Are we really growing? | The Daily Star
12:00 AM, August 22, 2019 / LAST MODIFIED: 12:00 AM, August 22, 2019

Are we really growing?

Despite Bangladesh’s high economic growth, both the agricultural and industrial sectors have been unable to create enough jobs, which is raising serious questions about the significance of the country’s growth.

Economic growth and economic development are not synonymous. The former is the increase in the production of goods and services within a nation, for a specific period of time.

Economic development emphasises on both qualitative and quantitative growth of the economy. It is denoted by an increase in the per capita income of every citizen, with the quality of living standard being a major indicator of it. Therefore, economic development should be given more focus for Bangladesh to truly progress. Balanced and uniform development is more necessary than just achieving high economic growth. Our experts should come up with policies that would ensure the trickling down of our growth to even the lowest quintile of individuals in our economic pyramid.

 

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