Bangladesh's Economy
The 2024 Uprising and the Economy
How student protests over job quotas in July-August 2024 led to Sheikh Hasina's resignation, and the economic challenges facing the interim government.
In July 2024, students protested against quotas in government jobs.
Background
- Government jobs are highly prized for security.
- A quota reserved many posts for descendants of 1971 freedom fighters.
- Youth unemployment among graduates was high.
The uprising
- Protests grew after violent crackdowns, with hundreds killed.
- Prime Minister Sheikh Hasina resigned and left the country on 5 August 2024.
- Muhammad Yunus became chief adviser of an interim government.
Economic challenges
- Banking sector problems: large bad loans and allegations of looting from some banks.
- Inflation around 10 percent.
- Foreign exchange reserves had fallen.
- Garment unrest and factory disruptions.
Reforms
- Bank restructuring and asset recovery efforts.
- Exchange rate adjustments.
- IMF programme continued.
Lesson
Jobs for educated youth and institutional health are central to stability.
The graduate's frustration
A university graduate applies for dozens of jobs without success while quotas limit government posts, fuelling the anger behind the protests.
Thinking political crises have no economic roots
Youth unemployment and banking problems fed the 2024 uprising.
Key takeaways
- Student protests over job quotas began in July 2024.
- Sheikh Hasina resigned on 5 August 2024.
- Muhammad Yunus led an interim government.
- Banking problems, inflation and reserves were key challenges.
No recording for this one yet - EconReader can read it aloud for you.