In 2024, Bangladesh faced significant political and economic challenges that underscore deeper systemic issues. The year began with the highly contested 12th National Parliamentary Election on January 7, which highlighted the country’s enduring political polarization. The election was followed by protests during the Quota Reform Movement, which lasted from July to August. These protests were not mere calls for policy change but reflected broader dissatisfaction with systemic inequality and the lack of meaningful political reform. They indicated that the political establishment's promises of inclusivity and fairness remain largely unfulfilled.
Furthermore, the formation of an interim government led by Muhammad Yunus in August 2024 raised questions about the legitimacy and accountability of the political transition. While the interim government’s approach of "friendship to all" might seem pragmatic, it risks perpetuating the political instability that has plagued the country for years. A government formed under external pressures and without a clear mandate risk undermining democratic values and perpetuating a political culture rooted in transactional politics.
Economically, Bangladesh’s performance in 2024 further underscored the country’s vulnerabilities. The 5.2% GDP growth in FY 2024, a drop from 5.8% in FY 2023, signals that Bangladesh’s growth model is beginning to lose its momentum. Despite optimistic projections of a rebound in FY 2025, this growth is increasingly fragile. The country continues to grapple with inflation, with food inflation reaching a staggering 14%. These figures highlight the failure of previous economic policies to stabilize the country’s macroeconomic environment. The inflationary pressures are not only a consequence of global commodity price hikes but are compounded by internal inefficiencies, including poor supply chain management and structural weaknesses in the domestic economy.
