Bangladesh Could Become Asia's Strongest Economy
Bangladesh, despite having many advantages like global trade routes and a dense population, has struggled to develop economically. Its difficult start in 1971, after a devastating cyclone and a war for independence, set it back. Currently, Bangladesh's main economic strength is in textiles, due to cheap labor. However, to become a middle-income country, it needs to shift from a labor-focused economy to one that uses more capital, meaning it needs more investment in technology and industries. It also needs to find new types of products to export and trade more with its neighbors. Additionally, Bangladesh must improve how it collects and shares economic data to ensure it is accurate and trustworthy. If it doesn't make these changes, it risks facing economic problems similar to those experienced by Sri Lanka.
Key Vocabulary
A country, organization, or person that is very powerful, successful, or influential, especially in a particular field.
Examples:
- The small tech startup quickly grew into a regional powerhouse, dominating the market with its innovative software.
- Despite its size, the university became an academic powerhouse, attracting top researchers from around the globe.
- The company, once a small local business, is now an economic powerhouse in the industry, with a global reach.
At a low cost; inexpensively.
Examples:
- The factory was able to produce the components so cheaply that it gave them a significant competitive edge.
- She found a way to travel across the continent cheaply by opting for long bus rides and budget accommodation.
- The restaurant sources its ingredients directly from local farms, allowing them to offer fresh meals cheaply.
Extremely powerful nations, especially those with dominant international influence and military strength.
Examples:
- During the Cold War, the two superpowers engaged in a tense ideological and arms race.
- The rise of new economic superpowers has shifted the global balance of trade and influence.
- Historical accounts often highlight the diplomatic maneuvers between the world's superpowers to prevent widespread conflict.
Lacking special training or qualifications for a particular job or task; requiring little or no specialized training.
Examples:
- The construction project relied heavily on unskilled labor for basic tasks like digging and carrying materials.
- Many entry-level positions are considered unskilled, offering opportunities for individuals to gain initial work experience.
- The company found it challenging to automate tasks that required human judgment, even if the manual labor was largely unskilled.
To operate or control a process or equipment by mechanical or electronic devices, reducing human intervention.
Examples:
- The company decided to automate its assembly line to increase efficiency and reduce production costs.
- New software tools can automate many routine administrative tasks, freeing up employees for more complex work.
- The goal of the project was to automate the data entry process, minimizing human error and saving time.
Competing eagerly with someone in order to achieve something.
Examples:
- Several cities were vying for the opportunity to host the next international sporting event.
- The two candidates were vying for the top position, each presenting their best arguments to the committee.
- Companies are constantly vying for consumer attention in the crowded smartphone market.
The activity of setting up a business or businesses, taking on financial risks in the hope of profit.
Examples:
- The government launched a new program to encourage entrepreneurship among young graduates, offering grants and mentorship.
- Her passion for innovation led her to pursue entrepreneurship, starting her own tech company.
- A strong culture of entrepreneurship is often seen as a key driver of economic growth and job creation.
A section of text or content that is separate from the main body of an article or webpage, often used for supplementary information or related features.
Examples:
- The newspaper article included a sidebar with interesting facts about the historical event.
- On the website, a sidebar displayed links to related articles and recommended resources.
- The conference program had a sidebar listing all the breakout sessions and their locations.
A point or limit at which something is stopped or terminated; a boundary.
Examples:
- The cutoff date for submitting applications is next Friday, so make sure to send yours in soon.
- There's a strict cutoff for late arrivals at the theater; after the show starts, no one else is admitted.
- The company established a cutoff for expenses that could be reimbursed without prior approval.
Causing a strong reaction or conflict to start or intensify.
Examples:
- The controversial statement had the effect of igniting a heated debate across social media platforms.
- The discovery of ancient artifacts was igniting new interest in the city's rich history.
- His passionate speech was successful in igniting enthusiasm among the volunteers for the upcoming project.
A large-scale, violent, and destructive storm or wind system in which winds rotate inward to an area of low atmospheric pressure, often associated with heavy rain.
Examples:
- The coastal region braced for impact as a powerful cyclone approached, bringing torrential rains and strong winds.
- After the cyclone passed, emergency crews worked tirelessly to restore power and assist affected communities.
- Forecasters issued warnings about the potential for a severe cyclone to form in the warm ocean waters.
Made in advance and available for immediate use; not custom-made.
Examples:
- The store offered a variety of readymade meals, perfect for a quick dinner after a long day.
- Instead of hiring a tailor, he chose a readymade suit that fit him perfectly.
- The software provided readymade templates, making it easy for users to create professional-looking presentations.
To come to an end or lose validity, typically after a fixed period of time.
Examples:
- Her passport is set to expire next month, so she needs to apply for a renewal soon.
- The discount coupon will expire at the end of the week, so I should use it before then.
- Without proper storage, certain perishable goods can expire quickly, becoming unsafe to consume.
In a way that relates to or involves technology; by means of technology.
Examples:
- The manufacturing plant was technologically advanced, using robots for precision tasks.
- The company aimed to become a leader in its field by investing heavily in technologically innovative solutions.
- The new system was designed to be technologically compatible with existing infrastructure to ensure a smooth transition.
The process of varying products, investments, or operations to reduce risk or expand opportunities.
Examples:
- The company pursued diversification into new markets to reduce its reliance on a single product line.
- Investment diversification is a common strategy to spread risk across different asset classes.
- The region's economy benefited from diversification, moving beyond its traditional reliance on agriculture.
Errors or mistakes; instances of being incorrect or imprecise.
Examples:
- The report contained several inaccuracies that needed to be corrected before publication.
- She spent hours meticulously checking the data to avoid any inaccuracies in her research findings.
- Despite the careful review, minor inaccuracies were still found in the historical document.
In a manner lacking any obvious principle of organization; without order or planning.
Examples:
- The books were stacked haphazardly on the shelf, making it difficult to find the one she needed.
- He approached the project haphazardly, leading to inefficiencies and missed deadlines.
- The garden was planted haphazardly, with various flowers and vegetables growing in no particular pattern.
Open and responsive to suggestion; easily persuaded or controlled.
Examples:
- The team leader was amenable to new ideas, always encouraging creative solutions from her staff.
- The client proved amenable to the proposed changes, making the negotiation process much smoother.
- To achieve a successful outcome, it's important to work with individuals who are amenable to compromise.
To fail to resist pressure, temptation, or some other negative force.
Examples:
- Despite the challenging conditions, the hikers refused to succumb to despair and continued their ascent.
- Many small businesses often succumb to the pressures of fierce competition in the early years.
- He tried to stay awake, but eventually succumbed to exhaustion and fell asleep.
Made more efficient or organized; simplified or made more effective.
Examples:
- The company streamlined its production process, resulting in faster delivery times and reduced costs.
- The new software helped to streamline the workflow, eliminating unnecessary steps and improving productivity.
- They worked to streamline the application process, making it easier for candidates to submit their information.