Thursday, 30 January, 2025
Bangladesh's interim government head, Nobel laureate Muhammad Yunus, sharply criticized the high economic growth under ousted Prime Minister Sheikh Hasina, describing it as "fake" and accusing the international community of failing to question her alleged corruption.
Yunus, 84, who assumed leadership of the country’s interim government in August after Hasina fled to India amidst violent protests, is known for his pioneering work in microfinance through the Grameen Bank. He won the 2006 Nobel Peace Prize for lifting millions from poverty.
During Hasina’s 15 years in power, she was credited with reviving Bangladesh’s economy, particularly its garment industry. However, she faced accusations of human rights violations, suppressing free speech, and stifling dissent. Hasina is currently under investigation in Bangladesh for alleged crimes including genocide, corruption, and money laundering. The Bangladeshi government has requested her extradition from India, but New Delhi has yet to respond.
Yunus, in an interview at the World Economic Forum in Davos, expressed dismay at Hasina’s international stature. “She was in Davos telling everybody how to run a country. Nobody questioned that,” he said. “That's not a good world system at all.” He pointed out that the global community shares responsibility for enabling her actions. “She said our growth rate surpasses everybody else. Fake growth rate, completely.”
Though Yunus did not specify why he viewed the growth as fake, he underscored the need for inclusive, broad-based development and reducing wealth inequality. Under Hasina, Bangladesh's economy did grow, with annual growth rates reaching nearly 8% in the fiscal year 2017/18, compared to about 5% when she first came to power in 2009. The World Bank has also referred to Bangladesh as one of the world’s fastest-growing economies, highlighting its transition from a low-income to a lower-middle-income country since its independence in 1971.
During Hasina’s 15 years in power, she was credited with reviving Bangladesh’s economy, particularly its garment industry. However, she faced accusations of human rights violations, suppressing free speech, and stifling dissent. Hasina is currently under investigation in Bangladesh for alleged crimes including genocide, corruption, and money laundering. The Bangladeshi government has requested her extradition from India, but New Delhi has yet to respond.
However, Yunus emphasised that true economic progress should be measured by the quality of life for the poorest, not just growth rates. “For me, personally, I’m not very driven by growth rates,” Yunus remarked. “I’m driven by the quality of life of the people at the very bottom level.”
Yunus, who was recommended by student-led protesters to head the interim government, has committed to holding new elections by the end of 2025 or early 2026. Despite the political upheaval, Yunus made clear he has no interest in running for office himself.
Tensions between Bangladesh and India have escalated since Hasina’s departure, with Yunus calling on India to send Hasina back to face trial. He also expressed disappointment over the strained Bangladesh-India relationship. “Bangladesh-India relationship should be the strongest possible. You know, you cannot draw the map of India without drawing the map of Bangladesh,” he said, referring to the close geographical and cultural ties between the two nations.
At a time of diplomatic challenges, Yunus highlighted China's longstanding friendship with Bangladesh, contrasting it with the personal pain he felt over the current state of affairs with India.
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Bangladesh's interim government head, Nobel laureate Muhammad Yunus, sharply criticized the high economic growth under ousted Prime Minister Sheikh Hasina, describing it as "fake" and accusing the international community of failing to question her alleged corruption.
Yunus, 84, who assumed leadership of the country’s interim government in August after Hasina fled to India amidst violent protests, is known for his pioneering work in microfinance through the Grameen Bank. He won the 2006 Nobel Peace Prize for lifting millions from poverty.
During Hasina’s 15 years in power, she was credited with reviving Bangladesh’s economy, particularly its garment industry. However, she faced accusations of human rights violations, suppressing free speech, and stifling dissent. Hasina is currently under investigation in Bangladesh for alleged crimes including genocide, corruption, and money laundering. The Bangladeshi government has requested her extradition from India, but New Delhi has yet to respond.
Yunus, in an interview at the World Economic Forum in Davos, expressed dismay at Hasina’s international stature. “She was in Davos telling everybody how to run a country. Nobody questioned that,” he said. “That's not a good world system at all.” He pointed out that the global community shares responsibility for enabling her actions. “She said our growth rate surpasses everybody else. Fake growth rate, completely.”
Though Yunus did not specify why he viewed the growth as fake, he underscored the need for inclusive, broad-based development and reducing wealth inequality. Under Hasina, Bangladesh's economy did grow, with annual growth rates reaching nearly 8% in the fiscal year 2017/18, compared to about 5% when she first came to power in 2009. The World Bank has also referred to Bangladesh as one of the world’s fastest-growing economies, highlighting its transition from a low-income to a lower-middle-income country since its independence in 1971.
During Hasina’s 15 years in power, she was credited with reviving Bangladesh’s economy, particularly its garment industry. However, she faced accusations of human rights violations, suppressing free speech, and stifling dissent. Hasina is currently under investigation in Bangladesh for alleged crimes including genocide, corruption, and money laundering. The Bangladeshi government has requested her extradition from India, but New Delhi has yet to respond.
However, Yunus emphasised that true economic progress should be measured by the quality of life for the poorest, not just growth rates. “For me, personally, I’m not very driven by growth rates,” Yunus remarked. “I’m driven by the quality of life of the people at the very bottom level.”
Yunus, who was recommended by student-led protesters to head the interim government, has committed to holding new elections by the end of 2025 or early 2026. Despite the political upheaval, Yunus made clear he has no interest in running for office himself.
Tensions between Bangladesh and India have escalated since Hasina’s departure, with Yunus calling on India to send Hasina back to face trial. He also expressed disappointment over the strained Bangladesh-India relationship. “Bangladesh-India relationship should be the strongest possible. You know, you cannot draw the map of India without drawing the map of Bangladesh,” he said, referring to the close geographical and cultural ties between the two nations.
At a time of diplomatic challenges, Yunus highlighted China's longstanding friendship with Bangladesh, contrasting it with the personal pain he felt over the current state of affairs with India.
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