International Journal of Humanities & Social Science Studies (IJHSSS)

A Peer-Reviewed Bi-monthly Bi-lingual Research Journal

ISSN: 2349-6959 (Online), ISSN: 2349-6711 (Print)
ISJN: A4372-3142 (Online) ISJN: A4372-3143 (Print)
Volume-XI, Issue-I, January 2025, Page No.178-203
Published by Scholar Publications, Sribhumi, Assam, India, 788711
Website: http://www.ijhsss.com
DOI: 10.29032/ijhsss.v11.i1.018

A systemic review of economic challenges in Bangladesh

Bilkish Akter
Research Associate, Daystar HRM & Market Research Centre
Sapan Bepari
Research Associate, Daystar HRM & Market Research Centre
Received: 15.01.2025; Accepted: 25.01.2025; Available online: 31.01.2025
©2024 The Author(s). Published by Scholar Publication. This is an open access article under the CC BY
license (https://creativecommons.org/licenses/by/4.0/)

Abstract
Bangladesh suffers enormous economic issues, such as inflation, unemployment,
corruption, and poor infrastructure. These concerns limit the country's potential to achieve
long-term economic growth and stability. The goal of this research is to investigate how
these factors interact with and affect Bangladesh's economy, providing an in-depth
examination of their consequences. A systematic review methodology was used to analyse a
variety of papers concentrating on Bangladesh's economic issues.
The findings show that inflation weakens economic stability by increasing living costs
and lowering household welfare, whereas unemployment, particularly among young people,
limits the country's economic potential. Corruption further stifles the economy by
discouraging foreign direct investment (FDI) and causing inefficiencies in both the public
and private sectors. Furthermore, poor infrastructure, particularly in energy and
transportation, discourages investment and hampers industrial development.
On the basis of these findings, the research advises extensive reforms such as
anticorruption campaigns, job creation techniques, and considerable infrastructure
investment. These steps are critical to stabilizing the economy and realizing Bangladesh's
full potential for long-term growth.
Keywords: Bangladesh; Economic Challenges; Inflation; Unemployment; Infrastructure
Development; Economic Growth; Household Welfare; Economic Stability.
Introduction: Economic challenges are defined as issues that impede a country's progress
and stability. They consist of unemployment, inflation, poverty, and trade imbalances.
These issues have an impact on people's quality of life. They may also limit prospects for
individuals and enterprises. Understanding economic concerns is critical to every nation.

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This information can help policymakers develop effective plans. It also informs citizens
about their economic circumstances. Bangladesh faces very significant economic issues.
The country is facing a number of difficulties that affect its development. This involves
high levels of inflation and unemployment. These issues can have disastrous impacts on
families and communities.
Bangladesh is a developing nation. It has achieved advancements in a variety of fields.
Nonetheless, substantial economic challenges persist. The country has one of South Asia's
highest poverty rates. Approximately 24% of the population lives below the poverty line.
This is a major problem for the government. It demonstrates how many people struggle to
achieve their fundamental requirements. Unemployment is a major concern. The official
unemployment rate is approximately 4.2%. However, underemployment is significantly
higher. Many people work at low-wage jobs. They do not make enough to sustain their
family.
Inflation is also a serious issue. Bangladesh's inflation rate rose to 8.9% in 2022, putting
pressure on families. Rising prices make it difficult for families to purchase food and other
necessities. The cost of living continues to climb, primarily hurting the poor and middle
class. High inflation can cause social turmoil and erode consumer trust.
The economy of Bangladesh is focused mainly on agriculture, which employs more than
40% of the workforce. While agriculture creates jobs, it faces numerous obstacles. Natural
disasters, climate change, and poor infrastructure all have impacts on agricultural output.
Farmers face market access barriers as well as irrigation and technical issues, which can
lead to food poverty.
Bangladesh is also confronting issues in the manufacturing sector. The textile and
clothing sector makes a major contribution to GDP. However, this sector has historically
had low wages and poor working conditions. Many factories fail to follow safety
regulations, leading to accidents and fatalities. The government must implement legislation
to improve worker safety and assure fair wages.
Another significant concern is the informal economy. Many Bangladeshi laborers have
informal jobs. They lack employment security and benefits, which can contribute to
financial instability. The informal economy is difficult to govern. It encourages tax evasion
and reduces government revenue, limiting the government's ability to spend on public
services.
Corruption is a major concern in Bangladesh. It impacts every level of society.
Corruption causes the misallocation of resources. It reduces public trust in institutions,
making it more difficult to address economic difficulties. The government must take
stringent anticorruption measures. Transparency is necessary for progress. It promotes trust
and stimulates investment.
Foreign direct investment (FDI) is critical to economic growth. However, Bangladesh
receives less FDI than its potential. Infrastructure difficulties hinder investors. Roads,
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limited energy supplies, and a lack of technology all encourage investment. To attract more
foreign direct investment, the government must enhance its infrastructure. This will create
jobs and stimulate the economy.
In recent years, the COVID-19 pandemic has compounded economic problems. The
pandemic disrupted supply networks and lowered demand for commodities. Many
businesses have shuttered or downsized, resulting in employment losses and greater
poverty. The government implemented stimulus measures to boost the economy. However,
longer-term solutions are needed to ensure recovery.
Bangladesh's economic difficulties are interconnected. Addressing one issue typically
necessitates confronting others. For example, enhancing education can help alleviate
poverty and unemployment. Infrastructure investments can attract foreign direct investment
(FDI), which can lead to job creation and economic growth. A comprehensive approach is
needed for sustainable development.
The importance of understanding economic concerns in Bangladesh must be recognized.
Understanding these issues allows politicians to design effective solutions. It also educates
residents about their economic situation, which is critical for making informed decisions,
and promotes civic engagement and public discourse.
Furthermore, analysing economic difficulties aids in the identification of trends. This
enables academics to assess the impact of policy. This can inform future decisions and
initiatives. Understanding the economic landscape can help investors make more educated
decisions. It also offers crucial insights to international partners and donors.
The objectives of the systematic review are as follows:
1. Analyse the impact of inflation on Bangladesh's economic stability.
2. Investigate the role of unemployment in Bangladesh's economic struggles.
3. Examine the effect of corruption on Bangladesh's economic growth.
4. Assess how infrastructure development influences Bangladesh's economy.
Methodology:
A. Planning the review: The review is structured by formulating research questions
pertinent to our research objective. This review aims to analyse the effects of inflation,
unemployment, corruption, and infrastructure development on the economy of Bangladesh.
Additionally, we established the search strategy, search strings, and criteria for inclusion
and exclusion.
Research questions:
RQ1: How does inflation impact the economic stability of Bangladesh?
The aim is to understand how inflation affects overall economic stability and growth in
Bangladesh.
RQ2: What role does unemployment play in Bangladesh's economic struggles?
The aim is to explore how unemployment contributes to Bangladesh's economic challenges
and hinders development.
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RQ3: What is the impact of corruption on Bangladesh's economic growth?
The aim is to examine how corruption influences economic growth and hinders
Bangladesh's progress.
RQ4: How does the infrastructure development of Bangladesh affect its economy?
The aim is to assess how improvements or shortcomings in infrastructure influence
economic performance in Bangladesh.
Search strategy: The formal search strategy was initiated to identify articles pertinent to
our research objectives and questions. We conducted a search of multiple electronic
databases to identify pertinent literature aligned with our research questions. We conducted
a search of 26 electronic databases and reviewed 98 articles. The second step of the
screening yielded 21 articles from a total of 98, sourced from 14 electronic databases out of
26.
Inclusion and exclusion criteria: This systematic review utilized rigorous inclusion and
exclusion criteria to select pertinent articles from electronic databases. The criteria were
designed to facilitate the selection of high-quality, peer-reviewed research that addresses
critical economic issues in Bangladesh, such as inflation, unemployment, corruption, and
infrastructure development.
Inclusion criteria:
Focus: Studies must look at economic problems that are important to Bangladesh, such as
inflation, unemployment, corruption, and infrastructure development.
Time Frame: Articles published in the last four years (2020–2024) were included to ensure
that the information was up-to-date and useful.
Language: To keep things consistent, only English-language stories were included.
Peer-Reviewed Journals: Items from journals or repositories that are reviewed by other
academics to ensure that they are accurate.
Accessibility: We only looked at studies that had full texts that were available online.
Exclusion criteria:
Geographic Scope: Articles that focused on places other than Bangladesh or did not
compare or contrast with Bangladesh were not included.
Relevance: Studies that did not look at economic problems or did not have enough data
were excluded.
Type of Publication: Newspaper stories, opinion pieces, and editorials that are not
academic were excluded.
Duplications: After review, duplicate studies or publications that reported the same results
were excluded.

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Selection process: There were two rounds of selection for this review to ensure that all the
studies from all the sources were carefully reviewed:
Round 1: First sorting by titles and descriptions to see which ones are relevant.
Round 2: Read the entire paper to check the quality of the study methods and their depth.
Selection Overview from Databases:
Table 1: Selection Overview
Electronic Retrieve Round 1 Round 2 Selected
Database d Included Excluded Included Excluded for
Review
ScienceDirect 2 2 0 2 0 2
EconLit 2 2 0 2 1 1
Scopus 6 4 2 2 0 2
Emerald Insight 4 3 1 2 0 2
SpringerLink 18 15 3 12 9 3
DOAJ 2 2 0 2 1 1
ResearchGate 4 3 1 2 1 1
ProQuest 1 1 0 1 0 1
World Bank Open 2 2 0 2 0 2
Knowledge
Repository
SAGE Journals 7 5 2 3 2 1
JSTOR 4 4 0 4 2 2
World Scientific 1 1 0 1 1 0
Google Scholar 19 17 2 15 13 2
SSRN 1 1 0 1 1 0
Khulna University 1 1 0 1 1 0
Repository
PubMed 2 2 0 2 2 0
IIUM Repository 1 1 0 1 1 0
Elsevier 12 6 6 0 0 0
BILS Official 1 1 0 1 1 0
Website
Taylor & Francis 2 2 0 2 1 1
Online
Wiley Online 1 1 0 1 1 0
Library
MDPI 1 1 0 1 1 0
City University 1 1 0 1 1 0
Website
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Asian Economic and 1 1 0 1 1 0
Financial Review
Website
Istanbul University 1 1 0 1 1 0
Journal of Sociology
Website
PLOS One 1 1 0 1 1 0

Final Selection for Review:

The final selection of studies for the systematic review was as follows:
Table 2: Final Selection
Electronic Database Selected for Review
EconLit 1
Scopus 2
SpringerLink 3
JSTOR 2
SAGE Journals 1
Emerald Insight 2
ProQuest 1
World Bank Open Knowledge Repository 2
Google Scholar 2
Taylor & Francis Online 1
ResearchGate 1
DOAJ 1

B. Conducting The Review: This section presents the results of our search and extraction
of information from relevant sources and databases.
Article Search And Selection: The process of searching for and selecting articles for this
systematic review was carried out via a detailed strategy to ensure that the pertinent
literature on the economic challenges in Bangladesh was carefully analysed. The search
sought to compile a diverse array of studies focusing on critical topics, including inflation,
unemployment, corruption, and infrastructure development. The process commenced with
the identification of suitable electronic databases recognized for their academic integrity
and significance in the fields of economics and development studies. The databases utilized
included ScienceDirect, EconLit, Scopus, SpringerLink, JSTOR, and SAGE journals,
among others.
The initial search terms were thoughtfully designed to enhance the retrieval of pertinent
articles. Inflation in Bangladesh has been a pressing issue, impacting the cost of living for
many citizens. Unemployment remains a significant challenge, affecting the workforce and
overall economic stability. Corruption continues to hinder economic growth, creating
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barriers to progress and development. Additionally, infrastructure development in
Bangladesh is crucial for enhancing connectivity and supporting economic activities.
Boolean operators such as AND and OR were employed to enhance the search results. The
search string "inflation AND economic stability AND Bangladesh" was utilized to identify
studies that focused on the connection between inflation and economic stability within the
country.
The search was carried out in several phases to guarantee that all pertinent studies were
included. During the initial round, the titles and abstracts of the articles were evaluated to
assess their relevance to the research questions. Those that seemed to meet the criteria were
selected for full-text review. A substantial number of articles emerged from the initial
screening, prompting a more detailed evaluation.
During the second round, the complete texts of the chosen articles were meticulously
evaluated on the basis of established inclusion and exclusion criteria. The inclusion criteria
focused on studies that directly examined economic challenges in Bangladesh and were
published in peer-reviewed journals or reputable repositories. The exclusion criteria
removed studies that did not concentrate in Bangladesh, lacked empirical data, or were not
published in academic journals.
The team kept detailed records of the search results during this process, noting the
number of articles retrieved from each database, as well as the number included or excluded
and the reasons for exclusion. This methodical approach guaranteed clarity and consistency
in the selection process. The search and selection process resulted in a carefully curated list
of articles that established a strong foundation for the systematic review. This thoughtfully
curated collection of literature aims to provide important insights into the complex
economic challenges encountered by Bangladesh.
Data Extraction and Analysis: The method of data extraction and analysis in this
systematic review adhered to a well-organized and methodical approach. The main
objective was to collect pertinent information from the chosen studies to address the
research questions concerning the economic challenges in Bangladesh, such as inflation,
unemployment, corruption, and infrastructure development. The process of data extraction
and analysis encompassed multiple essential steps.
Data were initially extracted from each selected study via a standardized data extraction
form. This method guarantees uniformity and precision in collecting vital information. The
essential data points gathered included the study's title, the authors, the year of publication,
and the source of publication, including the journal or repository. The study design was also
documented, noting whether it was a case study, survey, or statistical analysis. The study's
focus was also highlighted, categorizing it into inflation, unemployment, corruption, or
infrastructure development. Additionally, important findings concerning the economic
challenges faced by Bangladesh, the methodology employed in the research, and any
limitations acknowledged by the authors were recorded. The implications for Bangladesh's
economy were also analysed. Every study underwent a thorough review, and pertinent
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information was documented in the data extraction form to enable comparisons of findings
across studies.
After the data were extracted, the findings were synthesized to develop a thorough
understanding of the economic challenges confronting Bangladesh. This synthesis sought to
emphasize significant trends, patterns, and distinctions in the ways each challenge affects
the economy. The data synthesis took place in two primary stages. The initial phase
consisted of thematic analysis, during which the studies were categorized into thematic
groups according to their main emphasis—specifically, inflation, unemployment,
corruption, or infrastructure development. This classification facilitated the comparison of
findings across related themes and allowed for the identification of consistent patterns
within the data. The second stage included narrative synthesis, during which a summary of
key findings was created for each thematic category. This process involved summarizing
data from individual studies and integrating the results to address the research questions,
ultimately offering a comprehensive understanding of how each economic challenge affects
Bangladesh.
Both quantitative and qualitative analyses were employed on the basis of the
characteristics of the data in the chosen studies. Quantitative analysis was conducted for
studies that included statistical data, such as inflation rates, unemployment figures, or
economic growth indicators. This analysis focused on comparing figures from various
studies to uncover trends in the economy of Bangladesh. Conversely, qualitative analysis
was performed for studies utilizing qualitative methods, including interviews or case
studies. This analysis concentrated on comprehending the wider economic consequences of
unemployment, corruption, or infrastructure development through a socioeconomic lens.
After the data were synthesized, the findings were examined in relation to the research
questions. The analysis focused on critical inquiries, particularly regarding the effects of
inflation on the economic stability of Bangladesh. The discussion delved into the impact of
inflation rates on purchasing power, the cost of living, and the overall stability of the
economy. This review explored the impact of unemployment on Bangladesh's economic
challenges, analysing the connection between unemployment rates and factors such as
poverty, income inequality, and social unrest. Additionally, the analysis examined the
effects of corruption on Bangladesh's economic growth, emphasizing how corruption affects
foreign investment, government expenditure, and the efficacy of economic policies. The
analysis ultimately examined the impact of infrastructure development on Bangladesh's
economy, assessing how infrastructure contributes to enhancing productivity, drawing in
investment, and fostering economic growth.
The review adhered to a systematic approach; however, certain limitations were present
in the data extraction and analysis process. A limitation encountered was the availability of
data; not all studies offered thorough information on every facet of the economic
challenges. Several studies were deficient in statistical data, which restricted the breadth of
quantitative analysis. Furthermore, biases in studies might have impacted some results, as
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specific research could have been swayed by the authors' biases or constraints in their
methodology. Finally, contextual differences appeared, as certain studies concentrated on
particular regions or sectors within Bangladesh. This regional emphasis may not accurately
reflect the wider national landscape, posing difficulties in applying the findings universally.
Quality of The Study: The quality of the studies included in this systematic review was
evaluated via a thorough methodology that considered numerous major factors. This
evaluation sought to ensure that the chosen research met stringent criteria for
methodological soundness, dependability, and validity. First, the study design was an
important component in determining quality. Studies with strong techniques, such as
randomized controlled trials or longitudinal designs, were prioritized. These designs are
notable for their ability to produce strong evidence while minimizing prejudice.
Next, the sample methods utilized in each study were investigated. Studies that used
random or stratified sampling strategies were regarded as higher quality because they
produced more representative samples and had a lower possibility of selection bias. In
contrast, research using convenience sampling or with small sample sizes was seen as
having possible constraints that could affect the generalizability of their findings.
Additionally, the clarity of the research aims and questions was important in determining
quality. High-quality studies clearly specify their objectives and hypotheses, offering a
sound reason for their research. This clarity made it easier to grasp how the research added
to the existing body of information on Bangladesh's economic issues.
Furthermore, the validity and reliability of the measurement tools utilized in the research
were assessed. Reliable instruments are vital for ensuring that the data collected
appropriately reflect the constructs under investigation. Studies that used validated
instruments or standardized questionnaires were rated as higher quality. Furthermore, the
thoroughness of the data analysis was examined, as strong statistical analyses lend
confidence to the study's findings.
Quality assessment also relies heavily on outcome reporting and methodological
transparency. Studies with extensive descriptions of their methodologies, including data
gathering processes and analytical techniques, were judged to be of better quality.
Transparency improves the reproducibility of research by allowing others to reproduce or
build on the results.
Finally, the authors acknowledged limits and potential biases, which was regarded as an
important part of quality. High-quality studies acknowledge their limitations and explore
how they might affect their findings. This critical evaluation of the research process is
essential for comprehending the extent and relevance of the findings.
Results:

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A. Overview of studies: The systematic review included a thorough look at different
studies that focused on the economic challenges in Bangladesh. We selected 21 studies from
different electronic databases to obtain a broad view of important topics such as inflation,
unemployment, corruption, and infrastructure development. Every study was carefully
checked for its relevance and quality. The selection consisted of peer-reviewed journal
articles, reports from credible organizations, and theses that offered important insights into
the economic situation of Bangladesh. The research used both qualitative and quantitative
methods, providing a well-rounded perspective on the complicated economic issues we
face. The variety of methods added to the review makes it possible to analyse the data from
different angles. Several important themes emerged from these studies, showing how
different economic factors interact and affect Bangladesh's growth together. The studies
help address the research questions and draw important conclusions about the economic
situation in Bangladesh.
RQ 1: How does inflation impact the economic stability of Bangladesh?
Inflation exerts a direct and pervasive influence on the economic stability of Bangladesh.
Increasing inflation frequently results in elevated energy costs, potentially destabilizing the
economy. The research conducted by Banna et al. (2023) illustrates the detrimental impact
of inflation and conflict on economic security through the escalation of energy prices.
Inflation also influences economic growth in various ways. A study by Ahmmed et al.
(2020) demonstrated that the correlation between inflation and economic growth differs
across nations, including Bangladesh. Moreover, elevated inflation rates in Bangladesh can
exacerbate unemployment challenges. Alam et al. (2020) identified critical elements such as
inflation and GDP that affect unemployment rates in the nation.
Inflation patterns in Bangladesh are also affected by socioeconomic factors. Islam (2022)
conducted a study in South Asia and demonstrated that social and economic development
influences inflation patterns in Bangladesh. Corruption and unemployment intensify the
adverse impacts of inflation. Uddin and Rahman (2023) contend that corruption, in
conjunction with inflation, impedes Bangladesh's economic growth. The COVID-19
pandemic exacerbated the effects of inflation, particularly with respect to price levels and
employment. Nasution et al. (2022) demonstrated that the pandemic destabilized
economies, particularly those of Bangladesh, by interrupting employment and exacerbating
inflation.
In Bangladesh, inflation has led to increased pricing of vital products and services. Emon
(2023) conducted a systematic study of the elements contributing to price increases,
correlating them with inflation and other economic variables. The pandemic's impact was
particularly acute, resulting in extensive unemployment. Siddiquee and Faruk (2020)
reported that a substantial segment of the workforce experienced unemployment during this
period. Furthermore, inflation directly impacts household welfare. Hossain and Mujeri
(2020) conducted a study illustrating the adverse effects of inflation on the purchasing
power and welfare of Bangladeshi households, especially with respect to low-income
demographics.
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Inflation contributes to the nation's fiscal imbalance. Alam et al. (2022) performed
econometric research and determined that inflation, in conjunction with other
macroeconomic variables, led to an increasing budget deficit in Bangladesh. The historical
evidence corroborates these conclusions. From 2010 to 2020, inflation in Bangladesh
averaged approximately 5.5% to 6.0% but increased to over 7.5% by 2022 as a result of
global price increases and supply chain disruptions. This increase, as noted by Wang et al.
(2022), is partially attributable to oil price fluctuations and persistent inflationary pressures
impacting sustainable growth.
The impact of inflation on economic growth is also observable in other South Asian
economies. Karki et al. (2020) examined Nepal's inflation and economic growth, revealing
parallels with Bangladesh. Political stability contributes to the regulation of inflation and
the maintenance of economic stability. Siddik et al. (2022) examined the impact of political
issues on the shadow economy in the Bay of Bengal region, particularly in Bangladesh.
These studies collectively demonstrate how inflation, along with other economic issues,
might destabilize Bangladesh's economy.

inflation's impact on Bangladesh's

economic stability(%) Direct Impact on Economic
Stability
Rising Energy Prices

Influence on Unemployment
10%10%
20% 5%
Socioeconomic Factors
20% 5%
15% 10% Corruption's Exacerbating Role
25%
COVID-19 Pandemic Effects

Fig. 1: Impact of inflation on the economic stability of Bangladesh (%)

Table 3: Inflation's impact on Bangladesh's economic stability
Category Description
Direct Impact on Inflation directly affects economic stability through price
Economic Stability increases.
Rising Energy Prices Higher energy prices contribute to economic instability.
Influence on Inflation is linked to rising unemployment rates.
Unemployment
Socioeconomic Factors Social and economic development affects inflation trends.
Corruption's Exacerbating Corruption worsens the effects of inflation on economic
Role growth.
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COVID-19 Pandemic The pandemic disrupted employment and increased
Effects inflation.
Impact on Household Inflation reduces purchasing power and affects low-
Welfare income households.
Contribution to Budget Inflation is a significant factor in Bangladesh’s growing
Deficit budget deficit.
RQ 2: What role does unemployment play in Bangladesh's economic struggles?
Unemployment represents a significant challenge within the economic landscape of
Bangladesh. Alam, Nur Alam, and Hoque (2020) identify multiple factors influencing
unemployment in Bangladesh, including GDP growth, inflation, and foreign direct
investment (FDI). The unemployment rate stood at 4.2% in 2020; however, inflation and
sluggish GDP growth exerted pressure on the job market. Uddin and Rahman (2023)
highlight that unemployment, in conjunction with corruption and inflation, adversely
impacts economic growth in developing nations. Corruption impacts foreign direct
investment, which is directly linked to job creation (Morshed & Hossain, 2022). In 2022,
foreign direct investment (FDI) in Bangladesh decreased by 27%, exacerbating
unemployment.
The COVID-19 pandemic intensified unemployment challenges, as observed by
Siddiquee and Faruk (2020). The pandemic has caused significant disruptions across
various industries, including garments and services. Consequently, more than 1.4 million
workers experienced job loss in Bangladesh. Rashid and Islam (2020) emphasized that the
pandemic significantly affected graduate employability. Youth unemployment increased to
11.6% in 2021, with educated graduates facing challenges in securing employment.
Shahriar et al. (2021) indicate that these challenges may affect the long-term employability
of graduates, resulting in additional economic instability.
Rahman, Farooq, and Selim (2021) assert that addressing educated youth unemployment
is essential for the development of Bangladesh. In 2021, youth unemployment rates were
recorded at 10.6%, indicating a persistent issue. Entrepreneurship is posited as a potential
solution for mitigating unemployment (Rahaman & Podder, 2023). Small-scale enterprises
have the potential to generate employment opportunities, particularly in rural regions.
Access to education and vocational training is essential for ensuring employability
(Khaleque & Zahan, 2021). The absence of skills training has resulted in numerous young
individuals lacking the necessary competencies to join the workforce, thereby exacerbating
economic strain.
Furthermore, inflation has contributed to the rise in unemployment in Bangladesh.
Rising inflation leads to an increase in the cost of living, thereby impacting household
welfare (Hossain & Mujeri, 2020). In 2021, the inflation rate was 6.15%, complicating
economic recovery efforts. Emon (2023) indicates that inflation-driven price increases have
led to job reductions, particularly in the manufacturing sector. High inflation rates have

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compelled numerous companies to downsize their workforce, thereby exacerbating the
overall unemployment issue.
Unemployment poses a considerable challenge to the economy of Bangladesh. The
impact is extensive, influencing GDP growth, foreign direct investment, and youth
employability. Failure to address these issues may result in prolonged economic challenges
for the country.

Fig 2: Role of unemployment in the percentage impact of economic struggles in Bangladesh (%)
Table 4: Role of unemployment in the impact of economic struggles in Bangladesh
Category Description
Influence on GDP Unemployment negatively affects GDP growth in
Growth Bangladesh.
Rising inflation contributes to increased unemployment
Impact of Inflation rates.
Foreign Direct FDI decline impacts job creation, worsening
Investment (FDI) unemployment.
Youth unemployment was at 11.6% in 2021, a significant
Youth Unemployment concern.
Job Losses During Over 1.4 million jobs lost due to pandemic-related
COVID-19 disruptions.
Importance of Skills
Training Lack of vocational training limits employability for youth.
Potential of
Entrepreneurship Small-scale businesses could help reduce unemployment.
RQ 3: What is the impact of corruption on Bangladesh's economic growth?
Corruption adversely affects Bangladesh's economic development. Uddin and Rahman
(2023) assert that corruption, in conjunction with unemployment and inflation, substantially
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impedes economic progress in emerging countries. Bangladesh has persistently contended
with elevated corruption levels, placing 147th among 180 nations in the 2022 Corruption
Perception Index, with a score of 25 out of 100, signifying profound corruption. This
ongoing corruption undermines investor confidence and deters foreign direct investment
(FDI), which is essential for economic progress (Morshed & Hossain, 2022). In 2021,
foreign direct investment inflows to Bangladesh constituted under 1.1% of GDP, indicating
a significant impediment to economic progress.
Table 5: The impact of corruption on Bangladesh's economic growth
Impact
Category Percentage Description
(%)
Corruption
Perception Index Bangladesh's CPI score in 2022, indicating
(CPI) 25 severe corruption.
Corruption Index Bangladesh ranks 147th out of 180 countries on
Rank 147th the 2022 Corruption Perception Index.
FDI as Percentage FDI inflows to Bangladesh in 2021, reflecting
of GDP 1.1 obstacles to economic growth.
GDP Growth Rate GDP growth rate attributed to corruption-related
(2020) 3.51 inefficiencies.
Size of Shadow Estimated percentage of GDP attributed to
Economy 30 unregulated activities.
Inflation Rate Inflation rate influenced by corrupt practices,
(2022) 8.9 affecting economic stability.
Impact on Investor Estimated decline in investor confidence due to
Confidence 40 corruption.
Increased Increase in production costs due to corruption-
Production Costs 25 driven inefficiencies.
Impact on Increased inflation and reduced purchasing
Household power disproportionately affect low-income
Welfare High families.
Corruption exacerbates income inequality,
Income Inequality High contributing to poverty.
Effect on Low- Percentage of low-income families affected by
Income Families 60 inflation and corruption.

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Impact of corruption on Bangladesh's economic growth

100 Increased Production Costs

Inflation Rate (2022)
GDP Growth Rate (2020)

0 Corruption Perception Index (CPI)

Corruption Perception Index (CPI) FDI as Percentage of GDP GDP Growth Rate (2020)
Size of Shadow Economy Inflation Rate (2022) Impact on Investor Confidence
Increased Production Costs Effect on Low-Income Families

Fig 3: Impact of corruption on Bangladesh's economic growth

Corruption also increases inefficiency in governmental expenditure and resource
allocation, which slows growth. The high costs of bribery and mismanagement reduce the
economy's competitiveness (Uddin & Rahman, 2023). Bangladesh's GDP growth in 2020
decreased to 3.51%, owing primarily to corruption-related inefficiencies, particularly in
infrastructure projects. Alam, Sadekin, and Saha (2022) noted that corruption-driven
inefficiency undermines potential growth areas and hinders the effectiveness of fiscal
programs.
Another aspect aggravated by corruption is political instability, which has a negative
impact on economic performance. According to Siddik, Kabiraj, and Hosen (2022), political
instability in Bangladesh has fuelled the growth of the shadow economy, which thrives on
unregulated activities such as black-market transactions. Bangladesh's shadow economy is
estimated to constitute approximately 30% of its GDP, severely reducing the country's
ability to sustain economic growth. Political instability also makes it difficult for the
administration to execute anticorruption reforms (Siddik et al., 2022).
Corruption also has implications for energy security and other important areas. As Banna
et al. (2023) noted, inflation and corruption-driven inefficiencies have an impact on energy
stability, increasing energy prices and hurting overall economic stability. In 2022,
Bangladesh's inflation rate reached 8.9%, owing in part to fraudulent fuel distribution and
energy management methods. These energy price increases increase manufacturing costs,
reducing the competitiveness of Bangladesh's industry.
Finally, corruption has a negative influence on household welfare by increasing inflation
and reducing ordinary persons' purchasing power (Hossain & Mujeri, 2020). Inflation
disproportionately affects low-income people, many of whom suffer the consequences of
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A systemic review of economic challenges in Bangladesh Bilkish Akter, Sapan Bepari
widespread corruption in public services. Corruption hinders economic growth and
increases inflation, exacerbating income disparity and leaving many Bangladeshis
impoverished.
RQ 4: How does the infrastructure development of Bangladesh affect its economy?
The development of infrastructure significantly influences the economy of Bangladesh.
It affects various sectors, such as energy security, unemployment, inflation, and financial
stability. Banna et al. (2023) asserted that inflation and the global energy crisis affect energy
security, which is associated with the quality of infrastructure. In Bangladesh, inadequate
energy infrastructure contributed to an inflation rate of 8.9% in 2022. Inflation undermines
economic stability by increasing production costs for enterprises. Energy shortages increase
prices, thereby impacting household welfare (Hossain & Mujeri, 2020).

How infrastructure development affects Bangladesh's economy

60

40

20

0
Year 2022
2021 2020
2022 2020 2021 2023 2022

Year 2022 2021 2020 2022 2020 2021 2023 2022

0 8.9 1.1 4.2 30 3.51 60 50 10
How infrastructure development
0 0 0 0 0 0 0 0 0
affects Bangladesh's economy

Fig. 4: How infrastructure development affects Bangladesh's economy

The economic growth of Bangladesh is linked to foreign direct investment (FDI), which
relies on robust infrastructure (Morshed & Hossain, 2022). In 2021, foreign direct
investment represented merely 1.1% of the gross domestic product. The low rate
underscores the necessity for improved infrastructure to draw additional investors.
Insufficient transportation infrastructure and inconsistent electricity supply impede foreign
direct investment inflows. Improved infrastructure may contribute to a reduction in
unemployment, which was recorded at 4.2% in 2020 (Alam, Alam & Hoque, 2020). The
rate would decline with increased investments in infrastructure, energy, and industrial areas.

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A systemic review of economic challenges in Bangladesh Bilkish Akter, Sapan Bepari

How infrastructure development affects Bangladesh's economy Impact (%)

60
40
20
0

Fig. 5: How infrastructure development affects Bangladesh's economy impact (%)

Infrastructure influences both inflation and household welfare. Ahmmed et al. (2020)
indicate that inflation in Bangladesh varies as a result of inadequate socioeconomic
development. Insufficient infrastructure leads to inefficiencies in supply chains, resulting in
elevated costs of goods. In 2021, Bangladesh experienced an inflation rate of 6.5%, which
affected household consumption patterns. Improvements in energy and transport
infrastructure may alleviate inflationary pressures and contribute to economic stabilization
(Islam, 2022).
Political stability is closely linked to infrastructure development. Inadequate
infrastructure leads to inefficiencies that foster a shadow economy, accounting for nearly
30% of GDP in Bangladesh (Siddik et al., 2022). Political instability exacerbates
infrastructure development, leading to the diversion of funds due to corruption (Uddin &
Rahman, 2023). Economic growth is hindered by unstable political conditions and
inadequate infrastructure.
Table 6: How infrastructure development affects Bangladesh's economy
Year Factor Impact Description
(%)
2022 Inflation Rate 8.9 Inflation attributed to poor energy
infrastructure.
2021 FDI as Percentage of 1.1 Low FDI inflow reflecting inadequate
GDP infrastructure.
2020 Unemployment Rate 4.2 Unemployment rate in 2020; could
decrease with infrastructure investments.

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A systemic review of economic challenges in Bangladesh Bilkish Akter, Sapan Bepari
2022 Shadow Economy as 30 Estimated percentage of GDP from
Percentage of GDP unregulated activities due to poor
infrastructure.
2020 Economic Growth Rate 3.51 GDP growth rate affected by
infrastructure inefficiencies.
2021 Household Welfare 60 Estimated percentage of households
Impact affected by inflation due to infrastructure
issues.
2023 Digital Financial 50 Estimated increase in financial services
Inclusion access due to better digital infrastructure.
2022 Investment in 10 Percentage of GDP allocated for
Infrastructure infrastructure development, which
influences economic growth potential.

COVID-19 has exposed further flaws in Bangladesh's infrastructure. Siddiquee and Faruk
(2020) reported that the epidemic damaged numerous sectors, revealing flaws in the
country's health and digital infrastructure. In response, digital financial inclusion has
become critical to long-term economic recovery (Banna, 2020). A better digital
infrastructure would improve banking services, hence promoting economic growth through
efficiency.
Discussion: Inflation represents a significant risk to the economic stability of Bangladesh.
The increase in inflation, especially that attributed to energy prices and global market
fluctuations, adversely affects household welfare and reduces purchasing power. Numerous
studies indicate that inflation peaked at 8.9% in 2022, placing significant pressure on low-
income families and intensifying inequality. The relationship between inflation and energy
security complicates economic conditions, as inflation raises production costs and impedes
economic growth. The challenge involves managing inflation while advancing sustainable
economic policies that can alleviate its negative impacts.
Unemployment represents a significant factor exacerbating the economic challenges
faced by Bangladesh. In 2020, the unemployment rate was 4.2%, which adversely impacts
individual livelihoods and constrains economic growth by restricting consumer spending
and productivity. The COVID-19 pandemic intensified this issue, resulting in substantial
job losses across various sectors, especially among youth and educated graduates. The
findings indicate that improving vocational training and fostering entrepreneurship may
reduce unemployment rates. Addressing these issues will enable Bangladesh to cultivate a
more resilient workforce, thereby enhancing economic stability.
Corruption constitutes a significant obstacle to economic advancement in Bangladesh.
Ranking 147th in the 2022 Corruption Perception Index, widespread corruption diminishes
investor confidence, obstructs foreign direct investment (FDI), and leads to inefficiencies in
public expenditure. The relationship between corruption and economic performance
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A systemic review of economic challenges in Bangladesh Bilkish Akter, Sapan Bepari
suggests that systemic reforms are essential to address corruption. The 3.51% GDP growth
rate in 2020 illustrates that corruption directly impedes economic progress. Enhancing
transparency and accountability in governance is crucial for restoring public trust and
fostering sustainable economic growth.
Infrastructure development is essential for the economic growth and stability of
Bangladesh. Insufficient infrastructure, especially in terms of energy and transportation,
significantly impacts inflation and foreign direct investment. The data indicate that FDI
constituted merely 1.1% of GDP in 2021, highlighting the critical necessity for
infrastructural enhancements. A well-developed infrastructure network is essential for
attracting investments, reducing unemployment rates, and improving overall economic
performance. Investments in digital infrastructure are essential for the modernization of
financial services and the facilitation of economic recovery, particularly following the
COVID-19 pandemic.
Comprehensive Analysis: The research findings demonstrate the complex relationships
among inflation, unemployment, corruption, and infrastructure development. Each factor
interacts with others, resulting in a complex network of challenges. High inflation
exacerbates unemployment and household welfare, whereas corruption undermines
infrastructure improvement efforts, thereby limiting economic growth.
Addressing these interrelated issues necessitates a comprehensive approach.
Policymakers should prioritize comprehensive economic reforms addressing corruption,
improving infrastructure, and implementing targeted strategies for unemployment and
inflation management. Collaboration among the government, the private sector, and civil
society is crucial for establishing a strong economic framework that fosters growth and
stability.
Implications of The Research: This research underscores the need for comprehensive
policy frameworks that address the complex economic challenges faced by Bangladesh.
Policymakers should analyse the connections between inflation, unemployment, and
corruption in the formulation of economic strategies. Policies designed to control inflation
must also include strategies to improve employment opportunities and mitigate corruption.
An integrated approach enhances the effectiveness and sustainability of economic
interventions.
Investment in infrastructure is essential for improving the economic prospects of
Bangladesh. The findings highlight the critical necessity for enhancements in energy and
transport infrastructure, which are essential for attracting foreign direct investment (FDI)
and fostering industrial growth. Policymakers should prioritize infrastructure initiatives that
generate employment and improve connectivity, thus fostering long-term economic
stability. Furthermore, investments in digital infrastructure can significantly contribute to
the modernization of the economy.

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A systemic review of economic challenges in Bangladesh Bilkish Akter, Sapan Bepari
This research highlights the negative impact of corruption on economic growth. It is
essential to enhance efforts against corruption by prioritizing the improvement of
transparency and accountability within governance structures. Implementing stringent
anticorruption measures and fostering ethical practices in both the public and private sectors
can reinstate investor confidence and improve economic performance. Involving civil
society and the media in anticorruption efforts can empower communities to ensure
accountability among their leaders.
Unemployment, especially among young and educated graduates, presents considerable
threats to economic stability. The study indicates that improving vocational training and
entrepreneurship programs can provide individuals with essential skills for job market entry.
Collaboration among policymakers, educational institutions, and the private sector is
essential for developing training programs that meet market demands, which can
subsequently reduce unemployment rates and cultivate a skilled workforce.
This study's implications are relevant to the broader context of economic resilience and
sustainability. The COVID-19 pandemic has revealed weaknesses in Bangladesh's
economy, underscoring the need for strong safety nets and effective emergency
preparedness measures. Future policies must include measures that enhance economic
resilience, including industry diversification, improved social protection programs, and the
promotion of innovation, to address unexpected challenges.
This study establishes a foundation for subsequent research on the economic dynamics in
Bangladesh. Future research may investigate the long-term effects of infrastructure
investments on economic growth, assess the efficacy of anticorruption initiatives, and
analyse the influence of technology on job creation. Qualitative research can offer profound
insights into the experiences of individuals impacted by unemployment and inflation,
thereby enhancing the comprehension of these issues.
This research highlights the importance of collaboration among diverse stakeholders,
such as government agencies, nongovernmental organizations (NGOs), private sector
entities, and international development partners. Partnerships enable stakeholders to
consolidate resources, exchange expertise, and execute coordinated strategies to address the
intricate challenges confronting Bangladesh’s economy.
Conclusion: This study analyses the primary economic challenges confronting Bangladesh,
emphasizing inflation, unemployment, corruption, and infrastructure development. This
illustrates the interconnection of these factors and their collective impact on the nation's
economic difficulties. Inflation persistently destabilizes the economy through price
increases and diminished purchasing power, whereas unemployment, particularly among
youth, intensifies the issue by constraining economic opportunities. Corruption impedes
growth by diminishing investor confidence and generating inefficiencies in public
expenditure. Moreover, insufficient infrastructure limits foreign direct investment (FDI) and
hinders comprehensive economic development.

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A systemic review of economic challenges in Bangladesh Bilkish Akter, Sapan Bepari

To address these challenges, Bangladesh must implement a comprehensive strategy that

encompasses effective economic policies, anticorruption initiatives, infrastructure
enhancements, and job creation efforts. Investment in energy and transport infrastructure,
along with digital transformation, is essential for improving competitiveness and promoting
sustainable growth. Additionally, minimizing corruption and enhancing transparency will
restore investor confidence and stimulate foreign direct investment, which is crucial for
sustainable economic development.
In summary, achieving economic stability and growth in Bangladesh necessitates
collaborative efforts among policymakers, businesses, and civil society. Addressing these
interconnected challenges directly enables the country to realize its complete economic
potential and enhance the quality of life for its citizens.

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