In its latest issue, The Economist magazine featured a cover story titled "Bangladesh Begins Again," acknowledging Bangladesh's challenges but emphasising its strengths, particularly under the leadership of Muhammad Yunus, who carries moral authority.
The article notes that Bangladesh is important and must not be allowed to fail. Despite its issues, the country boasts a resilient economy and a robust civil society. It highlights that after Sheikh Hasina's ousting by a massive public movement, Bangladesh is now governed by an interim government, led by Nobel laureate Yunus, supported by the military. This change is being hailed by many as a "second liberation," nearly 50 years after independence.
However, the magazine points out that Bangladesh needs more than just a leadership change. To meet the potential of this moment, the country must reform its "rotten political system," where political dynasties and weakened institutions have crippled governance.
The article advises Yunus to focus on holding credible elections in due time but stresses the need to first reform captured institutions, such as the electoral commission and judiciary. It warns of the daunting task ahead, particularly in avoiding retributive violence, a common issue in Bangladeshi politics.
Additionally, The Economist warns that prolonging the caretaker government could lead to legitimacy issues or even military overreach. It also raises concerns about the potential for Islamist extremism if economic conditions worsen, with risks of dependence on China for cheap loans, which could destabilize relations with India and weaken democracy further.
The piece concludes by urging India to support democratic reforms in Bangladesh and offer financial assistance, stressing that Bangladesh’s success is crucial for regional stability.
Source: BSS