Dr. Forqan Uddin Ahmed :
Bangladesh’s politics has long been plagued by corruption, administrative inefficiency and weak rule of law. Allegations of corruption in the electoral process are often heard, causing deep unrest among the people. Besides, there is a huge economic disparity in Bangladesh. The urban-rural development gap is large, and rural populations lack a developed environment and education. The poverty rate is still very high, especially in the north and south. In the past, the government of Bangladesh has taken various projects to ensure social justice, but still widespread poverty has not been eliminated.
After nearly six months of the interim government’s leadership, public expectations for an economic turnaround remain high, particularly regarding issues directly impacting livelihoods. While some positive changes are becoming evident, most economic challenges persist, complicating the path to recovery. Addressing these issues effectively in 2025 will require prioritising urgent actions. Although monetary policy measures typically take 6-12 months to show results, complementary fiscal policies and enhanced market management are critical. In Bangladesh’s current context, inflation must be addressed through monetary, fiscal and market management measures. Due to an increase in the policy rates in recent months, lending rates have increased. This hurts businesses as the cost of funds has increased. Additionally, private investment has been stagnant for about a decade. Small and medium enterprises face a liquidity crisis as they cannot afford costly bank loans. This situation is not conducive to employment generation – a cause for which the students staged a movement back in July. While the interim government has reduced or withdrawn duties on essential items like rice, edible oil, sugar, onions, potatoes and eggs, poor market management has prevented consumers from reaping the benefits. The government should take multiple measures to enhance the supply of products in the market. These could include enough government procurement from farmers at a fair price, facilitating farmers’ connection with the markets, providing them with financial and technical support to enhance their resilience to price shocks, eliminating rent-seeking and extortions during the transportation of products through improved law and order situation, enhancing supply chain efficiency through better logistics and transportation infrastructure, allowing more importers to enter the market, and extending trade partnerships for importing essential items.
The increase in the income of the dishonest people of the past is making our poor poorer and the rich richer. We know the solution. Bank robbery must be stopped, money laundering must be stopped, corruption must be stopped. “As Binayak Sen said,” “The way the government is increasing the allocation to the social security sector every year will not alleviate poverty.” “” At the same time, he suggested increasing the tax collection rate in proportion to GDP. “” “Taxes on the rich must be increased, tax evasion, tax evasion must be stopped.” People know what to do. National and international researchers can also provide guidance. But we don’t really understand the pain. There are a lot of good things on the list for the eventful 2024. The July 24 murders, rapes, fires, and accidental deaths were shocking. Moreover, the nation never expects the killings carried out by the fascist government during the mass uprising of the students. In addition, if such activities as the casino business, militant gangs, land grabbing, river grabbing, food warehousing, the marketing and supply of adulterated food and adulterated medicine, and the violation of fundamental rights are not repeated, we will understand the role model of democracy and welfare state targetting goal in 2050 may not be impossible. Otherwise, we will have no other option but to get rid of the riddle. In addition, we will continue to be affected by the risks of noise pollution, air pollution and climate change. At the same time, the polluted environment will be exposed to various natural disasters and our emerging economic growth will be progressively retarded. Therefore, in this reality, as the survival of challenges in 2025, we have to be concerned with social security, including poverty alleviation, employment, fair migration, education, service sector development, health, nutritious and food supply.
The current law-and-order situation remains precarious, adversely affecting production in industrial zones. Both domestic and foreign investors are waiting and closely monitoring political developments. It is unlikely that significant new investments will occur before the national elections. Therefore, it is imperative for the interim government to present a clear roadmap for the elections, enabling economic stakeholders and partners to plan their investment strategies accordingly. Equally importantly, the interim government must assert its authority in managing day-to-day governance. This critical responsibility appears to have received low priority amid the focus on drafting medium- to long-term reform agendas. A balanced approach that prioritises immediate governance alongside future reforms is essential for stabilising the economic environment. Flawed political, social, and economic systems have hindered the realisation of Bangladesh’s full potential. While comprehensive reforms across all sectors are crucial, and while the interim government can initiate this process by consulting experts and stakeholders, the responsibility for implementation lies with future elected representatives. The nation watches closely as the interim government navigates these challenges, striving to address present needs while laying the groundwork for a sustainable future.
Bangladesh needs to play a more effective and responsible role towards global issues. Coordination with neighboring India, the Rohingya crisis in Myanmar, and relations with other countries, including China, are very important. The interim government will have to keep an eye on these international relations and take a strategic approach to protect the country interests. If we are not able to build a strong foundation to build a well-educated people and a welfare state this time, then undoubtedly the suffering and exodus will continue indefinitely.
(The writer is former Deputy Director General, Bangladesh Ansar and VDP).
