Nobel laureate Muhammad Yunus, who heads Bangladesh’s interim government, has described the country’s high economic growth under ousted Prime Minister Sheikh Hasina as “fake.” Yunus, who took office in August after Hasina fled to India following protests, also criticized the world for not questioning Hasina’s alleged corruption.
Yunus, a prominent economist and winner of the 2006 Nobel Peace Prize, has been a vocal advocate for inclusive growth and reducing wealth inequality. He claimed that while Hasina had been credited with turning Bangladesh’s economy around, particularly the garment industry, she faced serious accusations of human rights violations and corruption.
In a recent interview at the World Economic Forum in Davos, Switzerland, Yunus remarked, “She was in Davos telling everybody how to run a country, and nobody questioned it.” He added that the growth rate under Hasina was “completely fake.”
Yunus did not elaborate on his claim but emphasized that true growth should benefit all citizens, not just the wealthy. He expressed a preference for an economy focused on improving the quality of life for people at the bottom, rather than concentrating wealth at the top.
Under Hasina’s rule, Bangladesh’s economy grew at nearly 8% annually by 2017/18, a significant increase from 5% in 2009. However, factors like the pandemic and the war in Ukraine have slowed growth in recent years. Despite these setbacks, the World Bank has recognized Bangladesh as one of the fastest-growing economies.
Yunus, who is known for founding Grameen Bank and providing micro-loans to the poor, expressed his personal focus on improving the lives of the most disadvantaged, rather than fixating on growth numbers.
The political situation in Bangladesh remains tense, especially following the violent crackdown on student-led protests in 2023. Yunus, who was chosen as chief adviser for the interim government, promised to hold elections by 2025 or 2026 but has no interest in running himself.
He also called on India to return Hasina to Bangladesh to face trial for crimes she is accused of committing during her time in office. Yunus expressed disappointment over the strained ties between Bangladesh and India since Hasina’s departure, saying, “Bangladesh-India relationship should be the strongest possible.”