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Bangladesh promises better future for next generation: survey

Rejaul Karim Byron
The majority of the Bangladeshis are optimistic of their children's economic future thanks to the steady economic growth the country has seen, a recent study found.
Around 71 percent of the respondents in the survey conducted by the Washington-based "fact tank" Pew Research Centre said their children will be better off than them in future in Bangladesh.
Zahid Hussain, lead economist at the World Bank's Dhaka office, said the results are not at all surprising as the country has done very well in poverty reduction and human development in the past three decades. "People are encouraged by these achievements."
Bangladesh's economy has been growing at a rate of 6 percent over the last one and a half decades, despite several complications. Poverty has been declining by 1.7 percent every year since 2000, according to Bangladesh Bureau of Statistics.
Bangladesh was part of the survey - Global Attitudes Project - that interviewed 48,643 individuals from 44 countries from March 17 to June 5. Bangladesh's sample size is 1,000.
In general, the survey found that emerging and developing nations are more optimistic that the next generation will have higher standards of living. Furthermore, they see better opportunities at home than abroad.
Majorities or pluralities in 30 of the 34 emerging and developing nations surveyed say they would tell young people in their countries to stay at home in order to lead a good life, instead of moving to another country.
About half or more in 16 of the 25 emerging markets surveyed say children in their nations will be better off financially than their parents.
Among the developing nations, in which Bangladesh falls, roughly half or more in Nicaragua, Senegal, Ghana and Uganda say their children will be more successful than the older generation. Fewer than four-in-ten agree in Tanzania, Kenya, El Salvador and the Palestinian territories.
In contrast, the advanced economies, as they continue to struggle with the effects of the Great Recession, are pessimistic about the financial prospects for the next generation.
"Overall, optimism is linked with recent national economic performance. Countries that have enjoyed relatively high levels of growth in recent years also register some of the highest levels of confidence in their children's economic futures."
Good education and hard work are most often seen as the keys to getting ahead in life, and this view is especially prevalent in emerging and developing nations, where most see economic opportunity expanding, the survey found.
Still, many also believe success can be determined by things outside a person's control, such as luck or having a wealthy family.
In most developing economies, majorities say success is determined by outside forces, including 74 percent in Bangladesh and 67 percent in Ghana.
Half of the Bangladeshis think having a good education is the most important factor in getting ahead in life, while 26 percent think it is hard work.
"This is realistic because our main resource is labour, which can be productively utilised only through education and hard work," Hussain said.
Meanwhile, 16 percent of the Bangladeshis think knowing the right people is crucial, while 20 percent think it is down to being lucky.
Despite the long-term optimism that exists in manycountries, there are widespread concerns about inequality, even in the emerging and developing nations; there is a consensus there that those at the top are reaping the gains while others are being left behind.
Some 29 percent of the Bangladeshis blame the inequality on the government’s economic policies, 27 percent on wages and 20 percent on the educational system.
Bangladesh promises better future for next generation: survey
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To address the inequality, 41 percent of the Bangladeshis surveyed said it would be more effective to have high taxes on the wealthy and corporations to encourage investment and economic growth rather than low taxes. Conversely, 40 percent said low tax would help.
Despite the fact that most people are very concerned about the gap between the rich and the poor in their country, majorities across the globe are willing to accept some inequality to have a free market system.
A global median of 66 percent say most people are better off under capitalism, even if some people are rich and some are poor.
Belief in the free market tends to be highest in developing countries (median of 71 percent). Nearly two-thirds or more in all nine of the developing economies surveyed agree that most people benefit from capitalism, including 80 percent of Bangladeshis, 75 percent of Ghanaians and 74 percent of Kenyans.
Bangladesh's economic success has come after the country moved away from a state dependent system to a market driven economic since the early 1990s, Hussain said.
"This has inspired confidence in the ability of markets to increase economic wellbeing. Thus, 80 percent believe Bangladesh will be better off if it continues to rely on free market forces."
Although inequality is seen as a major problem in capitalistic market economies, only 34 percent see it as a major challenge in Bangladesh.
"This is a reflection of the absence of extreme inequality and the relative stability in the distribution of consumption in Bangladesh," the WB economist added.