We have been seeing for the last six months that various rating agencies have been downgrading the credit ratings of Bangladesh. These ratings are coming at a time when Bangladesh has taken the bailout package of the International Monetary Fund (IMF). In recent times Bangladesh was promoted as a ‘development-wonder’ among international agencies. Now the question arises whether this story of ‘development-surprise’ is moving towards ‘development-disaster’? We have to understand why such a situation has arisen.
First of all, the rule of nepotism has been established here on the basis of the state’s unilateral power to use force. The present economic structure of Bangladesh is being determined and operated with a view to serving the interest of that brotherhood.
The disaster in the banking sector, the dollar crisis and uncontrolled inflation have shown us the consequences of nepotism. That is, an economic system of favoritism has been created here to ensure illegal accumulation of wealth. To maintain this system, the state has ensured unilateral control over financial organizations.
Secondly, the development narrative has become stagnant. Roads are being built but at the same time traffic jams are also increasing. The cost of construction is highest in Bangladesh. While the production capacity of electricity is increasing, the price is also increasing. Load shedding continues and capacity tax is increasing. Poverty is increasing in Dhaka city where expenditure is highest. Inequality cannot be controlled. Many things are exaggerated in different economic indicators, which have no reality. Taxes are low in proportion to GDP. A declining trend is visible in various indicators. There seems to be no way to escape from jobless development. These factors are responsible for the downgrade in credit rating in Bangladesh.