Bangladesh has been recognized as The Economist's Country of the Year

Each December, The Economist selects a “Country of the Year,” recognizing the nation that has made the most notable progress over the past year. For 2024, Bangladesh has been awarded this prestigious title, surpassing other contenders such as Syria, Argentina, South Africa, and Poland.

In a report published on Thursday, The Economist clarified that the honor is not based on wealth, happiness, or virtue, but rather on the most significant advancements achieved within the past 12 months.

After a “vigorous debate” among the publication’s correspondents, Bangladesh emerged as the winner, with Syria named as the runner-up.

Why Bangladesh Stood Out

The report highlighted Bangladesh’s remarkable political transformation in 2024. It noted, “Our winner is Bangladesh, which overthrew an autocrat this year. In August, student-led protests forced the resignation of Sheikh Hasina, who had ruled the nation of 175 million for 15 years. A daughter of an independence hero, she once oversaw rapid economic growth but later became increasingly repressive, rigging elections, imprisoning opponents, and using security forces to suppress dissent. Enormous sums of money were misappropriated under her rule.”

Despite its history of political turmoil and violence during power transitions, Bangladesh demonstrated a promising shift. The report praised the role of a temporary technocratic government headed by Nobel Peace Prize laureate Muhammad Yunus.

“A temporary technocratic government, led by Muhammad Yunus, a Nobel Peace Prize winner, has garnered support from students, the military, business leaders, and civil society. It has restored order and stabilized the economy,” the report stated.

Challenges Ahead

The report acknowledged that significant challenges remain, including mending diplomatic relations with India and preparing for credible elections in 2025. “In 2025, it will need to rebuild ties with India and determine the timing for elections—first ensuring judicial neutrality and providing the opposition adequate time to organize. None of this will be easy. But for ousting a despot and making strides toward a more liberal government, Bangladesh is our Country of the Year.”

Other Contenders

Syria was recognized as the runner-up for its removal of autocrat Bashar al-Assad, while Argentina earned praise for economic reforms. South Africa and Poland also stood out for rejecting ineffective governance and establishing new administrations.

A Prestigious Lineage

Bangladesh now joins an esteemed group of past winners. Greece claimed the title in 2023 for overcoming its prolonged financial crisis and re-electing a moderate government. Other notable winners include Colombia (for ending a decades-long civil war), Ukraine (for resisting unprovoked aggression), and Malawi (for advancing democracy).