The recent election aftermath has settled, shifting the focus onto the new prime minister, Tarique Rahman, who now leads a nation of nearly 200 million individuals. While the campaign was fueled by trust and optimism for change, the true test lies in meeting the high expectations of the populace.
Challenges in Bangladesh, ranging from job scarcity and inflation to healthcare deficiencies and educational decline, are often viewed as separate issues. However, they are interconnected problems stemming from the country’s large population. The key concern is not just the identity of the people but the sheer number of individuals.
Despite Bangladesh’s economy boasting around $460 billion to $470 billion, when divided among almost 200 million citizens, the economic prosperity per person diminishes. For instance, Vietnam, with a similar economy size but a population of about 100 million, surpasses $4,000 in per capita income. In comparison, the Philippines, with 115 million people, nears $3,500, while Malaysia, housing only 34 million, exceeds $12,000. The disparity in wealth distribution highlights the importance of population size in determining the quality of life.
The strain is particularly evident in the job market, where new entrants exceed job opportunities, leading to the proliferation of low-paying informal jobs. This imbalance results in reduced earnings, financial insecurity, and a delay in accessing better housing and education for families.
Infrastructure also bears the brunt of the population pressure, with roads, bridges, drainage systems, schools, and healthcare facilities struggling to cope with the rapid urban expansion. Overcrowded classrooms and hospitals, overwhelmed teachers and medical professionals, and deteriorating public services paint a grim picture of the challenges posed by a large population.
Addressing the needs of 200 million people necessitates significant public investment, yet the tax base remains narrow, with only a small fraction of individuals filing tax returns. Broadening the tax net with lower rates could enhance compliance and reduce corruption.
Despite the challenges, the sizeable population also presents opportunities. Leveraging remittances of $20 billion to $22 billion annually and investing in skills development could transform the workforce into a more skilled and productive asset, potentially boosting remittance earnings.
The 200 million-strong population has the potential to drive national transformation through skilled workforce development and improved support systems. Timely action is crucial as the population dynamics demand immediate attention to achieve a balanced equation for sustainable growth and prosperity.