In recent years, Bangladesh impressed other nations with its remarkable gross domestic product growth story. But that has not duly address...
In recent years, Bangladesh impressed other nations with its remarkable gross domestic product growth story. But that has not duly addressed the impact of the growth on the happiness levels of Bangladeshis. The country now needs to forge a new story of upward social mobility. That will more specifically deal with citizens’ life satisfaction, as I will explain according to a World Economic Forum report.
Bangladesh’s growth story has been a much-touted one. The GDP growth averaged around 6% from 2000 to 2019, the World Bank data shows. It was not long before the term “GDP growth” became a catchphrase in the country.
This is primarily because policymakers have ardently portrayed this metric as a vital sign of development, as if it reflected both economic progress and human well-being. The majority of Bangladeshis have little idea how – and whether at all – this growth impacts their happiness. The GDP growth is an outlandish concept for the poor and those making a living in the informal economy.
Growth during pandemic
Even in 2020 when the coronavirus pandemic rocked economies around the world, Bangladesh managed to be an outlier. It posted a 2.3% growth. That year, the economy of its neighbour, India, shrank by 7.9%. In fact, all South Asian countries registered negative growth in 2020, except...
