Tag: Bangladesh

Bangladesh: situation update

Summary

Bangladesh has experienced significant political unrest and violence, with the following key events have taken place in the past 24 hrs:

  • Violence and Clashes: The protests, initially driven by demands for electoral reforms and an end to the quota system for government jobs, have escalated into violent clashes between protesters and security forces. Over 80 people, including at least 13 police officers, have been reported killed in these confrontations. Authorities have imposed a curfew and restricted internet access in an attempt to control the situation.
  • Prime Minister Resigns: Prime Minister Sheikh Hasina has resigned and reportedly fled the capital, Dhaka, amid the escalating violence. This development has intensified the political crisis, with opposition parties and protesters calling for the establishment of an interim government to oversee the next elections.
  • General Waker-uz-Zaman assumes control: The military, led by General Waker-uz-Zaman, stepped in to restore order, imposing a curfew and restricting internet access. General Waker-uz-Zaman announced the military’s takeover in a press conference, emphasising the need to address the protesters’ demands and promising to stabilise the situation.
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Bangladesh’s economy: Situational brief

The current economic developments in Bangladesh, particularly in its apparel industry and regarding foreign reserves, reveal a mix of past growth and current challenges.

  • Apparel Industry Growth: Over the past decade, Bangladesh’s apparel industry has seen significant growth. From 2011 to 2019, Ready-Made Garment (RMG) exports from Bangladesh more than doubled, increasing from $14.6 billion to $33.1 billion, marking a compound annual growth rate of 7%.
  • 2023 Slowdown in Apparel Industry: However, 2023 presents a downturn for this key sector. A global slowdown is anticipated to heavily impact Bangladesh’s garment industry, with export growth expected to fall by approximately 3 percentage points. This reduction is attributed to a deceleration in global clothing demand, which is set to add pressure on Bangladesh’s GDP and its dwindling foreign exchange reservess.
  • Wage Protests and Increases: The Bangladeshi government announced a 56% increase in the monthly minimum wage for garment workers, raising it to $113 from the previous $75. Despite this increase, workers have continued to protest, demanding further wage increases. These protests have sometimes turned violent, with instances of vandalism and clashes with police​.
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Bangladesh elections: Situational brief

Bangladesh is approaching a critical period in its political landscape, with general elections scheduled for January 202. The political climate is described as tumultuous, with previous elections in 2014 and 2018 being marred by controversy. The opposition parties, in particular, are pressing for the resignation of the government led by Sheikh Hasina, who has been in power since 2009, to ensure a free and fair election.

The political unrest is not solely based on electoral politics but is also intertwined with an economic crisis that the country is currently facing. The Bangladesh Nationalist Party (BNP) is actively mobilizing the populace with a focus on the upcoming elections amid this challenging economic scenario.

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