Bangladesh has earned the title of The Economist's Country of the Year, surpassing Syria, Argentina, South Africa, and Poland for its remarkable progress.
Each December, The Economist names a "Country of the Year" to recognise the nation that has made the most remarkable progress over the past year.
The accolade, according to the publication, is not awarded based on a country's wealth, happiness, or virtue, but on significant strides made in the past 12 months. After a “vigorous debate” among its correspondents, Bangladesh was chosen as the winner, with Syria as the runner-up.
The report praised Bangladesh for its political transformation in 2024, particularly the ousting of Sheikh Hasina, who had ruled the country for 15 years. In August, student-led protests forced her resignation, marking a historic moment for a country with a population of 175 million. While Hasina’s tenure was marked by rapid economic growth, it was also marred by allegations of electoral manipulation, repression, and corruption.
Despite Bangladesh's history of violent power transitions and the threat of Islamic extremism, the country has seen an encouraging shift. The Economist credited a temporary technocratic government, led by Nobel Peace Prize laureate Muhammad Yunus, for restoring order and stabilizing the economy.
This government, backed by students, the army, business, and civil society, was instrumental in managing the political shift.
Looking ahead, Bangladesh faces significant challenges, including rebuilding ties with India and ensuring the credibility of elections in 2025.
The report emphasized the need for neutral courts and adequate time for the opposition to organize before the elections. While these tasks are daunting, The Economist lauded Bangladesh for toppling an autocrat and making progress towards a more liberal government, making it the magazine's 2024 Country of the Year.
Other contenders for the title included Syria, which was recognized for ousting its autocrat Bashar al-Assad; Argentina, for its economic reforms; and South Africa and Poland, for rejecting bad governance and forming new administrations.