Bangladesh has been attracting positive attention globally, for its economic potential, competitive strength and its growing domestic market. Among investors, both foreign and domestic, there is a sense that the economy has come of age, and is on the march. The year ahead poses major challenges; many wonder if the political tensions that have emerged will damage our prospects. according to the editorial of the current ICCB News Bulletin of International Chamber of Commerce-Bangladesh released today.

Our track record has been impressive. During the past decade, the economy has maintained a steady growth of about 6 per cent despite all the obstacles. Human development indicators went hand-in-hand with economic growth, signaling a population base capable of sustaining the growth. Poverty dropped significantly, coupled with increased life expectancy, literacy, and per capita food intake. More than 15 million Bangladeshis have moved out of poverty since 1992. At the same time, although the population growth rate has declined, every year there are more than two million entering to the job market. Sustained growth has also led to an exponential increase demand for energy, transport, telecommunication and other services.

Bangladesh targets to become a middle-income country by 2021. This will require herculean efforts in many fronts, particularly in investment, macroeconomic governance, and tackling energy and infrastructure deficits. To achieve the desired objectives, we need to grow between 7.5 to 8 per cent per annum with a minimum investment of 25% of GDP. The Bangladesh Bureau of Statistics and the Bangladesh Bank have recently projected 6-6.2% growth during the current FY, whereas several agencies place the estimate below 6 per cent.

The Economist recently noted that between 1990 and 2010, extraordinary improvements have been observed in almost every indicator of human welfare. “Economic growth since the 1970s has been poor; the countrys politics have been unremittingly wretched. Yet over the past 20 years, Bangladesh has made some of the biggest gains in the basic condition of peoples lives ever seen anywhere,” the magazine wrote in two reports published in its 1st November 2012 issue. The Guardian newspaper of 18th December 2012 was also extremely optimistic of the future.

The fundamental question is whether our political leadership recognizes the role that Government plays in economic development. Despite the enormous challenges, the people have taken the country forward on the economic front. The Government has to create an enabling environment that encourages individual initiatives to flourish and for economic activity to continue.

During the last several months, we have witnessed a remarkable heightening of political activity and agitation. It is expected that before the elections there will be increased political activity – that is only healthy in a democratic society. Yet, regular elections are still six to nine months away; it is too early for a rise of pre-election political activity.

The major political parties have a responsibility to the nation. Bangladesh is foregoing non-party government for national election whereas, Nepal and even Pakistan are opting for interim non-political government to conduct elections. This issue must be laid to rest: the form of government to conduct future elections and ensure stable government and an effective parliament. The two major political parties must settle this issue, and move ahead to confront the other challenges facing us.

What we are involved in now has the potential to engulf the country and society in clashes and polarization that we thought were behind us. Short-sighted policies, and lack of leadership and statesmanship, are leading us to what may soon be an inflection point for the country. Which way we will be headed will require sagacity and commitment from our leadership; so far, we have seen no evidence to give us hope.

The hard working common man must be given the chance to develop their potential and make Bangladesh a country that we all can be proud of.