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Dhaka, a victim of poor governance | The Daily Star
Source: thedailystar.net
Article summary:
1. Bangladesh is at risk of falling into the "middle-income trap" due to reduced competitiveness in producing labor-intensive goods and a lack of innovative capabilities.
2. To avoid this trap, Bangladesh needs greater domestic resource mobilization, rapid industrialization, high-quality education, and careful macroeconomic management free of political intervention.
3. Regulators need to adopt a vision for Bangladesh that is more technology and productivity-based, with stronger institutions and policies to achieve sustainable growth with shared prosperity.
Article analysis:
The article "Dhaka, a victim of poor governance" discusses the challenges faced by Bangladesh in avoiding the middle-income trap and transitioning towards a high-income economy. While the author provides some valuable insights into the structural factors that prevent steady progress, there are several biases and missing points of consideration that need to be addressed.
One potential bias is the author's focus on technology and productivity-based growth as the key to avoiding the middle-income trap. While these factors are undoubtedly important, they are not sufficient on their own. The article fails to address other critical issues such as corruption, political instability, and weak institutions that can hinder economic growth. Without addressing these underlying problems, it is unlikely that Bangladesh will be able to achieve sustained high growth rates.
Another potential bias is the author's emphasis on macroeconomic management as a key driver of economic growth. While sound macroeconomic policies are undoubtedly important, they are not sufficient on their own. The article fails to address other critical issues such as education, infrastructure development, and innovation that can drive long-term economic growth.
The article also makes several unsupported claims without providing evidence to back them up. For example, it suggests that Bangladesh's statistical bodies are notorious for inflating growth figures without providing any evidence to support this claim. Similarly, it suggests that foreign workers remit approximately USD 6 billion back to their home country every year without providing any evidence for this figure.
There are also several missing points of consideration in the article. For example, it fails to address the role of trade policy in driving economic growth or the potential risks associated with participating in global value chains. It also fails to explore counterarguments or alternative perspectives on how Bangladesh can avoid the middle-income trap.
Overall, while the article provides some valuable insights into the challenges faced by Bangladesh in avoiding the middle-income trap, it suffers from several biases and missing points of consideration that limit its usefulness as a comprehensive analysis of this issue.