The reverberations of the savage spring and blood-drenched December of 1971 bear witness to the indescribable atrocities and genocide endured in East and West Pakistan. This haunting legacy serves as a perpetual reminder of the depths of human suffering and the indomitable spirit that arose from the abyss.
Against the backdrop of this painful past, the geopolitical stage witnessed a complex ballet of power. As mighty nations like the United States and the United Kingdom threw their weight behind West Pakistan, their long-standing adversary India found an ally in the strategic treaty forged with the Soviet Union on August 9, 1971. This intricate tapestry of alliances added layers of intricacy to an already volatile situation, intensifying the stakes and repercussions.
March 25, 1971, marked a pivotal moment that plunged the region into a state of terror and desolation. Operation Searchlight, unleashed by Pakistan, initiated a reign of darkness that persisted for nine agonizing months, leaving in its wake a trail of unimaginable suffering and an indelible scar on the collective memory of the people.
In the wake of this painful history, fifty-two years later, Bangladesh and Pakistan have traversed divergent paths, particularly in the economic domain. Bangladesh has defied the odds, experiencing remarkable growth and development, while Pakistan grapples with ongoing political and economic challenges.
Economic Contrasts: Bangladesh’s Ascent and Pakistan’s Struggle
Bangladesh’s economic success story is one of resilience and triumph. Through a concerted focus on export-oriented industries and the cultivation of a robust manufacturing sector, the nation has attracted foreign investment and achieved consistent GDP growth. Bangladesh’s accomplishments extend beyond economics, excelling in areas such as passport rankings, literacy rates, micro-credit financing, and women’s empowerment. Its impressive GDP per capita and formidable foreign exchange reserves further underscore its economic prowess.
In stark contrast, Pakistan has encountered economic setbacks and wrestles with stability. The nation has failed to meet its economic growth targets, with a paltry GDP growth rate of 0.3%. The compounding challenges of inflation, currency depreciation, and a decline in industrial output have exacerbated its predicament. Pakistan’s global economic ranking has plummeted, placing additional pressure on the financially strained government in the lead-up to the impending elections. The government must navigate the demands of the International Monetary Fund and implement stringent reforms to secure a vital bailout package.
In a recent dialogue with WION, Asad Ejaz Butt, a renowned economist based in Islamabad, shared profound insights into the disparity between Bangladesh’s remarkable economic growth and Pakistan’s ongoing struggle and political instability. Mr. Butt’s perspective shed light on the prevailing sentiment surrounding this divergence, as he expressed, “Bangladesh is often cited as a case study within both academic circles and government meetings in Pakistan. The Bengali currency ‘takka,’ once used derogatorily in Pakistan to denote something as cheap and lacking value, is now regarded by many Pakistanis with a complex mix of envy and awe.”
Pakistan Budget 2023-2024
Pakistan’s national budget for 2023-2024 presents a formidable challenge as it refrains from imposing new taxes, yet sets a modest GDP growth target of 3.5%. With an outlay of Rs 14.46 trillion and increased current expenditure, it is imperative to stabilize the economy and address pressing issues. IMF assistance plays a pivotal role in avoiding a debt default and combating inflation, but limited fiscal space hinders the implementation of popular measures for economic stimuli.
In conclusion, the economic disparities between Bangladesh and Pakistan are glaring. Bangladesh’s success story stands as an inspiring tale, while Pakistan must embrace economic reforms and seek stability. The upcoming budgets of both nations carry significant implications for their economic trajectories. By acknowledging the historical context, promoting cooperation, and prioritizing inclusive growth, Pakistan and Bangladesh can bridge the divide and forge a prosperous future together.
