Fareed Zakaria, in his weekly program GPS on CNN aired on August 18, 2024, reflects that Bangladesh’s rapid rise and equally swift decline serve as a cautionary tale for developing nations, following the immediate fall of Sheikh Hasina’s government. For years, Bangladesh stood as a beacon of economic success in the developing world, under the leadership of Prime Minister Sheikh Hasina. The daughter of the nation’s founding president, Hasina held power for 15 consecutive years, during which time she tightened her grip on the country through authoritarian measures. Despite her control, Bangladesh saw significant economic growth, with its booming garment industry lifting millions out of poverty and its economy surpassing that of many developed nations.
However, the cracks in this seemingly solid foundation were exposed as Bangladesh faced deep economic challenges. A reliance on a single export economy, compounded by global disruptions such as the COVID-19 pandemic and inflation, led to widespread joblessness. The situation came to a head when protests erupted over a controversial job quota favoring descendants of freedom fighters, revealing underlying discontent with Hasina’s rule and the concentration of economic gains in the hands of the political elite.
Earlier this month, Hasina was forced from power by a wave of protests led by young students, marking a dramatic end to her long tenure. The events in Bangladesh serve as a stark reminder of how quickly progress can be undone without a broad and inclusive economic foundation. As Fareed Zakaria notes, the lessons from Bangladesh’s experience resonate across the developing world, where bulging youth populations and economic malaise pose ongoing challenges to stability and growth.
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