Business Report :
Bangladesh’s interim government is focusing on key reforms to stabilize the nation’s economy, with a new survey highlighting urgent areas of concern, released on Tuesday by the Economic Intelligence Bangladesh (EIB), the survey identifies tackling corruption and money laundering, controlling inflation, and rebuilding foreign exchange reserves as the top priorities.
The survey gathered insights from 12 prominent economists and academics across the country. Notably, 42% of the experts ranked fighting corruption and money laundering as the most pressing issue, emphasizing its profound impact on Bangladesh’s economic stability.
To address this issue, Professor Mustafizur Rahman, distinguished fellow of the Centre for Policy Dialogue (CPD), advised, “Corruption and money laundering can be checked by proactively making use of legal means to bring the perpetrators to justice.
“Moreover, we can partner with countries to recover stolen wealth and hire globally reputed professionals in the area of asset recovery. Community groups can be organised who will act as watchdogs against corruption,” he added.
Inflation control came in as the second-highest priority, with 25% of economists highlighting its significance amid rising prices that are straining household budgets.
Former lead economist of the World Bank Zahid Hussain believes the interim government must “prioritise controlling essential food inflation, neutralise the syndicates on extortion in the supply chain and deter collusive practices by big players in markets such as rice, ata, lentil, onions, edible oil and such other essential items.”
Additionally, 17% of respondents emphasised the importance of rebuilding forex reserves, highlighting the country’s pressing need to stabilise its foreign exchange position amidst global economic volatility.
Dr M A Razzaque, chairman of RAPID, highlighted that, “For rebuilding reserves, a market-friendly exchange rate system should be fostered with strong and exemplary measures against corruption, as money gathered through corrupt practices are generally siphoned off from the country putting pressure on the reserve situation.”