Why Bangladesh Failed to Rise Like South Korea and Singapore
Understanding the reasons behind the diverging paths of these nations.
The Starting Line: A Shared Beginning
In the 1950s and 1960s, South Korea, Singapore, and Bangladesh were all grappling with poverty, political instability, and a lack of infrastructure. South Korea emerged from the Korean War (1950–1953) as one of the poorest nations in the world, while Singapore faced challenges such as resource scarcity and ethnic tensions after gaining independence in 1965. Similarly, Bangladesh, after its liberation war in 1971, inherited a fragile economy, rampant poverty, and weak governance.
Leadership and Vision: The Role of Strong Governance
One of the critical reasons for South Korea's and Singapore's success was visionary leadership. Leaders like Park Chung-hee in South Korea and Lee Kuan Yew in Singapore were instrumental in setting clear national goals and implementing policies to achieve them.
Bangladesh, however, faced frequent political instability, corruption, and a lack of long-term vision among its leaders, delaying progress and undermining public trust in governance.
Industrial Policy: A Tale of Diverging Strategies
South Korea and Singapore adopted export-oriented industrial policies, focusing on manufacturing and technology. Bangladesh, while thriving in the ready-made garment (RMG) industry, failed to diversify into higher-value sectors, leaving its economy vulnerable to global market fluctuations.
Human Capital: Education as the Game-Changer
Both South Korea and Singapore invested heavily in education and skill development, fostering innovation and competitiveness. Bangladesh, while improving literacy rates, struggles with limited access to quality education and workforce readiness.
Infrastructure Development: Building for the Future
Efficient infrastructure was a cornerstone of South Korea's and Singapore's success. In contrast, Bangladesh faces inadequate transport systems, frequent power outages, and slow internet connectivity, which hinder industrial growth and foreign investment.
Population Growth and Resource Management
Singapore and South Korea managed their populations effectively through policies that optimized resources. Bangladesh's larger population creates challenges in resource management, overcrowding, and unemployment.
Corruption: A Roadblock to Development
Corruption has been a persistent issue in Bangladesh, undermining public services and discouraging foreign investors. Singapore and South Korea tackled corruption early on with strict anti-corruption measures, paving the way for transparent governance.
Global Integration and Trade Policies
South Korea and Singapore embraced globalization, aligning their economies with global trade networks. Bangladesh remains heavily dependent on low-value exports, limiting its ability to compete on a global scale.
Geopolitical Factors: Location and Alliances
Singapore leveraged its strategic location as a trade hub, while South Korea benefited from alliances with the United States. Bangladesh, despite its advantageous geography, has yet to fully capitalize on its position due to regional tensions and weak foreign policies.
Lessons for Bangladesh’s Future
- Strengthen governance by reducing corruption and fostering accountability.
- Diversify the economy beyond garments and invest in high-value industries.
- Improve education to prepare the workforce for future challenges.
- Accelerate infrastructure development to attract investments.
- Embrace innovation by supporting technology and research sectors.
Conclusion
While South Korea and Singapore overcame their struggles through visionary leadership, sound policies, and strategic investments, Bangladesh has yet to harness its full potential. By addressing systemic challenges and learning from these nations, Bangladesh can chart a path toward sustainable development and a brighter future.
