As Bangladesh steps into its 51st year of Independence, one cannot help but applaud its inspiring story of growth. Bangladesh has transformed itself from an economic "basket case" into one of the world's fastest-growing economies.    

From a nation once plagued with an unemployment rate of 80 per cent, only 13.8 per cent of the Bangladeshi people are unemployed today, and 60 per cent of its population has been lifted out of poverty as per statistics. Its economy has expanded by an average rate of 6.44 per cent in the last decade, even despite the pandemic.

Though Bangladesh is not without fault, the international community has good reason to see it as a constructive, democratic partner in South Asia and the roots of its success are worth learning from.

Right after the war, as the young nation was reeling from its ravages, the world's strongest typhoon on record hit the new republic. Many lives were lost and billions worth of infrastructure were destroyed. This was the lowest point of Bangladesh as 80 per cent of the population was without jobs, decent housing, healthcare, and food.

The oil boom in the Middle East during the 1970s provided some relief for the Bangladeshis. Like many others, they left the country to work in oil fields. The remittances they provided kept the country afloat. It triggered a consumption boom and provided the government with valuable foreign exchange revenues.

In the 1980s, with the advent of microloans, the nation saw a new-found source of growth. Microloans/microcredit facilities empowered the poor and helped them climb out of poverty. Slowly and steadily, jobs and wealth were created from the grassroots. Many of these groups matured to become medium and large businesses.

The country's economic boom, however, began in the 1990s. That happened when the country looked outwards for markets, instead of focusing only on inward growth. The country started to export its products.

The garment industry emerged as one of the nation's success stories. The sector employs four million people, the majority of whom are women, contributing to female empowerment. It changed not only the economy but also women's social status in Bangladesh. The availability of job opportunities for both men and women, outside agriculture was a key factor in driving economic development for the nation.

Bangladesh prioritised spending on education. Non-governmental organisations contributed to a significant extent to this endeavour. NGO interventions have seen an increase in primary school enrollment and an improvement in the status of mothers' health.

Economic improvement also facilitated a momentous transformation of Bangladeshi society. Financial success has given rise to a growing pool of entrepreneurs, positively impacting the lives of both urban and rural communities.

A shift towards digitalisation has further added to the success. Both public and private sectors have contributed to Bangladesh's success story, a template that other developing nations can emulate.

However, not everyone has benefited equally from the nation's impressive growth and development. The income disparity is increasing day by day and the pace of job creation is slowing down. Despite the steep rise in the number of children going to school, the quality of education remains questionable, posing a major challenge to the development of a skilled workforce.

As we celebrate our victory, the biggest challenge Bangladesh faces is related to how the country ensures that the fruits of growth and development reach people at the bottom of the economic pyramid.

The author is an economic analyst.