Bangladesh’s garment industry has long been a key driver of the country’s economy, catapulting it to new heights as a major player in the global market. However, the overreliance on this industry also played a role in the downfall of Prime Minister Sheikh Hasina.
The garment industry in Bangladesh has flourished, with the country becoming one of the largest exporters of apparel in the world. This industry has provided jobs for millions of people and brought in billions of dollars in revenue for the country. The growth of the garment sector has been a major contributor to Bangladesh’s economic development and has helped to lift many out of poverty.
However, the reliance on the garment industry has also made Bangladesh vulnerable to changes in the global market. When the COVID-19 pandemic hit, many orders were cancelled and factories were forced to shut down, leading to widespread job losses and economic hardship. This exposed the fragility of Bangladesh’s economy, which relied heavily on one industry for its growth.
The overreliance on the garment industry also played a role in the downfall of Prime Minister Sheikh Hasina. Her government faced criticism for its failure to address issues such as labor rights violations and poor working conditions in the garment sector. This led to widespread protests and calls for reform, which ultimately contributed to her ousting from power.
Moving forward, Bangladesh will need to diversify its economy and reduce its reliance on the garment industry in order to prevent future economic crises. This will require investment in other sectors, such as agriculture and technology, to create more sustainable sources of growth and employment. By taking these steps, Bangladesh can build a more resilient economy that is less vulnerable to external shocks and political instability.
Source
Photo credit www.nytimes.com
