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September 2020

Bangladesh makes history at the 2020 International Economics Olympiad

By International economics No Comments

Bangladesh has, for the first time, won four bronze medals in an international Olympiad. The International Economics Olympiad (IEO) is a global competition organized for high school students to stimulate their interest in economics, business and finance through a creative problem-solving approach.

The competition consisted of a Financial Literacy Cycle, a real-world simulation game that tested participants’ ability to maximize capital and utilities by investing in stocks, bonds, ETFs, real estate and ‘other variables. The business cycle consisted of multiple choice and theory questions that tested their economic knowledge. Finally, the business case required participants to come up with a pricing strategy for the Covid-19 vaccine from a leading pharmaceutical product. Bangladesh achieved the 3rd position in the business case cycle and the 5th position in the financial education cycle, among 29 other countries.

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IEO 2020, was to be hosted in the capital of Kazakhstan, Nur-Sultan; however, due to the pandemic, it has been held online. The IEO Organizing Committee organized the competition on a specially designed platform. They have set up facilities to unite participants from all over the world and provide a healthy experience. Participants from all over the world had the opportunity to meet remarkable people – Eric Maskin, Nobel Laureate in Economics and Professor at Harvard University, N. Gregory Mankiw, Marc Uzan and many more. In addition to enjoying lectures from renowned economists, participants took part in various virtual cultural events, games and entertainment sessions.

The Bangladesh team consisted of seven members, including five participants: Syed Nazif Ishrak from Sunnydale School, Faraz M. Choudhury from Sunbeams School, Darpan Barua, Esfar Jawad and Promi Zaman from SFX Greenherald International School. The two team leaders were Md. Al-Amin Parvez, lecturer of the Dhaka School of Economics and chairman of the executive committee of the Bangladesh Economic Olympiad (BDEO) and Akhtar Ahmed, chairman of the Capstone School and coach of the Bangladesh Economic Olympiad national team. (BDEO).

Syed Nazif, Darpan Barua, Faraz Choudhury and Promi Zaman received bronze medals in the individual performance category, which is a first for Bangladesh. Nazif Ishrak had the team’s highest score and Promi Zaman was in the top ten in financial literacy.

They participated in the IEO under the supervision of the BDEO committee which is the official partner to send a national team to the event. The chairman of the national committee of BDEO is Dr Qazi Kholiquzzaman Ahmad, president of the Dhaka School of Economics. The secretary of the executive committee of BDEO is Rafid Abrar and the organizing secretary is Tahsinul Islam.

The official competition platform is www.protijog.com and the outreach partner is the Strategic Development Council. Participants are proud to represent Bangladesh in this prestigious international platform and bring four individual bronze medals and one team bronze medal for the first time to Bangladesh taking on countries like USA, Canada, China, Russia, Switzerland, India, Iran and others. .

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