Sadly Bangladesh is not in the outperformers list of McKinsey but it has made a place in the list of ‘Middlers, which has a recent acceleration’. Dominican Republic, Ghana, Mozambique, Peru, Philippines, Poland, Rwanda and Sri Lanka are the countries that are in the same list with Bangladesh. Though the Middler threshold was between 0.95% and 3.5% compound annual growth rate over the period 1965 to 2016,very recent accelerators’ GDP per capita growth outpaced long-term outperformers’ which is more than 3.6% compound annual growth rate for the period of 2006 to 2016.
From McKinsey’s research three global trends has become visible that can be helpful for economy like Bangladesh-
Rapid evolution with technology
Rising consumption due to urbanization
Growing South-South trade
In the research McKinsey has forecasted that Bangladesh can be one of the next outperformers soon considering different indicators. Bangladesh is in Quartile 1 of McKinney’s forecasting that achieved high GDP per capita growth and strong momentum on fundamental indicators since 2011, having the potential to join the next wave of outperformers.
Some changes are necessary for Bangladesh to get the new opportunities to become one of the outperformers. These changes include shifting patterns of trade and other cross-border flows; changing demographics and rising urbanization, which will influence consumption and growth; and the increased adoption of automation technologies. This might be challenging some of the traditional development paths even as they potentially boost productivity and GDP growth. Plus increased global connectedness and openness to cross-border flows of goods, services, and finance has allowed the emerging countries to have the chance to become one of the outperformers.
In the realm of global corporate leadership, one name resonates loudly across industries and regions: Indra Nooyi, the former CEO of PepsiCo. Hailing from the diversified India, Indra changed the face of PepsiCo when the brand was witnessing dwindling popularity. After she stepped down as the CEO after 24 glaring years in PepsiCo., market analysts are terming the position “very hard to replace” in wake of Indra’s bold and thoughtful leadership style.
This year, the theme for International Women’s Day is aptly kept- #BalanceforBetter. In Bangladesh, Ready Made Garments (RMG) has been the frontrunner in empowering females, where 4 million women found their earning source. Over the years, SME sector has also witnessed surge in active women entrepreneurs, who are highly motivated and aspired to take their business to a whole new level. The growing participation of young female entrepreneurs in F-commerce realm also deserves accolades. In corporate level, however, an unbalanced trend is discerned as we move up along with the hierarchy ladder. Female employees start falling out as they move to the mid-level in career and start having their own family responsibilities, resulting in a vacuum in top leadership positions. In many research and survey conducted internationally, it has been reflected that women make difference in the boardroom and in the company culture when they are put at helm of a company. It is high time, local corporates should recognize the fact and start working on the female potentials to the betterment of the company and coming up with suitable initiatives and facilities for them. Perhaps, down the line, Bangladesh may give birth to a number of Indra Nooyi’s who will change the face of the total economic scenario with their prudent leadership skills.Download View