Bangladesh has been named The Economist’s Country of the Year for 2024, beating out strong competition from Syria, Argentina, South Africa, and Poland.
This prestigious title is awarded each December to recognize the nation that has made the most notable progress over the year, based on improvements rather than wealth or happiness.
The award isn’t given for virtue or wealth, but rather for significant strides made in the past 12 months.
After what the magazine described as a "vigorous debate" among its correspondents, Bangladesh was chosen as the winner, with Syria finishing as the runner-up.
The Economist’s report praised Bangladesh’s political transformation in 2024, especially the historic removal of Sheikh Hasina, who had been in power for 15 years.
Hasina’s resignation in August came after massive student-led protests forced her to step down, marking a pivotal moment for the country, which has a population of 175 million.
While her time in office saw rapid economic growth, it was also tainted by allegations of election manipulation, repression, and widespread corruption.
Despite its turbulent history, Bangladesh is now showing promising signs of change. The Economist credited this shift to the efforts of a temporary technocratic government led by Nobel Peace Prize winner Dr. Muhammad Yunus.
This interim government, which received support from students, the army, business leaders, and civil society, was instrumental in stabilizing the country and its economy after Hasina`s departure.
The report commended the broad coalition behind the new government for restoring order and steering the country towards stability.
However, it also pointed out that Bangladesh still faces significant challenges ahead.
These include rebuilding diplomatic relations with India and ensuring that the upcoming elections in 2025 are free and fair.
The Economist emphasized the importance of neutral courts and giving the opposition enough time to organize before the elections.
Although these tasks will be difficult, the magazine praised Bangladesh for its success in toppling an autocrat and making progress toward a more liberal and democratic government, which ultimately earned it the title of Country of the Year for 2024.
Other countries considered for the title included Syria, which was recognized for ousting its long-time dictator Bashar al-Assad; Argentina, for implementing key economic reforms; and South Africa and Poland, for rejecting bad governance and forming new, more promising administrations.
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