DEVELOPING COUNTRY IN GLOBAL ECONOMIC GOVERNANCE: LESSONS FOR BANGLADESH

This article examines the role of developing countries in the system of global economic governance and draws out specific lessons for Bangladesh. It analyzes the historical evolution of the institutions of global economic governance, such as the IMF, the World Bank, and the WTO, which have been traditionally dominated by the developed countries of the North. The study explores the growing influence of major emerging economies, through forums like the G20 and the BRICS, which have begun to challenge this traditional dominance. The research then focuses on the challenges and opportunities for a least developed country like Bangladesh to effectively participate in and influence this complex system. The paper argues that effective engagement requires a strong domestic institutional capacity for policy analysis and negotiation, as well as the building of strategic coalitions with other developing countries. The analysis concludes with a set of concrete lessons and recommendations for how Bangladesh can strengthen its voice and advance its interests in the evolving architecture of global economic governance.

The architecture of global economic governance is undergoing a period of profound change, with the rise of new economic powers and the growing assertiveness of the Global South. This paper analyzes this evolving landscape and distills a set of key "lessons" for a country like Bangladesh. The study begins by providing a critical overview of the traditional institutions of the Bretton Woods system, highlighting their long-standing democratic deficit and the ways in which their governance structures have often failed to represent the interests of developing countries. The core of the article is an examination of the new opportunities that have emerged for the South to play a more influential role. It analyzes the rise of the G20 as the premier forum for global economic coordination and the creation of new, South-led institutions like the BRICS New Development Bank. The paper then translates these global trends into a set of specific and actionable lessons for Bangladesh. The first lesson is the critical importance of investing in domestic capacity. The paper argues that to be an effective player on the global stage, a country needs a strong and well-resourced team of trade negotiators, financial experts, and diplomats. The second lesson is the power of coalition-building. The paper emphasizes that for a small country, the only way to have its voice heard is to work in close concert with other like-minded countries, through forums like the LDC group in the WTO. The findings suggest that a more proactive and strategic engagement with the complex world of global economic governance is no longer a choice but a necessity for Bangladesh's future development.