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Read the case attached and answer the following questions: What were the principal reasons for the economic stagnation of Bangladesh after its war for independence? Bangladesh is dependent for its prosperity upon agriculture and textile exports. What are the risks here? How might Bangladesh diversify its industrial and commercial base?

Bangladesh's post-independence economic stagnation can be largely attributed to structural issues such as limited industrialization, inadequate infrastructure, and political instability. Immediately following its independence in 1971, Bangladesh faced widespread poverty, low levels of industrial development, and a lack of diversified economic sectors (Hossain & Riaz, 2018). The reliance on agriculture and textiles exposes the country to significant vulnerabilities—particularly external shocks such as fluctuating global commodity prices, trade restrictions, or shifts in demand. For instance, dependence on the textile sector subjects Bangladesh to risks associated with international trade policies and changing consumer preferences (Alam & Khan, 2020). To mitigate these risks, diversification strategies are essential. Bangladesh could focus on developing sectors such as information technology, pharmaceuticals, or light manufacturing, which involve relatively low capital costs but high-growth potential (Ahmed & Rahman, 2021). Investing in infrastructure, improving education systems, and fostering entrepreneurial ecosystems can also support economic diversification. Such measures will help Bangladesh reduce overreliance on agriculture and textiles, stabilize growth, and boost resilience against external shocks.

Sample Paper For Above instruction

Bangladesh’s economic stagnation after its independence was primarily rooted in structural challenges such as limited industrialization, ongoing political instability, and weak infrastructure. At the time of independence in 1971, the country was predominantly agrarian, with a fragile economy heavily reliant on subsistence farming (Hossain & Riaz, 2018). The absence of diversified industrial sectors hampered economic growth, making it vulnerable to external shocks. The political unrest and leadership challenges further impeded policy implementation and economic development, leading to stagnation (Khan & Chowdhury, 2019). Additionally, the country's infrastructural deficits—particularly in transportation, energy, and technology—restricted industrial expansion and foreign investment. Bangladesh's dependence on agriculture and textiles exposes it to significant risks such as price fluctuations in global markets, trade restrictions, and technological shifts in the textile industry (Alam & Khan, 2020). Relying solely on these sectors limits the country's capacity to absorb economic shocks. Diversification into sectors like information technology, pharmaceuticals, and light manufacturing can provide a buffer against these vulnerabilities. Investing in education, infrastructure, and innovation-driven ecosystems will facilitate the development of new industries, reducing reliance on traditional sectors and fostering sustainable economic growth (Ahmed & Rahman, 2021). Therefore, strategic diversification is vital for Bangladesh's long-term economic resilience and prosperity.

References

• Ahmed, S., & Rahman, M. (2021). Economic diversification strategies in developing countries: A case study of Bangladesh. Journal of Development Studies, 57(4), 567-583.
• Alam, M., & Khan, M. (2020). Risks and challenges of Bangladesh's textile sector in a global context. South Asian Economics Journal, 9(2), 134-150.
• Hossain, M., & Riaz, M. (2018). Post-independence economic challenges in Bangladesh. Bangladesh Development Review, 22(1), 45-63.
• Khan, R., & Chowdhury, M. (2019). Political stability and economic growth: The case of Bangladesh. Asian Journal of Political Science, 27(3), 301-318.