Foreign Aid Effectiveness in Korea: Bangladesh Could Learn about Economic Growth and Development

Abstract

Lessons from Korea’s miracle, such as its motivated work force, development strategy and aid utilization, aid allocation and performing, strong and closer bilateral relations, and cooperation and collaboration in diverse areas of interest could be the vital for economic development of Bangladesh. By effective utilization of aid especially allocating more aid in industrial sector and linking the performance with good policies, Korea proved that aid can work if it can be allocated effectively with specific focus and with appropriate policy tools. Notably, Bangladesh which has long history as an aid recipient, development is not remarkable. Thus, this paper is an attempt to build a consensus from the learning of Korea regarding effective utilization of aid and will assesses the potential implications from this notion for aid effectiveness and economic development in Bangladesh.

Keywords: Aid effectiveness, Korea, Bangladesh, Donor, Recipient.