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    How Bangladesh went from an economic miracle to needing IMF help

    Millions emerged from poverty in recent decades. But now, rising fuel prices, weak exports and scant remittances are sabotaging growth, and Bangladesh asked the IMF for $4.5 billion in loans.
    by Lauren Frayer Nov 09, 2022 5 minutes
    Women manufacture clothes in Dhaka, Bangladesh on Aug. 29. The ready-made garment (RMG) industry in Bangladesh is now a mainstay of the country's economy. Today, Bangladesh is one of the world's largest garment exporters, with the sector accounting for more than 80% percent of Bangladesh's exports.

    MUMBAI — It was a rags to (relative) riches story.

    In 50 years, Bangladesh went from what U.S. diplomats once called a "basket case" to what the World Bank now calls "an inspiring story of growth." Its garment factories helped pull millions out of poverty, especially first-time female workers.

    Life expectancy rose by more than 50%. Infant mortality declined by almost 90%.

    Last year, the International Monetary Fund predicted Bangladesh's gross domestic product would soon exceed that of Denmark or Singapore. Per capita, its GDP is already bigger than neighboring India's. Just months ago, Bangladesh was grabbing headlines as an "economic miracle."

    But all of that is now threatened by a global economic slowdown that's wreaking particular havoc in developing countries like Bangladesh. On Wednesday, the IMF reached with Bangladesh to provide a $4.5 billion rescue package

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