The dictionary meaning of "growth" is "getting bigger", in size or volume, whereas "development" is improvement in the quality of a system. It can be an individual, a community, or a nation. Growth is termed as a physical change, whereas development is said to be physical as well as socioeconomic or psychological change. Thus, "development" may require growth (physical), or may happen without, depending on the context. For example, growth in basic needs for people add to improvement in quality of life, but growth in mere junk productions does not add to any development.
Growth in a developing economy may add to quality of life, but not much in a rich developed economy. Economic growth has steadily accelerated in Bangladesh especially after the restoration of democracy in 1991. In the last three years, it has exceeded 7 percent per annum, making Bangladesh's growth among the top ten countries globally. Per capita income has increased by 2.5 times over the last 25 years. National income is, in internationally comparable prices, USD 687 billion (at purchasing power parity), making it the 32nd largest economy in the world, the same size as the UAE and Vietnam.
Because Bangladesh invested significantly in agriculture and rural development and adopted employment-intensive, export-oriented manufacturing, growth has been comparatively inclusive. While there was an initial increase in inequality after growth accelerated in the early 1990s, the Gini coefficient of consumption, a widely used measure of economic inequality, has been steady around 0.33. By that measure, there is greater economic equality in Bangladesh than in India, China, Indonesia, and Vietnam.
What made these remarkable achievements possible? There are other factors, but most of all; it was the consistence that made these achievements possible. Politics and economy seem to be uncomfortably matched in present day Bangladesh. Countries cannot, and do not grow without political peace and stability. Bangladesh has indeed been maintaining commendably high rates of growth of GDP in the range of 6-7 percent annually for over two decades now. The question is whether we could have achieved more. There are strong reasons to believe that if Bangladesh could ensure political peace.
