Bangladesh has been named The Economist’s “Country of the Year” for 2024, an annual award given to countries that show significant progress within one year. The recognition highlights the student-led protests in Bangladesh in August that ended the 15-year autocratic rule of Sheikh Hasina, ushering in an interim technocratic government led by Nobel laureate Muhammad Yunus.
Once lauded for rapid economic growth, Sheikh Hasina’s tenure has been increasingly marked by electoral fraud, suppression of dissent, and systemic corruption. Her dismissal marked a turning point in the political history of Bangladesh.
The interim government, with the support of students, the military, business leaders, and civil society, succeeded in restoring order, stabilizing the economy, and initiated reforms aimed at promoting a more liberal and democratic system of government. Key tasks ahead include mending strained relations with India, ensuring judicial impartiality, and paving the way for free and fair elections in 2025.
Bangladesh emerged as the winner from a strong shortlist of 5 countries that have made notable strides in governance and reform. Other countries on the shortlist are South Africa, Poland, Argentina and Syria.
South Africa, where the ANC lost its parliamentary majority for the first time since the end of apartheid in 1994. A coalition government with the Democratic Alliance offers hope for better governance, although challenges such as unemployment and crime persist.
Poland, where Donald Tusk’s new administration has begun to reverse the damage done by the populist PiS party, which eroded democratic institutions over its eight-year rule. The Tusk government has also strengthened Poland’s role in European security, although relations with Germany remain tense.
Argentina, where “anarcho-capitalist” President Javier Miley implemented radical free-market reforms, including cutting public spending and deregulation. Although inflation and borrowing costs have fallen, the sustainability of these reforms remains uncertain.
And Syria, which witnessed the dramatic overthrow of Bashar al-Assad on December 8, ending half a century of brutal dictatorship. However, the new reality is fraught with uncertainty as Hay’at Tahrir al-Sham, a rebel group with a repressive history, holds significant influence.
Bangladesh’s progress is highlighted by its history of violent political transitions and entrenched political corruption. Despite these risks, the current technocratic government has succeeded in stabilizing the country and garnering support across multiple sectors.
However, challenges loom on the horizon, including the potential for political vendettas, the threat of Islamic extremism, and the need to rebuild democratic institutions to ensure a smooth electoral process.
This recognition adds Bangladesh to a prestigious list of previous winners, including Greece (2023) for overcoming the financial crisis, Malawi (2020) for its democratic transition, and Ukraine (2017) for its resilience against external aggression.
The Economist Prize does not measure wealth or happiness, but rather celebrates countries that embody transformative change.
