How Bangladesh went from an economic miracle to needing IMF help
Thursday, November 10, 2022
By Lauren Frayer
MUMBAI — It was a rags to (relative) riches story.
In 50 years, Bangladesh went from what U.S. diplomats once called a “basket case” to what the World Bank now calls ”an inspiring story of growth.” Its garment factorieshelped pull millions out of poverty, especially first-time female workers.
But all of that is now threatened by a global economic slowdown that’s wreaking particular havoc in developing countries like Bangladesh. On Wednesday, the IMF reached a preliminary deal with Bangladesh to provide a $4.5 billion rescue package of loans.