Thinking it through: why corporatisation could be a better way to regulate

Building on spectacular scientific achievements, the rich world’s vaccine response to the pandemic within its borders has been (with notable exceptions) commendable. But the response of the international community has been mystifyingly myopic and unconscionably delinquent. We’re headed toward global vaccine apartheid.

The ready-made garments (RMG) sector is by far the most important contributor to the economy of the country, amounting to 15 per cent of the gross domestic product (GDP) and employing nearly four million people. There is no denying that the main driving force behind the RMG sector is the vast quantity of workers that it employs.

The central fact that has motivated the empirics of economic growth—namely unconditional divergence—is no longer true and has not been so for decades. Across a range of data sources, poorer countries have in fact been catching up with richer ones, albeit slowly, since the mid-1990s.

In 2020 the World Bank announced its intention to provide $104 billion in financing to developing country governments to help them respond to the COVID-19 crisis. We took stock of those efforts seven months ago in a Center for Global Development working paper and accompanying blog post.

Public health measures taken to contain the spread of COVID-19 have caused massive shocks to the global economy and all aspects of human lives. The pandemic is disproportionately affecting the youths, particularly in countries like Bangladesh where youths already struggle in the labour market because of limited experience and skills and with poor quality of education (World Bank, 2019).