Against that background, and given the fact that its entire leadership and thousands of its activists are either jailed on trumped-up charges or exiled, BNP is not participating on 7 January, making the result clear – another term for Hasina in another election without voters.
Hasina is determined to push ahead with the polls like the last two times, expecting that the veneer of electoral respectability will allow Bangladesh’s political establishment – the civil‑military bureaucrats who run the state machinery and the business elite who benefit from political stability – to accept the status quo as the fait accompli.
Could this time, however, be different?
One major factor is the economy. Electoral democracy in Bangladesh was accompanied by an economic take-off from the early 1990s on the back of a booming garments industry and steady flow of remittances. These economic forces were boosted by infrastructure megaprojects under Hasina. One reason why the flawed elections of 2014 and 2018 were shrugged off by the public might be because for most Bangladeshis, living standards had never been better.
These economic good times might be coming to an end. Inequality was rising in the country even before the Covid-19 pandemic, while banking and energy sectors were rife with corruption scandals. Since then, inflation has seen the purchasing power of the working poor eroded to levels seen a decade ago. Cost-of-living pressures have seen BNP rallies swell, and labour unrest with demands for higher pay has engulfed the country’s garments sector, notwithstanding violent police measures.
Protests are not new to Bangladesh – the country is famed for strikes known locally as “hartals” that can shut down cities. But with the threat of unrest reaching boiling point before 7 January, talk of postponing the election has so far been dismissed.
The economic woes look set to continue. In the past 18 months, the central bank sold more than half of its foreign reserves and still couldn’t stop a significant currency depreciation. Notwithstanding a nearly US$5 billion program with the International Monetary Fund and other financing, the country is expected to run current account deficits into the late 2020s. External imbalances, a wobbly banking sector, and authoritarian politics make for a volatile scenario.
Further adding to the risks of instability is Hasina’s age – at 76, there is no succession mechanism or heir apparent in her party.
Bangladesh is a country of 170 million people with a US$450 billion economy. The country has for too long been overlooked internationally, but the risk of instability has regional implications. This helps explain why the Biden administration in the United States has steadily called for a free and fair, participatory election in Bangladesh. That appears to be wishful thinking.