Hasina's hubris

South Asia's miracle economy rested on fragile foundations

In fast-paced developments spanning a month, Bangladesh is facing a crisis of epic proportions, which threatens to tip a country known for its economic miracle into turmoil. Just eight months into an unprecedented fourth term, Sheikh Hasina, 76, the longest-serving Prime Minister who presided over the country's journey from being an economic basket case to attaining middle income status by 2026, has reportedly fled to India. The immediate cause of the current crisis can be traced to the mismanagement of roiling student unrest over government job quotas. But the violence, in which nearly 300 people have died since trouble began in July, are symptomatic of key weaknesses in Bangladesh's political economy-fragile political institutions and a shallow economic foundation - that stand as a cautionary tale.