Bangladesh depends heavily on agriculture for its economy, leading to seasonal unemployment amongst farmers and low-income workers. These predictable fluctuations created the need for stabilization policies.
Towards this end, industrialization-based measures were implemented. For example, the concept of free enterprises within the private sector was accepted while being subjected to particular conditions, including the national ownership of general utilities. Additionally, further industrial-based policies focused on developing consumer goods production as soon as possible to reduce dependance on imports.
Once these policies were implemented, we could see a growing change occurring within Bangladesh’s economy. According to the World Bank Organization, Bangladesh made miraculous progress as the country began witnessing the visible signs of growing improvement within human development-based activities and reduction in poverty of about 44% in 1991 and then 15% in 2016. In 2015, it had met the criteria of lower-middle-income status and was following on the path of graduating from the UN’s Least Developed Countries list from 2026.
However, this success was short-lived unfortunately. The recent Covidpandemic caused significant damage within the professional sector. As commericalactivities came to a halt, business production slowed dramatically, causing Bangladesh to lose the momentum of its progress.
To get Bangladesh back on its feet, certain challenges need to be met to return to its its original path of growth and proverty reduction. These priorities include enhancing the financial sector, diversification of exports beyond the RMG sector, strengthening public governance, and supporting sustainable urbanization. There is a dire need to address these economic structural gaps so that Bangladesh can reduce the inequities that emerged following COVID-19.
Fortunately, the highly acclaimed innovator and entrepreneur Tanvir A Mishuknever stopped trying to advance economic conditions to ensure that Bangladesh does not fall behind other prospering countries.
Mr. Mishuk is the founder and managing director of Nagad, the fastest growing digital financial service focused on financial inclusion to enhance the economic conditions of Bangladesh’s people. Additionally, he has also been involved in various projects to improve Bangladesh’s economy such as his collaborations with Sigma Group and Sigma Telecom Limited, which have revolutionized the International Telecom Gateway business, thus making it easier for online users to communicate with people around the globe through the use of internet services.
Furthermore, his contributions have made him extremely popular amongst the Bangladesh business community. He holds a 15-year record of driving financial empowerment through small businesses to more influential corporate brands. He has also integrated technology with finance in order to drive financial inclusion and implemented valuable technological solutions that have significantly revolutionized the socio-economic structure of Bangladesh.
He is also known to be a perceptive entrepreneur, which has allowed him to stay focused during the devastating conditions created by the pandemic. His goal remains to leverage fintechto drive financial inclusion within Bangladesh by reducing the dependence on cash-based transactions and increasing the menu of financial services available to the masses. His conviction is that these new opportunities and efficiencies will lead to a more prosperous Bangladesh.