Market economy
Today's fascination with market economy has created dominating and dominated economies and weak economies are being trapped in the process of marginalisation. No country is economically safe in the face of stiff competition. So it is imperative to become proactive or reactive or at least protective, but protective strategy will no longer be effective. Protective economies that are lagging behind the race of economic integration are becoming more vulnerable to dominating economies. In this scenario of world economy, a country like Bangladesh should be strategically solvent and it's a ray of hope that the New York based Investment Banking Organisation Goldman Sachs has rated Bangladesh as one of the Next Eleven potential countries after Brazil, Russia, India and China (BRIC) which will influence the world economy.
In market economy, where free exit and entry of goods and services is a motto, Bangladesh needs to mobilise its internal resources, enrich export basket and shorten sensitive list of commodities in light of protecting its agriculture and industry and also in the context of revenue earnings and reducing vulnerability to international trade. In this regard, at the very outset it should formulate a national economic policy aimed at gaining internal economic strength based on sustainable GDP growth. This requires careful analysis of the composition of GDP -- the agriculture sector which contributes 21.77% to GDP and the industrial sector which contributes 29.01% to GDP and finally the service sector which contributes 49.22%. The government should adopt a balanced economic development policy.
So it is high time for the policy makers to turn their attention to internal economic factors of development and ensure internal economic strength to be used as the base.
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