It is indisputable that Bangladesh economy is moving ahead. Different indicators reflect the trend. Nevertheless, there are many inside stories of ups and downs. Some analysts and writers are also trying to bring some of these stories of mixed performances to the people. Two books, published during the just-concluded Ekushey Book Fair in Dhaka, broadly shed light on these two aspects of the country's economic march.
Rezaul Karim Khokon's book in Bangla titled 'Bangladesher Orthanititey Notun Sambhabana' (New Prospects for the Economy of Bangladesh) is mostly focused on the positive developments of and the emerging opportunities for the country's economy. This is a compilation of 32 articles and opinion pieces published in different newspapers and magazines. The topics include the financial sector, foreign trade, agriculture and tourism. Due to the diversity in selection, the readers will get some broad views of the different areas.
While focusing on the banking sector, the writer presents the advancement in digital banking, agent banking and branding in banking. At the same time, he mentions the risk of the growing default loans in the country's banking sector, and vulnerability present in cyber-security in the industry.
Besides, the book presents the stories of the flourishing biscuit and tiles-making, shipbuilding and pharmaceutical industries in brief. Readers will get glimpses of these sectors contributing to employment generation as well as economic growth. On a positive note, the writer further adds the emergence of green garments, flower business and micro-insurance sectors. By focusing on the potential of the tourism sector, the writer notes that river tourism may be very attractive if appropriately designed.
But in a growing economy, not all the developments are positive. Some negative aspects are also there. In this connection, the writer rightly points out the potential risk of reduction in farmlands in the country and the growing challenge of food security. Though Bangladesh has achieved autarky in food output, the reduced production may threaten the achievement in the long run. He also mentions the growing concern of the capital flight from the country.
Being a banker by profession, the writer has got the opportunity to observe the trading and financing activities very closely. Some of the write-ups reflect this. Again, a few articles are mere description without any in-depth look. Even a few of those may appear less relevant nowadays due to outdated data and changed contexts. If the original publication dates were there, it would have helped the readers contextualise the descriptions and analyses.
The other book, of considerable help in tracing the progress of Bangladesh economy, is 'Bangladesher Unnayon Porikolpona O Daridro Bimochon' (Development Planning in Bangladesh and Poverty Reduction).It presents a broader analysis of the development trends in the country. Written by Razu Ahmed, a journalist, it tries to critically examine the planning process and its impact on overall development activities.
At the beginning, the writer makes it clear that all the 12 articles included in the book were written earlier either as seminar papers or analyses. While compiling them for a book, the writer has updated some data and statistics, besides revising some parts of the articles. He, however, keeps a few pieces unchanged to depict the context of a specific period. For example, the article on the role of the World Bank, International Monetary Fund (IMF) and Asian Development Bank (ADB) during the two-year period of army-backed caretaker government was originally drafted in October 2009. In this book, it is published without any change so that the readers can visualise the period.
In another article on the role of ADB, the writer raises the question whether the multinational financial institution is a development partner or 'interest-acquiring moneylender'. This proposition, however, reflects a typical view of the left-leaning analysts who once used to criticise the role of ADB or WB. Proponents of this typical thought argue that the international financial institutions serve the interest of the capitalists ignoring the greater interest of the common people.
It is not surprising that Razu Ahmed walks along the same path as he seems to have grown on a left-oriented political background. Nevertheless, he tries to explain the role of ADB through cross-comparisons of a few countries' experiences with ADB-funded projects. He also provides some case studies in Bangladesh to indentify the projects damaging the environment.
In a similar vein, the author discusses the apprehended 'commercialisation' of water supply. He argues that the country's present 'water policy' is strengthening the voice of people advocating private water supply companies in Dhaka and other parts of the country. Again, the failure to protect water bodies and the sources of natural water despite having a specified Act in this regard has already threatened public health, he notes.
Razu Ahmed's book lays special emphasis on labour rights in the country, especially in the readymade garments industry. He also mentions the problems facing Bangladeshi migrant workers abroad. This appears to be important mainly due to the perspective of decent and sustainable development.
The author raises a question on the effectiveness of the Foreign Direct Investment (FDI) in Bangladesh. But his analysis of the topic seems inadequate. It does not seem to be cogent to argue, "Domestic investment is not increasing like FDI, and so an imbalance is created in the country's industry sector and trade. It such a trend continues, the country's overall production system and trade flow will be captive to the foreigners (Page145)."
Probably the most important contribution of the writer is his essay on the south-western region of the country. The article tries to outline the area's crises and the potential dormant in the outwardly backward region. It uses a lot of statistics on agriculture, industry, trade, poverty, wage rate, education and health. The write-up also narrates the salinity problem, especially in the greater Khulna districts. The author describes the good old days of Khulna which was a vibrant industrial city with a large number of jute mills. Though the piece is not elaborate in character, it offers a nearly convincing picture of the backwardness of the region.
Overall, the book is moderately resourceful for anyone interested in having a critical view of the country's economic domain. Professor MM Akash has written its introduction which enhances the perception of the writer's ability to deal with such a complex subject.