7PJMN002W Managing International Projects Assignment Sample 2024
Introduction
The present report plays a significant role in highlighting the attractiveness and favourability of the country, Bangladesh to hold and host the global level event of world expo 2022. It applies the model of PEST analysis two evaluate the macro environmental factors of Bangladesh. Conclusively, the report assesses Bangladesh based on two criteria of credit ratings and corruption rank or index.
Country Assessment and Analysis
PEST Model of Macro-environmental analysis
Political environment: Bangladesh is rapidly emerging as a dominant to party system; BNP (centre-right), and Awami League (centre-left) to a very belief-oriented liberation movement (Mujeri and Mujeri, 2021). The country has a Parliamentary Democracy. Moreover, corruption and good governance remains the main topic in the country concerning its development agenda for the next 5 to 10 years.
However, the current political situation encounters difficulties and civil unrest, further implying that the country might lose its impetus for required structural reforms. Therefore, Bangladesh highlights scope for strengthening one of its basic human rights, which is the right to participate directly and actively in local political decision-making processes.
Although, the country maintains political stability and the government bodies tend to appreciate and support global level events and other programmes. Moreover, current Constitution of Bangladesh is based on socialism, nationalism, democracy, and secularism.
It has been the core strength of the nation for the past 50 years of its independence. Therefore, the political environment of Bangladesh is favourable and opportunistic for hosting the World Expo 2022.
Economic environment: The Bangladesh economy highlighted significant growth at 6.94% in the fiscal year 2020-21 with significant improvements in both manufacturing and services sectors, despite the outbreak of the pandemic (Basu, 2021). The gross national power and capita income increased to $2591 in the same year, as compare to $2326 in 2019-20 fiscal year.
Moreover, the country gained significant assistance from the World Bank to address its key boost areas with a combination of technical assistance, analytical work, and lending. These aspects support the economic growth and overall development of Bangladesh, thereby, making it economically attractive to host the world event of Expo 2022.
It also supports structural improvements in the monetary sector, infrastructural facilities, governance and tax administration, and overall trade activities within the nation. Therefore, the economic environment of Bangladesh highlights attractiveness and desirability for hosting the event.
Social environment: The social cultural and education system in Bangladesh is highly impressive. Moreover, the nation is observed to have gorgeousness culture and background aspects concerning it occasions, rituals, traditions, and other cultural pics. The capital of Bangladesh, Dhaka, is analysed to be the most vibrant part of the country.
Not only economic development, but excellent cultural growth, education system, and art further make Dhaka as the most attractive place for holding and hosting world event, Expo 2022 (Hasan and Hossain, 2022). In addition to this, several MNCs consider Bangladesh to be a marvellous attention place for innovation and creation of the business world, while for the highlighting excellent opportunities for international trade.
Therefore, modernise cultural background, strong title growth, and government support from different nations for international trade and ethical growth highlight desirable opportunities and impressive potential to hold the world event of Expo 2022.
Technological environment: The requirement for faster technical modernisation and development is progressively highlighted in Bangladesh (Amin et. al. 2018). Moreover, the country reflects its strong expansion plans which focus on technological and science studies to develop its technological innovations through adoption of imported technologies and also its original technologies.
Additionally, the country recently invented several technological innovations, like brain driver technology, bicycle that cleans water, robotics, IT, and others. Not only this, invention and creation within the technological environment has been a crucial mechanism for the growth and development of modern societies and cultures in Bangladesh. Therefore, advanced technological environment, consistent innovation, and progressive digitalisation highlight significant opportunities to host the event of world expo 2022.
Assessment of two criteria
S&P comprises of long-term ratings, from the highest AAA, to the lowest D rating. Furthermore, Moody’s constitute long-term ratings of the country, Bangladesh, from the highest AAA, to the lowest C. Whereas, Fitch includes the long-term ratings of a nation from the highest of AAA, to the lowest of D rating (Sarker et. al. 2018). Lastly, Scope comprises of long-term foreign currency ratings of a nation, with highest AAA, and the lowest D rating. The table below highlights the credit ratings of Bangladesh from different agencies.
It can be evaluated, analysed, and observed from the above table that the country Highlights stable credit ratings, thereby, highlighting the probabilities of the ratings to be raised in the near future course (Hossain, 2020). In addition to this, credit rating of Bangladesh is noted to be 13, in the year 2022. It eventually points towards the favourable criteria and desirability to hold the event of world Expo 2022.
Transparency International Corruption Index
The Transparency International Corruption Index in Bangladesh is observed to remain unchanged at 26 in the year 2022, from 26 in the previous year. In addition to this, the corruption rank of Bangladesh is also unchanged from 146 in the year 2019, to 146 in the year 2020. The graph below further highlights the corruption rank in Bangladesh with different time friends, exports, API, and others (Rahman et. al. 2019).
Therefore, stable or unchanged corruption rank and index of Bangladesh points towards the need of significant improvement in its position. Although, the public sector of the nation is corrupt, yet, the country is analysed and observed to undertake strategies, programmes, and different techniques to minimise the level of corruption within its economy, as well as the public government sector (Raihan and Khan, 2020). Hence, corruption rank and index might question the holding of world event, Expo 2022.
Hence, it can be the macro environment of Bangladesh highlight favourable circumstances and factors to host world event of Expo 2022. The application of the PEST model, highlights several environmental factors within the dimensions of political, economic, social, and technological.
Overall, the macro environment is favourable and opportunistic to hold as well as host the concern event. It will act as a principal source for the country accelerate its economic growth, ensure enhanced match across the global platform, promote its political stability, attract foreign currency, as well as to guarantee its societal, technological, and economic development.
Not only this, the country also fulfils the criteria of credit ratings, however, it highlights and changed rank as well as index of corruption transparency (Huq and Ichihashi, 2018). It eventually points towards ineffectiveness of the government or public sector in Bangladesh. Yet, overall, the country is attractive and suitable for hosting the world expo 2022.
Conclusion
Hence it can be concluded from the above report that Bangladesh can be selected as the nation to host the world expo 2022 event. The macro environment of the nation highlights favourability and attractiveness, as well as the country fulfils the two criteria of edit ratings and corruption rank.
References
Amin, S., Marsiliani, L. and Renström, T., (2018). The impacts of fossil fuel subsidy removal on Bangladesh economy. The Bangladesh Development Studies, 41(2), pp.65-81.
Basu, K., (2021). The Bangladesh Economy: Navigating the Turning Point. Innovations: Technology, Governance, Globalization, 13(1-2), pp.28-40.
Hasan, M.B. and Hossain, M.N., (2022). Green Finance and Sustainable Development: A Case of the Bangladesh Economy. In Handbook of Research on Big Data, Green Growth, and Technology Disruption in Asian Companies and Societies (pp. 58-81). IGI Global.
Hossain, A., (2020). Relative Impact of Fiscal and Monetary Policies on Bangladesh Economy: A Comprehensive Approach. Available at SSRN 3616606.
Huq, M.T. and Ichihashi, M., (2018). Relation between Foreign Currency Borrowings and Foreign Exchange Rate Volatility: Evidence from Bangladesh Economy. IDEC DP2 Series, 8(8), pp.1-22.
Hussain, M.G., Failler, P., Karim, A.A. and Alam, M.K., (2018). Major opportunities of blue economy development in Bangladesh. Journal of the Indian Ocean Region, 14(1), pp.88-99.
Mujeri, M.K. and Mujeri, N., (2021). Structural Transformation of Bangladesh Economy. Springer Singapore.
Rahman, T., Nakata, S., Nagashima, Y., Rahman, M., Sharma, U. and Rahman, M.A., (2019). Bangladesh tertiary education sector review.
Raihan, S. and Khan, S.S., (2020). Structural transformation, inequality dynamics, and inclusive growth in Bangladesh (No. 2020/44). WIDER Working Paper.
Sarker, S., Bhuyan, M.A.H., Rahman, M.M., Islam, M.A., Hossain, M.S., Basak, S.C. and Islam, M.M., (2018). From science to action: Exploring the potentials of Blue Economy for enhancing economic sustainability in Bangladesh. Ocean & Coastal Management, 157, pp.180-192.
Online:
Bangladesh Credit Rating, 2022. [Online:]. Accessed through:< https://countryeconomy.com/ratings/bangladesh >
Bangladesh Corruption Rank, 2022. [Online:]. Accessed through:< https://tradingeconomics.com/bangladesh/corruption-rank >
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