Bangladesh is at a crossroads, and if the interim government is aiming for ambitious reforms and wants to pave the way for a successful national election, it must prioritize the economic well-being of its citizens. This pressing sentiment was echoed by Dr. Debapriya Bhattacharya, Distinguished Fellow at the Centre for Policy Dialogue (CPD), during his keynote address at the “The State of Bangladesh Economy: What Is To Be Done?” event held recently at a city hotel. Dr. Bhattacharya emphasizes the need for a careful, energetic, and sensitive approach to economic issues impacting the common people.
“If you want to really have ambitious reforms in the future and if you want to have a fantastic national election at the end of the line, then you need to look at the economic situation much more carefully with more energy and more sensitivity for our people,” he stated, underlining the urgency of the matter.
Organized by the Bay of Bengal Institute and Cosmos Foundation, the event included notable figures such as Cosmos Foundation Chairman Enayetullah Khan, who delivered the welcome address, and Dr. Iftekhar Ahmed Chowdhury, who chaired the discussion. Ambassador (Retd) Tariq Ahmad Karim, Honorary Emeritus Adviser to Cosmos Foundation, wrapped up the event with closing remarks.
During the lecture, Dr. Bhattacharya pointed out the disparity between foreign investors’ enthusiasm for the government’s initiatives and their underlying concerns. Many are worried about the continuity of reform measures and project sustainability. “We have noticed a sense of worry among them. They are worried about the continuity of their projects, and they were worried about the continuity of some of the reform measures,” he noted, implying the importance of creating a reassuring environment for investors.
The distinguished economist called for integrating these concerns comprehensively within the mid-term plans, the upcoming budget, and the development forum. He believes this approach would restore certainty to economic projections, which is pivotal for instilling confidence among the people and businesses alike.
Further emphasizing the need for political and economic stability, Dr. Bhattacharya remarked, “Economic stability, along with law and order, is fundamental for reforms to succeed. Because people will get very, very unsettled and uncomfortable if they do not feel secure either economically or socially.”
During the discussion, Cosmos Foundation Chairman Enayetullah Khan praised the potential of the youth, citing their physical and intellectual capabilities to effect change, reminiscent of the previous revolutionary periods. But he cautioned, “Over time, we lost the urge to tap our potential. Low wages, low interest, and low productivity in research and development have created a vicious everywhere we are unable to escape from.”
Expressing hopes for igniting national transformation, Khan added, “I am speaking about a new dawn, which gives us new opportunities to exploit our advantages during these changing times. This can also renew hope among our donors, investors, and trading partners globally.”
Dr. Iftekhar Ahmed Chowdhury reinforced this perspective, indicating the White Paper by Dr. Bhattacharya would reveal both past missteps and pathways forward. He noted the report highlights core issues like corruption, inflation, and economic disparity, which are deeply rooted within the nation’s fabric.
While welcoming ideas and discourse on economic issues, there’s also emphasis on the power of unity and collective governance. “All policies should be people-centric, with the interests of the people as the supreme priority,” Dr. Iftekhar asserted, reflecting on the need for policies to cater to those who currently do not benefit from economic growth.
Alongside discussions on the immediate economic initiatives, Dr. Bhattacharya also stressed the necessity of developing solid national data systems. He referred to national data as the “Fifth Pillar of the State,” advocating for its protection. “If we want to drive development of Bangladesh toward advancement, the existing lack of data needs to be addressed; otherwise, our planning will be flawed, resulting in ineffective implementations.”
Dr. Bhattacharya proposed turning the Bangladesh Bureau of Statistics (BBS) onto more rigorous and scientific footing along with reinforcing its independence akin to other key commissions. He believed this would allow for transparency and accountability, fostering trust and integrity within the economic framework.
This emphasis on data integrity and evidence-based policymaking underlines the current discussions and is likely to shape future policies moving forward. With the challenges of governance and economic stability looming, stakeholders are hopeful for adaptable strategies to secure well-being for the common people and address systemic shortcomings.
During recent times, there have been various surveys indicating risks such as inflation, economic downturns, poverty, and inequality looming over the next two years. Addressing these challenges head-on remains imperative, as they are determining factors for Bangladesh’s pursuit of sustainable growth.
Dr. Mahfuz Kabir and Parvez Karim Abbasi participated actively during the event, contributing valuable insights about current academic perspectives on economic dynamics. The overall message reiterated by speakers at this forum conveys not just urgency, but also shared responsibility—acknowledging the collective effort needed from every segment of society to propel Bangladesh forward.
Without losing sight of priorities, creating people-centric economic reforms, assuring law and order, fortifying national data systems, and fostering engagement with foreign investment stands at the crux of future developments. The road to achieving all this, according to Dr. Bhattacharya, hinges on whether the government is willing to prioritize the status quo and genuinely embrace the active participation of all stakeholders involved. It is clear the future of Bangladesh’s economy rests heavily on these foundational aspects moving forward.