The 2024 "Country of the Year"

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I noticed recently that The Economist had selected Bangladesh as its "Country of the Year" for the grassroots youth movement that overthrew an autocratic leader and its progress towards democratic government.

Indeed, Sheikh Hasina was in power from 2009 until August 2024, when she fled to safety in India amid mass demonstrations against a new law proposing that a quota of government jobs be reserved for children of the country’s founding politicians.

This followed Hasina’s victory in the January 2024 general election, which were not free and fair and seemed to confirm Bangladesh’s status as a one-party state.

Overlooked

As a lower middle-income country with no access to international capital markets, Bangladesh receives scant attention in the global financial press, barring any political upheavals or natural disasters.

With a territory of some 147,000 square kilometers, this country ranks 94th globally in terms of size.

But Bangladesh is the 8th-most populous in the world with its 173 million people, making it, by far, the most densely-populated “large” country on the planet. Only small city-states such as Monaco, Singapore, or Hong Kong are denser.

And only India, China, the U.S., Indonesia, Pakistan, Nigeria, and Brazil have larger populations, all of which are above 200 million and spread over much more territory.

Country of the Year?

The Country of the Year selection by The Economist is typically based on a combination of factors such as political, economic, social, and cultural accomplishments, resilience in the face of adversity, or leadership in global issues.

It is not necessarily about being the “best” country in every aspect but rather about achievements and progress in key areas during that particular year.

Syria ranked second, given the end of Bashar al-Assad’s brutal regime after five decades of dynastic rule. Poland, South Africa, and Argentina were also considered.

My own two cents is that Argentina is the economic country of the year for 2024, though the political changes in Bangladesh and Syria are potentially more profound.

The Economist has highlighted its cautious optimism about the transitional government, which under the leadership of Nobel Peace Prize-winning economist Muhammad Yunus has shored up the economy and maintained the rule of law.

Past winners

Below is a list of all The Economist’s “Country of the Year” winners, by year. Many of these are cringe-worthy in hindsight, given events that have transpired since.

For example, Tunisia has experienced significant democratic backsliding recently, while Argentina’s previous government pursued reckless economic policies in the run-up to elections at end-2023.

Going further down the list, Ethiopia (Tigray war, default), South Korea (martial law-presidential impeachment saga), Armenia (Nagorno-Karabakh war), France (political volatility, fiscal woes), Germany (stagnation), and Sri Lanka (default) have face their issues.

So anything beyond cautious optimism for Bangladesh, Syria, or last year’s winner, Ukraine, is far from warranted.

• 2023🇺🇦: Ukraine was named Country of the Year in 2023 for its resilience in the face of Russia’s invasion and its remarkable ability to resist Russian aggression while continuing to press for reforms and maintain a democratic path.

• 2022🇦🇷: Argentina earned the title for its successful economic reforms, securing a much-needed agreement with the International Monetary Fund (IMF) in 2022. The country was also recognized for its ability to navigate economic crises.

• 2021🇹🇳: Tunisia was named Country of the Year in 2021 for its resilience in pursuing democratic reforms, despite facing numerous challenges. In particular, Tunisia’s efforts to maintain its democracy, even as its economic and political problems deepened, earned it this recognition.

• 2020🇰🇷: South Korea was recognized for its effective management of the COVID-19 pandemic, as well as for maintaining a stable economy and democracy amidst global disruptions.

• 2019🇪🇹: Ethiopia was chosen for its extraordinary political and economic reforms under Prime Minister Abiy Ahmed. The country’s peace agreement with Eritrea and its focus on democracy earned it this recognition.

• 2018🇦🇲: Armenia was named Country of the Year in 2018 for its peaceful revolution, which saw opposition leader Nikol Pashinyan become prime minister and implement democratic reforms after a period of political instability.

• 2017🇫🇷: France was recognized for the rise of President Emmanuel Macron, who overcame populism and established himself as a pro-European centrist leader. His victory marked a turning point for the country’s future.

• 2016🇨🇴: Colombia was named for achieving a peace deal with the Revolutionary Armed Forces of Colombia (FARC), ending decades of brutal conflict and starting a new chapter in the country’s history.

• 2015🇩🇪: Germany was chosen for its leadership role in handling the European migration crisis and its pivotal role in shaping the future of the European Union (EU).

• 2014🇱🇰: Sri Lanka was recognized for its historic efforts to reduce poverty, foster economic growth, and maintain relative peace and stability after its long civil war ended in 2009.

• 2013🇹🇳: Tunisia was awarded for the progress it made in establishing democracy after the Arab Spring, and for managing its political transition more successfully than many other countries in the region.

• 2012🇲🇲: Myanmar was celebrated for its dramatic political reforms, including the release of Aung San Suu Kyi from house arrest and the move towards a more democratic system after decades of military rule.

• 2011🇱🇷: Liberia was recognized for its peaceful transition of power, following Ellen Johnson Sirleaf’s re-election as Africa’s first female president in 2011.

• 2010🇹🇷: Turkey was chosen for its growing economic influence, its successful policy in hosting millions of refugees, and its dynamic leadership under Prime Minister Recep Tayyip Erdoğan.

• 2009🇺🇸: The United States was selected for the election of Barack Obama, the country’s first African American president, who symbolized hope and change at a time of global economic uncertainty.

• 2008🇮🇸: Iceland was named for its economic recovery after the global financial crisis and for its pioneering leadership in the area of renewable energy.

• 2007🇨🇳: China was recognized for its continued rise as a global economic power, as well as its influence on the world stage during this period of economic expansion.

• 2006🇫🇮: Finland was named for its consistent high-ranking performance in education, economic stability, and innovation. Finland was also recognized for its environmental policies.

• 2005🇧🇷: Brazil was chosen for its robust economic growth, its social improvements, and its role as a leader in Latin America.

• 2004🇬🇪: Georgia was recognized for its peaceful and democratic Rose Revolution, which ousted the corrupt government and led to significant reforms.

• 2003🇧🇷: Brazil was again named Country of the Year in 2003 for its strong economic performance and its rise as a regional leader in Latin America.

• 2002🇺🇸: The United States was awarded for its decisive leadership following the September 11 attacks and its role in reshaping global geopolitics.

• 2001🇮🇳: India was recognized for its economic growth and its growing role in global affairs, including its increasing significance in technology and business.

• 2000🇿🇦: South Africa was named for its transition to democracy, under Nelson Mandela’s leadership, after the end of apartheid.