Bangladesh’s economic outlook is facing renewed scrutiny after the central bank revealed a significant discrepancy in export figures.
This $14 billion hole raises concerns about the accuracy of other key economic data the government uses to formulate policy.
The debacle in the economy and citizens’ living standard, meeting essentials and fulfilling minimum nutritious intake all signify the political solution of the macroeconomy and establish people’s rule instead of ongoing oligarchy.
Economists point out a troubling disconnect between reported economic growth and the lived experiences of many Bangladeshis.
The much-talked economic advancement and graduation to the middle-income country has turned upside-down with the revealed data inaccuracy of the government.
The national sacrifice of democracy for economic development on a self-proclaimed scale and doctored data eventually proved false and fabricated. This lie, after lie to establish lie, has become the psyche for pervasive government rules.
The experts emphasize the importance of verifiable figures, particularly for exports and imports, which form the backbone of GDP calculations. They criticized the over-reliance on estimates in economic projections. The opaqueness extends beyond exports.
They argue that a modest increase in social safety net allocations could have provided much-needed relief without significantly impacting government expenditure.
However, withdrawing a tax proposal on luxury cars suggests a lack of commitment to such measures. In an “oligarchy”, even the needs of the most vulnerable are consistently overlooked.
Citizens’ rights platforms raise even more fundamental concerns. Like SHUJON questions the legitimacy of the government and the very existence of the rule of law.
It believes the structure of transparency in Bangladesh has been fundamentally compromised. Public trust is essential for effective economic policy.
When citizens doubt the accuracy of official figures, it undermines confidence in the government’s ability to steer the country towards a prosperous future.
Bangladesh urgently needs to address the issue of data reliability and rebuild trust in its economic institutions. Only then can policymakers make informed decisions that truly benefit all Bangladeshis.