Economist and historian Mahbub Ullah has argued that Bangladesh, despite 54 years of independence, remains economically fragile and politically fractured. In a recent commentary, he contrasted Bangladesh’s limited industrial progress with Vietnam’s socialist-driven industrialization, noting that Bangladesh’s economy still depends heavily on garments and remittances. He warned that poverty has risen from 18% to 22% in four years due to inflation and job scarcity, while investment remains stagnant.

Ullah accused past governments of fostering oligarchic kleptocracy, capital flight, and institutional decay. He claimed that corruption and state capture have undermined democracy and economic vitality. The economist also alleged that Indian influence has compromised Bangladesh’s sovereignty through trade barriers and political interference.

He urged national unity to counter external dominance and restore confidence in state institutions, warning that internal political divisions and social media hostility threaten the country’s stability. His call emphasized the need for structural reform, economic diversification, and a renewed commitment to national self-reliance.