of labor, with the other Asian countries leapfrogging to the top of the developed world. Remarkably, all these success stories have been achieved using a development model.

But a thing is seen that from these developments Business, political, and academic elites alike are major benefactors from the status quo. Not only owing to their positions to the regime, but they also continue to rip benefits from it. Besides, our budget does not improve the performance of several problematic sectors through concrete reform measures like the banking sector. Fiscal framework is becoming weaker day by day because the capacity to spend is limited as is the capacity to generate revenue.

Limited resources are not used efficiently. It is seen the government collects revenue from lower and middle-income class people mostly where a large portion of the rich class or business holders evade the taxes. Apart from this, our future economy becomes questionable. As a group of people or elites become rice and doing in money aboard in the name of development. They captured the political economy of Bangladesh and are incurring damage to the country every year. It creates a big inequality between the rich and the poor.

The government has taken a lot of mega projects for improving the lifestyle of people and strengthening the institutional structure. It increases the GDP and employment generation. Along with GDP and employment, people also rely on natural resources and have a direct relationship with it. Due to a lack of incorporating with another sector, megaprojects like Rampal coal-based power plants, Roopur nuclear power plants become threats for the future.  Bangladesh is the largest delta in the world.

Almost 213 smalls and large rivers flow over in Bangladesh. Every year Bangladesh faces several disasters and incurring a loss of life and property. Apart from these, the opposing party, civil societies and progressive unions here are often weaker. Confrontational politics is also the root cause of the crisis in the political arena. The lack of openness for new thinking and negative attitudes towards the alternative courses of action, fail to be implemented mega-projects if the regime changes.

In the face of such economic, political, and ecological challenges the Economy of Tomorrow can play a very effective role in our country. Because it focuses on developing a virtuous economic cycle that is capable of tackling the macro-economic, ecological, social, and political crises laid out above. It sets some fundamental principles promotes an equilibrium between steady demand and dynamic supply.

The main objective of it is in inclusiveness and sustainability and is at the same time to drive qualitative growth. It can ensure sustainable growth and maintain a balance in the growing demand and supply. Balancing demand and supply resources can be used efficiently. To break the vicious cycle of debt and devaluation, EoT suggests restructuring the economy focusing on inclusive distribution and employment. By these ways, money or bank loan can disburse equally both rich and poor.

The challenge to overcome the mega-crisis, it recommends building political muscle to win the political struggle against the status quo coalition. It can help to continual running of mega and welfare projects by one government to another government along with political stability to work corporately with distinct political parties. Moreover, economic growth cannot be sustained if the ecological and social environment is unstable.

Preserving the means of livelihood and ecological balance normative policy objectives can be considered. Just policy for both human beings and flora and fauna will be ensured as they are also key framework conditions for economic development.

 Concentrating the economy of tomorrow, Bangkok adopts 'Decent Capitalism and Stable and Balanced Growth', Singapore 'Green Jobs', Seoul 'Demand-driven Growth', Delhi 'Green Growth', consensuses to create an outline for the "Economy of Tomorrow" development model.

Our government also took several policies regarding green economy like tree plantation, using environment-friendly technology in brickfields, establishing environment court in every district, introducing bio-fertilizer, etc.

Some steps like forming green climate fund, producing Climate Fiscal Framework, delta plan-2100 and recently members of parliament adopt climate emergency and planet emergency, etc. and Bangladesh Banks initiatives like direct and indirect green fiancé investment are all appreciable.

These initiatives are good news for tackling climate change in Bangladesh little incorporation in economic sectors. But these policies and steps are implementing an isolated way. Green economic policies are not effectively implementing as each of the three brickfields one is illegal. It requires implementing with specific policy and incorporating it with other development projects.

There are also needed for specific economic plans in a development project for eliminating persistent poverty through environmentally benign activities incorporation with another sector like the above countries. Government megaprojects in economic development need inclusiveness of all people and all sectors considering justice to other sectors. Finally, to achieve the conditions of good society for the economy of tomorrow, government fundamental policy for coordinating the whole sector is a must.


The writer is a Masters student of Public Administration at Comilla University, Bangladesh