Work together for a just, fair economic order

Prime Minister Sheikh Hasina yesterday urged the world leaders to work collectively for a just and fair economic order as the Covid-19 pandemic and the Russia-Ukraine conflict with sanctions and counter-sanctions have created havoc throughout the world.

"Taking current global economy into account, it is high time to work collectively for a just and fair economic order," she said.

The PM was addressing the inaugural leaders' session of the "Voice of Global South Summit-2023" through a virtual platform.

India is hosting the two-day virtual summit by bringing together the countries of the Global South to share their perspectives and priorities on a common platform. The theme of the event is -- "Unity of Voice, Unity of Purpose".

Some 120 countries have been invited to participate in this summit. The outcomes of the two-day event will be channelled into the Indian's G20 presidency.

Hasina said Bangladesh welcomes India's vision as the G20 president to ensure inclusive development under the theme "One Earth, One Family, One Future".

"Let's work together to have a better future and a better world," she said.

The premier said global recession, crises of food, fuel and fertilisers have added to the rising impacts of climate change making peoples' life unbearable. She said bold, concrete and concerted actions are required at the global level to face these challenges.

Hasina also highlighted before the G20 platform six important points for sustained economic growth and development of the Global South.

"First, global peace and stability must be maintained for the greater benefit of humanity. Second, need a new paradigmthat will address inequality in a holistic manner in parallel with SDGs. Third, special financing needs of the most vulnerable countries, including LDCs, climate vulnerable countries, etc. must be met during their transition," she said.

Raising the fourth point, the PM called for bridging the "Digital Divides" to ensure equal opportunities for all, including women. "Take advantage of the 4th Industrial Revolution by investing in young population for which financing and technology transfer support is vital," she said.

In the fifth point, Hasina said all human beings should have equal rights to lead a decent life. "The global community must not forget ensuring return of the unfortunate forcibly displaced Myanmar nationals to Myanmar."

In her final point, the premier stressed the need for strengthening South-South and Triangular cooperation to ensure global human development. "Here, support from partners, international financial institutions, private sectors, think-tanks, and other stakeholders are crucial," she said.

Hasina congratulated her Indian counterpart Narendra Modi and the Indian government on assumption of G20 presidency. "I deeply appreciate his strong commitment to make the G20 platform more meaningful by consultative engagement on inclusive development," she said.

She thanked the Indian government for inviting Bangladesh as a guest country to this important summit.

Talking about Bangladesh's recent development, the PM said the country has achieved rapid economic growth ensuring social justice for all.

"We've reduced the poverty rate from 41.5pc to 20pc in the last 14 years. Our per capita has tripled in just a decade. Bangladesh has fulfilled all criteria for graduating from the LDC category to a developing country."

Hasina said the IMF's latest report revealed that Bangladesh is the 35th largest economy of the world in terms of nominal GDP.

She said Bangladesh is ranked as world's fifth best Covid resilient country, and South Asia's best performer.

The Group of Twenty (G20) comprises 19 countries -- Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, United Kingdom and United States -- and the European Union.