Fourth Industrial Revolution in Bangladesh: Prospects and Challenges

Abstract

The stream of globalization is impelling Bangladesh to adopt the technologies of the Fourth Industrial Revolution (FIR). This study examined the opportunities and problems created by the adoption of FIR in Bangladesh. Findings show that the adaptation of FIR can create enormous difficulties for the country with some new opportunities. Sustainable ICT development, increase in productivity, women, and citizen empowerment will bring positive effects. However, social inequality, colossal unemployment, a threat to social security, the domination of MNCs will increase that can harm the economy badly. FIR will also influence the political system. Hence, a comprehensive plan and sound policymaking can help to exploit the opportunity of FIR. Professional development training for human resources, job-based educational system, sensitive labor policies, alternative employment sector with updated technologies, investment in SMEs is expected to tackle the challenges of FIR in Bangladesh. Furthermore, the findings may be used to take the anticipatory role in the future for becoming a beneficiary of the FIR.