Bangladesh economy facing headwinds

[Learn Crypto]

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The International Monetary Fund (IMF) in its latest update has said the world economy is limping. This assessment is the aggregate of economic performances of all countries -- developing, developed and emerging. Bangladesh as a developing country, recently elevated to lower middle -income category, cannot be an exception to this global trend. Even though incipiently fragmented, we are still integrated into the globalised economy significantly enough to expose us to exogenous shocks.
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[avikz]

Bangladesh is limping because of their growing friendship with China and also due to government's failure to provide alternative sources of income to the citizens.

Read this article to know more about their Chinese loans and it's forex issues -

https://asia.nikkei.com/Economy/Bangladesh-s-looming-debt-bills-to-China-Russia-fuel-forex-fears

They should learn from Srilanka!

[Aanuoluwatofunmi]

In addition to what has been said, Bangladesh is a low population country in which i expect the leaders to take a very good advantage of this to help the people realized every potentials they could emancipate through the help of their leaders, the government are not trying alot in this regard, the country is too dependent on foreign countries for it sustainability of its economy, this is totally wrong, they have to wake up to begin with something that their people will also have to depend on.

[coupable]

Bangladesh is limping because of their growing friendship with China and also due to government's failure to provide alternative sources of income to the citizens.

As i can conclude, rapprochement with China is only one side of the coin, as this is accompanied by declining cooperation with its classic allies India and Russia. The classical allies are those who strongly support the Bangladeshi economy for mainly geostrategic goals, which is to strengthen its position vis-à-vis its rival Pakistan, which is supported by the United States. However, it has been noted recently that the support of the allies has declined, forcing Bangladesh to turn to China.
My information may not be completely accurate because I have stopped following developments in the Asian economies since the beginning of the Ukrainian war.

[stompix]

In addition to what has been said, Bangladesh is a low population country

8th country by population, 7th by density, having the capital as the 7th city in the world by density and this is low?

Bangladesh as a developing country, recently elevated to lower middle -income category, cannot be an exception to this global trend.

No!
The actual quote was:

The demographics in Bangladesh are favorable, and once the country navigates the crisis and addresses reforms through a full programme, it will be well-positioned to achieve middle-income status, he explained.

If Bangladesh with its rank of 138th in the world by GDP would be middle income then god help us what poverty would mean.

Bangladesh as a developing country,

Bangladesh is classified as a LDC -least developed countries
https://www.un.org/ldcportal/content/bangladesh-graduation-status

[Faisal2202]

The International Monetary Fund (IMF) in its latest update has said the world economy is limping. This assessment is the aggregate of economic performances of all countries -- developing, developed and emerging. Bangladesh as a developing country, recently elevated to lower middle -income category, cannot be an exception to this global trend. Even though incipiently fragmented, we are still integrated into the globalised economy significantly enough to expose us to exogenous shocks.
here

At first, I will say why you think that your economy will not be affected by the other countries, like you have not reached a point of full independence, and I don't think any other country is at a place where if something bad happens all over the world, they will be saved. As you said, you are a developing country, so we totally depend on the Tier 1 countries and also take loans from the IMF, etc. Which means the economies of those countries directly impact us.

And at second, I will say, don't just copy and paste the news from the website, because it seems so unethical. If you really have some feelings or intentions to get some ideas, then add your words, ideas, and feelings in the post too. If a robot can do this work, we can ask them to add a bot like in the WO (we get graphs automatically) that could post all the news here. Why are you posting it?

I checked your history, and you are also from Bangladesh. I am not targeting Bangladesh; actually, I thought you (OP) were the learn Bitcoin dude, but then I came to understand that you are learn crypto. Well, the point is, I found another guy yesterday, also your local community member, doing the same thing.

NOTE* I respect the Bangla community, there are really good dudes there, I value their posts, and I also know that we can copy and paste things here if we quote them and give a source link, which means this post might be eligible for a no-plagiarism case. But still, I thought it would be nice for the OP to add some value.

[taufik123]

It is concerning to hear that a developing country is struggling to cope with the economic crisis.

Bangladesh is having a tough time at the moment due to various crises in various sectors such as fuel crises, high inflation, weak banking sector, trade deficit, and depleting foreign exchange reserves.

The economic problems that are happening in Bangladesh are due to poor state governance and have been ignored for too long,
so problems that initially only have a temporary impact take root and become a prolonged impact.

Bangladesh also needs support from other developing countries such as Indonesia.
Last month Indonesia - Bangladesh had a Bilateral meeting which took place at the Kakatua Room, Jakarta Convention Center (JCC), Jakarta.
During the meeting, the two discussed cooperation in the field of trade.

Indonesia-Bangladesh friendship can continue to be strengthened concretely.
One of them is optimizing trade relations between the two countries and removing trade barriers.

https://www.kompas.id/baca/internasional/2023/09/06/bilateral-untuk-menghilangkan-hambatan-perdagangan

[Zlantann]

The International Monetary Fund (IMF) in its latest update has said the world economy is limping. This assessment is the aggregate of economic performances of all countries -- developing, developed and emerging. Bangladesh as a developing country, recently elevated to lower middle -income category, cannot be an exception to this global trend. Even though incipiently fragmented, we are still integrated into the globalised economy significantly enough to expose us to exogenous shocks.
here

The COVID-19 pandemic, the war in Ukraine, and the increase in natural disasters caused severe damage to the economy of many nations including the developed ones. Just like other developing nations Bangladesh is going through inflation, currency loss of value, and declining external reserve caused by a decline in export revenue.

But the country's major problem is corruption.  Bangladesh is ranked 147 among 180 nations in the Global Corruption Perception Index (CPI) of Transparency International. It is also the second most corrupt nation in South Asia. In a country where the meager resources that would have been used to develop the country are diverted to the personal bank accounts of corrupt politicians, such a nation might never be free from economic woes. The citizens know that Bangladesh's main problem is corruption which is why there have been many public uprisings, riots, and demonstrations to remove these corrupt politicians from power but many of them have been unsuccessful.  

[DYING_S0UL]

And at second, I will say, don't just copy and paste the news from the website, because it seems so unethical. If you really have some feelings or intentions to get some ideas, then add your words, ideas, and feelings in the post too. If a robot can do this work, we can ask them to add a bot like in the WO (we get graphs automatically) that could post all the news here. Why are you posting it?

I checked your history, and you are also from Bangladesh. I am not targeting Bangladesh; actually, I thought you (OP) were the learn Bitcoin dude, but then I came to understand that you are learn crypto. Well, the point is, I found another guy yesterday, also your local community member, doing the same thing.

NOTE* I respect the Bangla community, there are really good dudes there, I value their posts, and I also know that we can copy and paste things here if we quote them and give a source link, which means this post might be eligible for a no-plagiarism case. But still, I thought it would be nice for the OP to add some value.

Well, we can't blame anyone as long as source is added. Recently there have been many new newbies that are posting this kind of copy paste news like posts in BD thread (We don't have own local board yet). I'm not saying it's bad but one shouldn't just join the forum and start posting news from various sources. If you look closely, almost all the newbies in bangla thread are doing this. As soon as a user registers, s/he miraculously finds BD thread and start sharing news. When I first joined the forum I didn't even knew there was a BD thread. That's why I stopped posting there, even reputed members are also posting less. There is no education discussion happening, no ideas are being shared, no questions are made, just news news all days long. Some members are still trying to be creativity though.

Another thing I noticed if you look at the usernames and post style, you'll find many similarities. My guess is one or two or a group of people are managing these accounts. Although I can't connect them as alt accounts but you'll know when you see them. Even there was a username called DTmember, don't you think that's odd? How would one know DT is a thing in bitcointalk? I'm not saying having alt is a crime but what I'm seeing these days in my thread is disappointing.

It's not ideal for newbies to post only news. He is new, he should behave like one. He should be making questions, making threads not posting news. What's your say on that?

My comment might be irrelevant to this thread and board, but I though it might be worth sharing  

[pinggoki]

Bangladesh is limping because of their growing friendship with China and also due to government's failure to provide alternative sources of income to the citizens.

Read this article to know more about their Chinese loans and it's forex issues -

https://asia.nikkei.com/Economy/Bangladesh-s-looming-debt-bills-to-China-Russia-fuel-forex-fears

They should learn from Srilanka!

So Bangladesh is going to participate in the Belt and Road Initiative of China? Well, I guess they've just signed a death warrant for their sovereignty and economy with those loans. Sri Lanka doesn't technically own the infrastructures that was built on their country due to that agreement and the money that was built on that just got back to China because they have to hire a Chinese construction company to build those buildings. If that's what's going to Bangladesh then expect that "limping" economy to become "crippled" or "hobbled".

[bittraffic]

They are independent country though. And most countries today seem to be struggling.

One problem always is somewhat to be blamed in a country that has been struggling for years like Bangladesh is the government with 2 parties that do nothing but stopping each others project depending on who is seated in the presidency.

One government party will allow projects stand for long term to which they can expect a project will be completed since there is no opposition.

[lovesmayfamilis]

Well, we can't blame anyone as long as source is added. Recently there have been many new newbies that are posting this kind of copy paste news like posts in BD thread (We don't have own local board yet). I'm not saying it's bad but one shouldn't just join the forum and start posting news from various sources. If you look closely, almost all the newbies in bangla thread are doing this. As soon as a user registers, s/he miraculously finds BD thread and start sharing news. When I first joined the forum I didn't even knew there was a BD thread. That's why I stopped posting there, even reputed members are also posting less. There is no education discussion happening, no ideas are being shared, no questions are made, just news news all days long. Some members are still trying to be creativity though.

Another thing I noticed if you look at the usernames and post style, you'll find many similarities. My guess is one or two or a group of people are managing these accounts. Although I can't connect them as alt accounts but you'll know when you see them. Even there was a username called DTmember, don't you think that's odd? How would one know DT is a thing in bitcointalk? I'm not saying having alt is a crime but what I'm seeing these days in my thread is disappointing.

It's not ideal for newbies to post only news. He is new, he should behave like one. He should be making questions, making threads not posting news. What's your say on that?

My comment might be irrelevant to this thread and board, but I though it might be worth sharing  

You are right, and the behavior of your compatriots is very disappointing. But you could raise this issue in your local section. Besides the fact that your newcomers publish posts according to rule number one: low quality, providing copies and pastes with a link, this topic could even be located in the Bangladesh section. What is also noticeable is how your users grow accounts, thinking that the exchange of merit is not noticeable to others.
OP, do you have your own words or just a link to the news?

[Yamane_Keto]

If your country's economy is linked to interest rates and debt, shipping and supply chains, oil and gas, or geopolitical determinations, then the current year will inevitably have a severe impact on the local economy due to raising interest rates, fluctuations in the price of the dollar, the slowdown of the Chinese economy, and global problems and challenges.

The agricultural, service, and tourism-based economies are less affected. Therefore, I believe that the countries of Southeast Asia are the least affected by what is happening in the global economies and the economic damage to them is less, in addition to the countries of South America, which do not have a large exposure to debt. I do not know where Bangladesh is located, but look at your economy, its nature, and the factors you mentioned, and you will know whether there is an impact or not.

[blockman]

They are independent country though. And most countries today seem to be struggling.

One problem always is somewhat to be blamed in a country that has been struggling for years like Bangladesh is the government with 2 parties that do nothing but stopping each others project depending on who is seated in the presidency.

One government party will allow projects stand for long term to which they can expect a project will be completed since there is no opposition.

Mate, that's also what's happening here in our country. There's the opposition and the administration party and together with their alliances. It's always the disagreement and agreement from these political parties. And IMHO, that's what makes the progress of our country slow when there's always the disagreement and time is consumed from all of these debates from both parties. I think that debt also plays a big part, on what I've seen, the chart for Bangladesh's debt is on an uptrend til' 2028 based on statista.com.

[icalical]

They are independent country though. And most countries today seem to be struggling.

One problem always is somewhat to be blamed in a country that has been struggling for years like Bangladesh is the government with 2 parties that do nothing but stopping each others project depending on who is seated in the presidency.

One government party will allow projects stand for long term to which they can expect a project will be completed since there is no opposition.

Mate, that's also what's happening here in our country. There's the opposition and the administration party and together with their alliances. It's always the disagreement and agreement from these political parties. And IMHO, that's what makes the progress of our country slow when there's always the disagreement and time is consumed from all of these debates from both parties. I think that debt also plays a big part, on what I've seen, the chart for Bangladesh's debt is on an uptrend til' 2028 based on statista.com.

I think that's happened in a lot of developing country, in one side opposition is good to watch the winning parties so that they are not corrupt, and don't do stupid thing. But on the other hand, they hinder the country development by denying all the good programs and idea by the winning side, even when the table turns on the next election, they prefer to start a similar project from zero rather than continuing the good project created by their opponent.

[Learn Bitcoin]

I thought you (OP) were the learn Bitcoin dude, but then I came to understand that you are learn crypto.

FYI, I have no connection with this account. I do not know this user. He saw my name and then created his account with a similar username. This is kinda odd. We have seen some weird names like DTmember. I have also seen that users choose a username similar to another user, which sometimes creates confusion. Sometimes I get confused about Darkstar, Blackstar, and Blackboss.

I would request OP to stop doing these things. Please stop posting full news from other sources to start a generic discussion. If it's something too serious, you may still create a thread using those news. But please add your own Point of view as well.

[DrBeer]

I highly recommend following the Bangladesh situation. It will be a "live economic show" about "Chinese friendship, aid and investment". I assume the outcome will be the same as with Sri Lanka. We can even place bets. Bangladesh is very sorry that they fell for this dubious friendship and did not take into account the experience of their neighbors. I have previously described how the situation will develop, and this scheme China uses with all its "friends", and Bangladesh will not be an exception. So, let's take popcorn, sit back and watch....

[Mr. Magkaisa]

        -  Right now, Bangladesh is really facing a crisis. Their interest rate is very high in terms of inflation, which has been around 9.5% since August this year. Then their foreign exchange reserves declined a few months ago, so they blamed the IMF for this matter.

The size of the problem that this country is facing in reality means that maybe in order to solve it, they should somehow extend the promotion of their exports, and then the corrupt politicians, if they can't stop it, should first reduce their corruption so that their economy will be able to get out no matter what, honestly.source: https://thefinancialexpress.com.bd/views/views/major-challenges-for-bangladesh-economy-in-2023

[blockman]

Mate, that's also what's happening here in our country. There's the opposition and the administration party and together with their alliances. It's always the disagreement and agreement from these political parties. And IMHO, that's what makes the progress of our country slow when there's always the disagreement and time is consumed from all of these debates from both parties. I think that debt also plays a big part, on what I've seen, the chart for Bangladesh's debt is on an uptrend til' 2028 based on statista.com.

I think that's happened in a lot of developing country, in one side opposition is good to watch the winning parties so that they are not corrupt, and don't do stupid thing. But on the other hand, they hinder the country development by denying all the good programs and idea by the winning side, even when the table turns on the next election, they prefer to start a similar project from zero rather than continuing the good project created by their opponent.

Well, that's what politics is all about. It won't be called politics if there won't be any opposing parties or forces that will subject to the current administration and governance. We can imagine a world that has no politics and everyone is agreeing to the ruler or highest official that runs a country. Anyway, that's a utopia and won't happen or maybe it will but just through one world government as what the conspiracies are saying. Going back to Bangladesh, I've just watched the news about belt and road initiative. Surely this is a debt trap from China.

[bittraffic]

They are independent country though. And most countries today seem to be struggling.

One problem always is somewhat to be blamed in a country that has been struggling for years like Bangladesh is the government with 2 parties that do nothing but stopping each others project depending on who is seated in the presidency.

One government party will allow projects stand for long term to which they can expect a project will be completed since there is no opposition.

Mate, that's also what's happening here in our country. There's the opposition and the administration party and together with their alliances. It's always the disagreement and agreement from these political parties. And IMHO, that's what makes the progress of our country slow when there's always the disagreement and time is consumed from all of these debates from both parties. I think that debt also plays a big part, on what I've seen, the chart for Bangladesh's debt is on an uptrend til' 2028 based on statista.com.

I think that's happened in a lot of developing country, in one side opposition is good to watch the winning parties so that they are not corrupt, and don't do stupid thing. But on the other hand, they hinder the country development by denying all the good programs and idea by the winning side, even when the table turns on the next election, they prefer to start a similar project from zero rather than continuing the good project created by their opponent.

Not sure what happened to many of these governments. My country is also doing this shitty system, we have to undergo all these elections every cycle and we have to vote for all these politicians but do nothing on their terms.

If I have all the power. I'd import Xijingping into my country and let him do all the stuff and his fellow men over here and citizen can mind their own business while the government build all the things they can do without opposition to stop them. Since the time we got independence, we have spent more $funds on elections than building bridges to connect lands divided by rivers.

Bangladesh is supposedly a rich country with access to rivers and seas and all other resources from neighboring countries like India and Pakistan. They only need to cooperate with these countries.