Last decade was economically promising for Bangladesh: Dr Debapriya

DHAKA, August 30, 2022 (BSS) –

The eminent economist of the country and distinguished fellow of the Centre for Policy Dialogue (CPD) Dr Debapriya Bhattacharya today said the last one decade has been an economically promising as well as a successful decade for Bangladesh.

During that period, he said Bangladesh had turned into a lower mid-income
country from a lower income country, reached in the path for graduating from
the Least developed countries (LDCs) to a developing country, advanced in
implementation of Sustainable Development Goals (SDGs) while life expectancy, agricultural production, literacy rate, per capita export and inward remittance have increased.

Dr Debapriya came up such observations at the “ERF Dialogue” organised by the Economic Reporters Forum (ERF) held at its auditorium in the capital today with its President Sharmeen Rinvy in the chair.

General Secretary of the ERF SM Rashidul Islam moderated the programme.

He said it has to be acknowledged that the period of last 13 years was an
enriched period both economically and socially for Bangladesh.

The renowned economist opined that the country needs to address four
important economic issues prudently– not getting adequate investment in the private sector, weakness in revenue generation, lack of necessary investment in education and health sectors and discrimination in the social safety net programmes.

“If these can’t be faced, then it won’t be possible to successfully
overcoming those and thus reaching into the next stage. Side by side, there
is also an apprehension whether the already achieved attainments will be
sustainable or not,” he said.

Noting that the present economic situation is passing through a complex and
crisis period, the economist said it was apprehended earlier that such kind
of situation could emerge in the world and also in the country.

“Besides, it was also highlighted that short-term measures are important to
face such kind of situation. For this, many have suggested for taking prudent
financial and foreign transaction policies instead of the high ambition on
attaining GDP growth,” he added.

He further said that the growth is now being propelled by public investment
as the private investment ratio to the GDP has not increased over the years
which is still hovering around 23 to 24 percent.

On the other hand, the ratio of public investment to the GDP has been
increased to seven to eight percent from five to six percent.

The distinguished fellow said Bangladesh has both attainments and deviations but such deviations could weaken the achievements and also can reduce the sustainability. “But, Bangladesh has come to such position after overcoming various problems and hopefully the country will march forward in future overcoming the problems.”

Answering to a question, the macroeconomist said that the economy of
Bangladesh is not in any crisis but is under pressure. “But, the unrest that
has been continuing in the country’s macro economy would not go away soon.
Such unstable situation will continue till the next fiscal year,” he added.

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