Bangladesh's Wrap-Up '24 | Milestones and Reflections

• January ’24 | Bangladesh Awami League wins re-election amidst low voter turn-out with 74.63% votes, (Bangladesh Nationalist Party boycotts once again), while, Dr. Yunus convicted and sentenced to 6 months in prison

• February ’24 | The West expresses concerns over election, high remittance inflow, and high RMG exports, Myanmar war spillover kills Bangladeshi.

• March’24 | Inflation continues to rise, decline in foreign reserves and remittance earnings, high number of Non-Performing Loans (NPLs)

• April ’24 | Decline in export earnings, fatal heat waves across the country along with a high number of road accidents

• May ’24 | BDT continues to depreciate against the US dollar & Cyclone Remal strikes

• June ’24 | Renewed protests over reinstatement of quota system & Inflation rates easing up

• July ’24 | The Uprising! 36 days of a Historic Month.

• August ’24 | Parliament Dissolved! Dr. Muhammed Yunus was named head of the interim government.

• September’24 | Exports and remittance earnings rise, repo rate raised to tackle inflation

• October ’24 | Repo rate raised again & WB reduced growth forecast for Bangladesh

• November ’24 | Inflation is on the rise again, export earnings see a year-on-year increase, and Adani reduces the power supply.

• December ’24 | Bangladesh named “Country of The Year” by The Economist, WB & ADB approves $1.1 Billion support loan for Bangladesh

Quarter 1 | 2024

• Prime Minister Sheikh Hasina's Awami League secured a fourth term, winning 222 of 300 seats in the 12th National Parliamentary election, with BNP boycotting and a 41.8% voter turnout.

• Nobel laureate Muhammad Yunus and three senior Grameen Telecom officials were sentenced to six months in prison for violating labor laws.

• Russia, China, and India congratulated Sheikh Hasina, while the US, UK, and EU raised concerns over democratic practices and lack of opposition.

• The year began with inflation averaging 9.59% for 12 months, with food prices continuing to drive economic pressure.

• A fire in the Kutupalong refugee camp, Cox's Bazar, displaced nearly 4,000 Rohingya refugees, highlighting ongoing humanitarian challenges.

• Remittance inflows reached an eight-month high in February, totaling $2.16 billion—a 39% increase from the previous year.

• The ready-made garment (RMG) sector continued its strong performance, with exports worth $4.49 billion in February—a 13.93% year-on-year growth. This marked one of the highest export figures for a single month

Quarter 2 | 2024

• Export earnings dropped 0.99% year-on-year to $3.91 billion in April, driven by declines in garment shipments and other industries.

• Cyclone Remal triggered the evacuation of 800,000 people, leaving 7 dead and causing widespread damage.

• Record-breaking temperatures exceeding 40°C caused at least 10 deaths from heatstroke in April.

• The National Adaptation Plan (NAP) Expo, hosted in Dhaka from April 22 to 25, showcased Bangladesh's climate adaptation efforts.

• June inflation eased to 9.52%, while remittances surged to $2.53 billion, marking a 15.59% year-on-year growth.

• The High Court reinstated the government job quota system, sparking renewed protests among students and job seekers.

Quarter 3 | 2024

• Peaceful protests began on July 1, escalating after violent clashes between protesters and the Bangladesh Chhatra League (BCL) on July 15 at Dhaka University. Abu Sayed and Mir Mugdho were shot dead on July 16 and 18, respectively.

• Nationwide curfews and a complete internet shutdown were imposed from July 18 to 25, resulting in mass arrests and attacks on protesters. By July 25, 93 deaths were reported.

• A historic long march to Dhaka on July 36th aka August 05th forced Prime Minister Sheikh Hasina to resign and flee to India after 15 years in power.

• On August 6, President Mohammed Shahabuddin dissolved the National Parliament and appointed Professor Muhammad Yunus as the Chief Adviser of the interim government.

• Export earnings for Q1 FY 2024-25 reached $11.66 billion, marking a 7.62% year-on-year growth, while remittances surged 80.22% year-on-year in September to $2.40 billion.

• Flash floods in Aug’24 displaced 65,000 people and killed 23, while reports of attacks on minorities further added to tensions.

• Bangladesh’s inflation rate eased to 9.92% in September 2024, reflecting improved stability after months of unrest.

Quarter 4 | 2024

• Bangladesh Bank raised the key policy rate by 50 basis points to 10%, marking the 11th consecutive hike to check inflation.

• Inflation climbed to 11.38% in October, with food inflation surging to 13.8%, before easing slightly to 9.92% in September.

• The World Bank projected Bangladesh's GDP growth to slow to 4% in FY 2024-25, down from 5.2% in the previous FY, with inflation expected to average 9%.

• November’s export earnings rose by 16% year-on-year to $4.11 billion, showing signs of resilience in trade.

• Adani Power reduced electricity supply by half over Bangladesh's $800 million outstanding payment.

• A White Paper presented to Chief Adviser Muhammad Yunus revealed $16 billion in annual financial draining during the Awami League’s tenure and significant distressed assets in the banking sector.

• Bangladesh began its fourth Economic Census on December 10, marking a decade since the last census.

• The Economist named Bangladesh its "Country of the Year" for ‘24, citing economic and political reforms under the interim government.