BUS 530.

5 –Economic Conditions Analysis

Project Report on “Political Stability and Economic Development: Bangladesh Perspective”

Submitted to

Faculty of MBA Program

School of Business North South University

Acknowledgement

First and foremost, I would like to express my deep appreciation to The Almighty, whose Grace is crucial
for any achievement.

I would like to express my deepest gratitude to Dr. Amin Masud Ali for hIS significant mentorship and
assistance. HIS profound expertise and inventive approaches have greatly facilitated our ability to connect
abstract theories with real-world implementations. His mentor's guidance has played a crucial role in the
progress of my study, titled " Political Stability and Economic Development: Bangladesh Perspective." I
earnestly hope that this report fulfills his elevated criteria and anticipations.
Contents
....................................................................................................................................................................................1
Acknowledgement ......................................................................................................................................................2
1. Introduction ......................................................................................................................................................1
1.1 Background of the Study: ...........................................................................................................................1
1.2 Problem Statement: ..................................................................................... Error! Bookmark not defined.
1.3 Objectives: ..................................................................................................................................................2
1.4 Significance: ................................................................................................ Error! Bookmark not defined.
1.5 Limitations of the Study: ............................................................................................................................2
2. Literature Review .............................................................................................. Error! Bookmark not defined.
3. Research Methodology .....................................................................................................................................3
3.1 Research Type: ............................................................................................ Error! Bookmark not defined.
3.2 Research Method: .......................................................................................................................................3
3.3 Analysis Method:......................................................................................... Error! Bookmark not defined.
3.4 Questionnaire Design: ................................................................................. Error! Bookmark not defined.
3.5 Communication and Data Collection Technique:........................................ Error! Bookmark not defined.
3.6 Sample size design: ..................................................................................... Error! Bookmark not defined.
4. Data Analysis and Findings .............................................................................................................................5
4.1 Objective 01: Prospects of FinTech in Bangladesh ....................................................................................5
4.2 Objective 01: Challenges of FinTech in Bangladesh .................................................................................8
5. Recommendation and Future Study: ........................................................................................................... 12
6. Conclusion:..................................................................................................................................................... 14
References: ............................................................................................................................................................. 15
1. Introduction
1.1 Background of the Study:
Political stability is widely regarded as a critical determinant of economic development, shaping a nation’s
prospects for sustainable growth and equitable prosperity. For Bangladesh, a country that emerged from the
tumult of war in 1971, political instability has remained a persistent challenge, impeding its journey toward
economic progress. Despite notable achievements in key areas such as poverty alleviation and steady economic
growth, Bangladesh continues to grapple with the structural and social challenges that arise from political
discord and governance inefficiencies.

Since independence, Bangladesh has experienced a volatile political landscape characterized by frequent
changes in government, political conflict, and socio-economic disparities. The adverse effects of these
instabilities extend beyond governance, impacting economic performance, infrastructure development, and
overall societal well-being. For instance, frequent hartals (political strikes) and disruptions lead to significant
financial losses, with estimates suggesting a loss of around Tk. 2,000 crore for a single day of shutdown. Such
instability undermines investor confidence, curtails entrepreneurial ventures, and exacerbates income
inequality.

While Bangladesh has made strides in achieving milestones such as the Millennium Development Goals (MDGs)
and is now focused on the Sustainable Development Goals (SDGs), political instability continues to be a major
roadblock. The interplay between governance failures, corruption, and lack of effective power transitions poses
critical questions: Can economic growth be sustained in an unstable political environment? Or, conversely, does
political instability exert a long-term dampening effect on development?

This paper explores the intricate relationship between political stability and economic growth in the context of
Bangladesh. By employing both theoretical frameworks and empirical evidence, it aims to uncover the extent to
which political factors influence economic outcomes. Additionally, the study examines the socio-political
dynamics, including the role of governance, human rights, income inequality, and political conflicts, which
contribute to the current economic trajectory.

As Bangladesh aspires to achieve its goal of becoming a developed country by 2041, addressing political
instability is imperative. Understanding its root causes, such as weak governance, corruption, and conflict
between political parties, and devising strategies for mitigation, can provide insights into fostering a more stable
environment conducive to sustainable growth. The findings of this exploratory research underscore the
importance of political stability as a cornerstone for economic development, urging policymakers and
stakeholders to prioritize stability as a key driver of national progress.

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1.2 Objectives:

The objectives of this study are as follows:

 To Analyze the Impact of Political Stability on Economic Development

Examine how political stability or instability influences key economic indicators such as GDP
growth, Foreign Direct Investment (FDI), Inflation Rate and Government Fiscal Balance and
Public Debt, Unemployment rate in Bangladesh.

 To Identify the Root Causes of Political Instability in Bangladesh

Investigate the underlying factors contributing to political instability, including governance issues,
corruption, power struggles between political parties, and socio-economic disparities, and their
implications for economic growth.

 To Explore Policy Recommendations for Enhancing Political Stability and Promoting Economic
Growth

Propose actionable strategies and policy measures to reduce political conflict, improve
governance, and foster a stable environment that supports sustainable economic
development in Bangladesh.

1.3 Limitations of the Study:

The objective of this study was to ascertain a genuine declaration of the primary determinants influencing
the acceptance of FinTech solutions in Bangladesh, utilizing current study data and conducting surveys to
collect public perspectives. However, during this procedure, we also had to take into account certain
constraints. The primary constraints of this study are as follows:

 The study was carried out using a rather limited sample size, thus restricting the applicability of
the results. Increasing the sample size would yield more reliable and thorough understanding of
the phenomena under investigation.
 The study predominantly included participants with advanced literacy skills, which may have
resulted in a bias that disregards the viewpoints and experiences of individuals with lower literacy
levels, who may have distinct interactions with FinTech solutions.

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  The research did not have a wide range of geographical representation and mainly concentrated on
participants from the Dhaka regions. This constraint implies that the results may not
comprehensively encompass the diverse experiences and difficulties faced by individuals in
different geographical regions of Bangladesh.
 The sample has been selected from a particular segment of the population, which introduces
sampling bias and restricts the generalizability of the findings to the wider population.
 The study relies on quantitative data, excluding non-qualitative methods like in-depth interviews
or focus groups, which could have yielded more comprehensive understanding of participants'
experiences and viewpoints.
 The study was limited by time and funding constraints, which impacted the extent and
thoroughness of the investigation. These limitations may have hindered a more comprehensive
inquiry and a wider examination of the subject.

Although there are certain limitations, the study aims to accurately understand the elements that affect the
obstacles and barriers to the adoption of FinTech in the financial sector of Bangladesh. Additionally, it
aims to offer advice for navigating these aspects. The purpose of this initiative is to provide a valuable
resource for stakeholders, policymakers, and industry participants. It intends to promote informed
decision-making and advancement in the integration of FinTech within the nation's financial ecosystem’s.

2. Research Methodology
Research Method:
The study adopt a quantitative research design, focusing on secondary data analysis. It aims to investigate
the relationship between political stability and economic development in Bangladesh over the past 15–20
years by analyzing trends in key economic indicators.

Data Sources
 Political Stability Data: Political stability ratings will be obtained from credible international
sources, such as the Worldwide Governance Indicators (WGI) by the World Bank or similar
datasets that provide annual assessments of political stability.

 Economic Indicators Data:

 GDP Growth Rate : World Bank (World Development Indicators), International Monetary
Fund (IMF), Bangladesh Bureau of Statistics (BBS), Asian Development Bank (ADB)

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  Foreign Direct Investment (FDI) inflows: UNCTAD (United Nations Conference on Trade
and Development), Bangladesh Bank (Central Bank of Bangladesh), World Bank FDI
Database
 Inflation Rate : Bangladesh Bureau of Statistics (BBS), World Bank
 Government Fiscal Balance and Public Debt: International Monetary Fund (IMF),
Bangladesh Bank, Ministry of Finance, Government of Bangladesh, World Bank
 Unemployment Rate: These indicators was sourced from reputable institutions like the
World Bank, International Monetary Fund (IMF), Bangladesh Bureau of Statistics (BBS),
and the Bangladesh Bank.
Limitations
 Dependence on secondary data, which may include potential inaccuracies.

 Challenges in isolating political stability as the sole influencing factor due to the presence of other
macroeconomic and external variables.

This methodology provides a structured framework to analyze the interplay between political stability and
economic development in Bangladesh, contributing valuable insights to academic and policy discussions.

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3. Data Analysis and Findings
4.1 Objective 01: Prospects of FinTech in Bangladesh
Q 01: How much familiar are you with the term "FinTech" on an scale of 1 to 5?

Level of Familiarity with 'FinTech'

40% 39%
33%
30%
20% 15%
9%
10% 3%
0%
1 2 3 4 5

According to the research, participants have varying levels of familiarity with FinTech. The majority,
39%, are at level L3, which indicates a moderate grasp. Following closely behind is a percentage of 33%
at level L4, indicating a significant degree of familiarity. Conversely, a minimal fraction of individuals
fall into the lower category, with only 3% at level L1 and 9% at level L2, indicating a restricted level of
understanding. In addition, 15% of individuals possess an advanced understanding of FinTech, as
evidenced by their proficiency at level L5. The distribution indicates that the group is generally
knowledgeable, with a significant fraction having advanced knowledge, while a smaller portion has
minimal acquaintance.

Q 02: FinTech has massive potential in the economic development and financial inclusion in
Bangladesh.

Impact of 'FinTech' on Economic growth and financial

inclusion
0% 3% 9%
Strongly Disagree
Disagree
52%
36% Neutral
Agree
Strongly Agree

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The data unequivocally substantiates the notion that FinTech possesses significant potential for enhancing
the economy and promoting financial inclusion in Bangladesh. A remarkable 88% of participants express
either agreement or strong agreement with this perspective. Merely a minute proportion, amounting to
3%, expresses dissent, while the remaining percentage maintains a neutral stance.

The unanimous consensus underscores the prevailing conviction in the favourable influence of FinTech
on Bangladesh's economic expansion and the availability of financial services. The increasing
acknowledgement of FinTech's potential to drive economic growth and promote financial inclusivity in
the country is evident.

Q 03: What do you see as the main benefits of FinTech services (List top three)?

Benefits of 'FinTech'

Innovation and Competition 12%

Financial Education and Literacy 9%
Efficiency and Transparency 10%
Convenience and Accessibility 22%
Access to Capital 15%
Financial Inclusion 31%

0% 5% 10% 15% 20% 25% 30% 35%

When considering the benefits of FinTech, the data presents a range of viewpoints on the advantages of
FinTech among the participants: 31% of individuals value financial inclusion, emphasizing its significance
in reaching groups that have limited access to financial services. Approximately 22% of individuals
prioritize convenience and accessibility, placing a strong emphasis on the ease of use. Access to finance
is crucial for 15% of individuals, highlighting its significance in relation to funding prospects. 12% of the
population recognizes the importance of innovation and competition, highlighting the significant
significance of FinTech in promoting advancement. Efficiency and openness are important to 10% of
individuals, indicating a preference for simplified and easily understandable financial procedures.
Ultimately, 9% of individuals place a high importance on financial education and literacy, highlighting
the ability of FinTech to improve and expand financial understanding. Collectively, these diverse agendas
demonstrate the extensive influence of FinTech on the financial industry.

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Q 04: Which areas of the financial sector are likely to be the most disrupted by FinTech in Bangladesh?

Major areas impacted by FinTech

Blockchain and Cryptocurrency 3%

Microfinance and Microcredit 6%
Investment and Wealth Management 9%
Insurance Technology 9%
Commercial Banking 12%
Digital Banking 24%
Payment and Remittances 36%

0% 5% 10% 15% 20% 25% 30% 35% 40%

The survey data reveals the specific sectors within the financial industry in Bangladesh that are most
susceptible to disruption by FinTech. 36% of the participants have the belief that payment and remittances
will encounter the most significant disruption. Subsequently, 24% of individuals anticipate substantial
alterations in digital banking. Smaller groups anticipate disturbances in the sectors of commercial banking
(12%), insurance technology (9%), and investment and wealth management (9%). The minority consists
of 6% of individuals who predict that there will be alterations in microfinance and microcredit and 3%
who think that blockchain and cryptocurrencies would be affected.

Q 05: How optimistic are you about the future of the FinTech industry in the next 5-10 years?

Lvel of Optimism on the futureoutlook of Fintech

Very optimistic
15% 3%
0%
33% Somewhat optimistic
Neutral
49%
Somewhat pessimistic
Very pessimistic

Regarding the prognosis, a significant majority of respondents express optimism regarding the adoption
of FinTech. Specifically, 33% are quite positive while 48% are moderately optimistic, indicating a robust
belief in its potential. Approximately 15% of the part is neutral, suggesting a considerable level of

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ambiguity. Merely 3% exhibit a degree of pessimism, while none display a high level of pessimism,
indicating a minimum amount of doubt. Overall, the research indicates a largely optimistic view regarding
the future influence of FinTech.

4.2 Objective 01: Challenges of FinTech in Bangladesh

Q 01: What are the major threats related to the rise of FinTech in Bangladesh? (Name top three)

Major challanges related to the rise of Fintech

LIMITED FINANCIAL LITERACY 31%

CYBERSECURITY RISKS 13%

LACK OF CONSUMER PROTECTION 22%

FINANCIAL INSTABILITY 7%

MONEY LAUNDERING AND FRAUD 9%

LACK OF REGULATORY FRAMEWORK 17%

The data reveals noteworthy apprehensions regarding the increasing prominence of FinTech in
Bangladesh. Approximately 31% of persons exhibit limited financial literacy, which suggests a prevalent
lack of comprehension in this area. Consumer protection is lacking at a rate of 22%, while cybersecurity
hazards are present at a rate of 13%. In addition, concerns arise around the lack of a regulatory framework,
accounting for 17% of fears, as well as money laundering and fraud, which account for 9% of concerns,
and financial instability, which accounts for 7% of concerns. These findings emphasize the immediate
requirement for comprehensive steps to tackle these difficulties and guarantee the expansion of FinTech
in our country.

Q 02: Degree of challenges towards the growth of FinTech in Bangladesh?

The survey data shows that there are several levels of difficulties that are affecting the expansion of
FinTech in Bangladesh. 61% of the total is a significant proportion, with 21% classified as very high and
40% as high. This indicates the presence of substantial hurdles, highlighting the urgent need for
attention and intervention.

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 Degree of challenges FinTech growth
3%
9%
21%

Very High High

Moderate Low
27%
Very Low

40%

Challenges of moderate difficulty, accounting for 27% of the total, continue to be a significant obstacle to
advancement. In contrast, a small proportion of respondents (21%) report facing less severe hindrances,
with 9% experiencing low obstacles and 3% encountering extremely low obstacles. The distribution of
FinTech in Bangladesh emphasizes the intricate environment in which it functions, emphasizing the need
for strategic methods to successfully handle and reduce these obstacles.

Q 03: Rank the major challenges in adaptation of fin-tech in financial industry (Mention top three)

Challenges in intergation of fin-tech in financial industry

25% 24%
21% 21%
20%
16%
15% 12%
10% 5%
5%
0%

The implementation of FinTech in the banking sector encounters various significant obstacles. Prominent
factors contributing to the current situation include regulatory uncertainty, accounting for 24% of the
issue, and lack of financial investment, accounting for 21%. These findings underscore the necessity for
clearer guidelines and additional money. Various company models (21%) also pose challenges,
underscoring the significance of flexible methods. The necessity for a strong technological infrastructure

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is emphasized by worries about IT compatibility and security, which account for 16% of the overall
concerns. In addition, challenges such as insufficient knowledge and skills (12%) and opposition from
management and cultural factors (5%) present additional barriers, highlighting the significance of
education and organizational preparedness. It is crucial to overcome these hurdles in order to fully unleash
the potential of FinTech and facilitate sector transformation.

Q 04: Rank the major regulatory barriers in adaptation of FinTech in Bangladesh?

Major Regulatory Barriers

Rigid Capital Requirements 16%

Data Privacy and Security Compliance 9%

Anti-Money Laundering (AML) 16%

Complex Licensing Procedures 25%

Lack of Comprehensive Regulation 34%

In Bangladesh, regulatory barriers impede FinTech adaptation. Lack of comprehensive regulation (34%)
and complex licensing procedures (25%) hinder development. Anti-money laundering (AML) compliance
(16%), rigid capital requirements (16%), and data privacy/security concerns (9%) also pose significant
challenges. Overcoming these barriers is vital for fostering FinTech growth in the country.

Q 05: Is the government policy is supportive towards the expansion of FinTech in Bangladesh?

Governemnt policy is supportive towards the expansion of

Fintech

3%
21%
Strongly Disagree
27%
Disagree
Neutral
Agree
Strongly Agree

12%
37%

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Perceptions on the extent of government support for FinTech expansion in Bangladesh vary significantly
among respondents. A majority, totaling 57%, express disagreement with the notion of supportive
government policy, with 21% strongly disagreeing. Conversely, 30% either agree (27%) or strongly agree
(3%) that government policies are conducive to FinTech growth. However, 12% remain neutral on the
matter. These diverse perspectives highlight a lack of consensus regarding the effectiveness of current
government initiatives in fostering the FinTech sector. Addressing the concerns voiced by skeptics and
enhancing policy frameworks could potentially garner broader support and accelerate the growth of
FinTech in Bangladesh.

In summary, this study has identified important theoretical and practical implications regarding the
implementation of FinTech in Bangladesh. These implications have substantial consequences for the
adoption and utilization of FinTech in the country.

Enhancing economic growth and promoting access to financial services for all: The poll indicates that
FinTech holds significant promise for fostering economic growth and promoting financial inclusivity in
Bangladesh. This concept reinforces the established views regarding the beneficial influence of
technology-based financial enterprises. By embracing FinTech, the country's economic growth can be
enhanced, while simultaneously mitigating financial inequalities.

The disruption of financial markets, specifically the impact of FinTech on the financial sector in
Bangladesh, emphasizes the need for adaptation and implementation of FinTech despite the operational
challenges. Otherwise, there is a potential for them to forfeit their market share. It is necessary for them
to allocate more resources towards the integration and updating of FinTech in their systems, while also
ensuring sufficient training for their workers.

Explosive Expansion of Financial Technology: The favorable reception of the FinTech sector's expansion
and its wide range of offerings elucidates the dynamic character of the industry and underscores the
importance of ongoing study to track its progress.

The general population in Bangladesh exhibits a natural aversion towards embracing technological
integration, which can be attributed to a lack of education. They also have a lack of confidence in the
security mechanism of FinTech. The primary reason for this is the absence of technological integration in
their everyday activities and inadequate education. Individuals must familiarize themselves with the latest

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technology in their respective professional domains in order to enhance their capacity to adapt to
technological advancements.

Absence of Government Policy Support: The government should implement new policies to foster public
interest in FinTech. The Government institutions should incorporate FinTech into their financial systems.
The intervention of the government can significantly influence the adoption of FinTech in both the public
and commercial sectors.

4. Overall Constraints/Challenges and Policy Recommendation:

4.1 Constraints/Challenges:

1. Data Availability and Reliability: Historical data on political stability and economic indicators
like FDI, GDP growth, or public debt for Bangladesh might lack granularity or consistency. For
instance, domestic data sources may underreport or fail to capture certain metrics, leading to an
over-reliance on global databases such as the World Bank or IMF, which themselves might present
generalized or perception-based metrics.

2. Difficulty in Isolating Political Stability: Political stability interacts with numerous variables
such as global economic trends, governance quality, and environmental factors like cyclones or
flooding. Separating its direct impact from these other factors presents a significant analytical
challenge. For example, a surge in GDP might result from export growth driven by global demand
rather than political stability.

3. Subjectivity and Bias in Stability Metrics: Indicators like the Worldwide Governance Indicators
(WGI) and others that assess political stability rely heavily on subjective perceptions from experts,
organizations, or surveys. These may carry biases reflecting the perspectives of the evaluators,
leading to skewed representations of political conditions.

4. Bidirectional Relationships: Political stability influences economic outcomes, but the reverse is
equally true. For instance, poor economic performance can foster political instability by increasing
unemployment or social unrest. Untangling this bidirectional causality to draw clear conclusions
can be daunting.

5. External Geopolitical and Regional Factors: Bangladesh’s political and economic stability is
influenced by its strategic location and relationships with regional powers. Factors such as trade

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 relations with India and China or global aid policies significantly affect its stability and growth
trajectory, complicating any direct analysis.

4.2 Policy Recommendation:

1. Strengthen Institutional Frameworks: Building robust institutions is critical for ensuring

political stability. This includes strengthening democratic governance, ensuring the rule of law,
and reducing corruption. Transparent electoral processes and well-functioning judicial systems can
minimize disruptions caused by political instability.

2. Promote Economic Inclusion and Equity: Political unrest often stems from economic inequality.
By fostering inclusive growth policies that prioritize education, healthcare, and regional parity, the
government can address the grievances that lead to unrest. Investing in underdeveloped regions
and creating opportunities for marginalized groups can stabilize the socio-political environment.

3. Enhance Data Collection and Monitoring: Improving the quality of data collection and analysis
mechanisms is essential for informed decision-making. Collaborating with international
organizations such as the UN and World Bank to create high-resolution, longitudinal data sets on
governance and economic performance would provide policymakers and researchers with more
accurate tools to evaluate trends and impacts.

4. Increase Resilience Against External Shocks: Given Bangladesh’s vulnerability to natural

disasters and global economic shifts, policies should focus on building disaster-resilient
infrastructure and diversifying the economy. For example, expanding beyond garment exports to
sectors like ICT, pharmaceuticals, and agriculture would reduce overdependence on one industry
and enhance economic stability.

5. Encourage Foreign Investment and Economic Reforms: Political stability directly attracts
foreign direct investment (FDI). Creating investor-friendly environments through simplified
regulations, anti-corruption measures, and infrastructural improvements can incentivize long-term
investment. Establishing special economic zones (SEZs) tailored to foreign investors while
safeguarding workers’ rights can balance economic growth with social stability.

6. Strengthen Regional and International Relations: Bangladesh can leverage its geopolitical
position to foster stronger trade and security alliances. Active participation in regional groups like

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 SAARC or BIMSTEC and bilateral trade agreements with neighboring countries can ensure
stability through economic interdependence and cooperative mechanisms.

These recommendations aim to address the dual challenges of fostering economic development and
maintaining political stability, enabling Bangladesh to secure long-term growth and resilience amidst
complex domestic and global dynamics.

5. Conclusion:
In conclusion, this study has explored the intricate relationship between political stability and economic
development in Bangladesh by analyzing 15-20 years of data on political stability ratings and key economic
indicators such as GDP growth, FDI inflows, inflation, fiscal balance, public debt, and unemployment. The study
utilized various charts and graphs to depict trends, correlations, and the extent of the impact of political stability
on these metrics.

The findings demonstrate that political stability plays a pivotal role in shaping Bangladesh’s economic
trajectory. Periods of political turmoil, as reflected in declining stability ratings, coincide with reduced
FDI inflows, slowed GDP growth, and heightened inflationary pressures. Fiscal imbalances and rising
public debt were also observed during politically unstable periods, reflecting governance challenges and
disruptions in policy implementation. On the other hand, relatively stable periods witnessed better
economic performance, showcasing the enabling environment required for sustained growth and
investment.

The visual representation of data highlighted significant patterns: instability often leads to investor
uncertainty, supply chain disruptions, and higher unemployment, while stability fosters confidence, boosts
investments, and supports macroeconomic stability. However, the analysis also revealed a complex
interplay of other factors—global economic conditions, natural disasters, and regional influences—that
interact with political stability, sometimes obscuring its direct impact.

In conclusion, political stability is both a prerequisite and a product of sustainable economic development.
The insights from this study underline the need for Bangladesh to prioritize governance reforms, inclusive
economic policies, and institutional resilience to mitigate political risks and enhance its development
prospects. These recommendations are not only crucial for addressing immediate challenges but also for
ensuring long-term economic and social progress.

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