Bangladesh’s economy is currently in a “deeply depressed” state, and restoring it will be the country’s biggest challenge in the days ahead, said Investment Corporation of Bangladesh (ICB) Chairman Abu Ahmed on Monday.
“Right now, the economy is in a very depressed condition. This is not a sustainable way to run an economy. The biggest challenge for Bangladesh going forward will be to pull the economy out of depression,” he said.
Abu Ahmed made the remarks while speaking at the 12th ICSB National Award ceremony held at a city hotel. He said that when he assumed responsibility at the state-owned ICB, the institution itself was in a fragile condition and still depends on government financial support to function.
“This is not just the picture of ICB. The entire economy of Bangladesh has slipped into depression,” he added.
The ICB chairman alleged that for years, loss-making institutions were portrayed as profitable, budgets were inflated, and revenue collection figures were presented as satisfactory through exaggerated and misleading data.
“We are now paying the price for providing wrong information about the economy. The main task of future governments will be to revive the economy and steer it in the right direction. Any attempt to hide the current economic reality will push the country towards even greater danger,” he warned.
Referring to Bangladesh’s rising debt burden, Abu Ahmed said the country has fallen into a debt trap, with external debt nearing $110 billion, compared to less than $50 billion a decade ago.
“This can no longer be allowed to increase,” he said, expressing hope that restoring transparency in economic management would help all sectors of the economy gradually recover.
Source: UNB
Bd-pratidin English/ Jisan