Greek expert warns: Recession likely if economic discipline not maintained
Staff Reporter :
Low-income countries including Bangladesh may face economic recession unless the governments of those countries ensure discipline in the financial sector, warned Professor Dr Katseli, a former Minister of Greece on Tuesday.
Katseli, who held the portfolio of Labour and Shipping Minister of Greece, also urged the government for adopting strict policies and framing harsh laws to prevent forgery in banking sector and money laundering.
Besides, she laid emphasis on waging a war against tax evasion worldwide.
“Controlling and supervising mechanisms will have to be strengthened to maintain discipline in the financial sector. Apart from enhancing institutional capacity, transparency and accountability will have to be ensured. If these can be done, there will be no scopes of indulging in corruption and evading taxes. These are imperative for a sustainable economy,” she said.
Also an economist, Professor Dr. Katseli was delivering a lecture on ‘Recent Fiscal and Labour Market Adjustment Experience in Europe: Lessons for the Low-Income Countries at a function in a city hotel.
Centre for Policy Dialogue (CPD) organised the function marking its 20th founding anniversary with CPD Chairman Dr Rehman Sobhan in the chair.
CPD distinguished fellow Dr Debapriya Bhattacharya and Executive Director Dr Mustafizur Rahman also spoke at the function, which was attended by politicians, academia and researchers.
Dr Katseli said: Economic recession in Europe originated from the irregularities and indiscipline in the financial sector.
Professor Dr. Katseli also suggested that Bangladesh economy should reduce its dependence only on the readymade garment sector and frame a dynamic industrial policy by undertaking governance and institutional reforms.
“Generating employment and increasing production are essential for economic stability. Bangladesh should try to maintain its economic growth, increasing investment and creating employment opportunities,” she said.
Dr Katseli, also a former Director of the OECD Development Centre, said Bangladesh also requires building public-private sector partnership for development and mobilising development assistance, trade and domestic taxes to finance infrastructure.
In her long deliberations, she described how and why Greece experienced the economic recession and what sort of economic help was extended to the historic nation by the European Union, and also what kind of efforts are being mobilised to return from the recession.
Referring to a European survey, she said that 66 per cent respondents declare that ‘the citizen’s voice does not count’.
Giving her focus on checking tax evasion, Dr. Katseli said that as per a survey, approximately $7.6 trillion or eight per cent of the world’s personal financial wealth is stashed in tax heavens.
If all this illegally hidden money had been properly recorded and taxed, global tax revenues would have increased by more than $200 billion a year, she said.
Low-income countries including Bangladesh may face economic recession unless the governments of those countries ensure discipline in the financial sector, warned Professor Dr Katseli, a former Minister of Greece on Tuesday.
Katseli, who held the portfolio of Labour and Shipping Minister of Greece, also urged the government for adopting strict policies and framing harsh laws to prevent forgery in banking sector and money laundering.
Besides, she laid emphasis on waging a war against tax evasion worldwide.
“Controlling and supervising mechanisms will have to be strengthened to maintain discipline in the financial sector. Apart from enhancing institutional capacity, transparency and accountability will have to be ensured. If these can be done, there will be no scopes of indulging in corruption and evading taxes. These are imperative for a sustainable economy,” she said.
Also an economist, Professor Dr. Katseli was delivering a lecture on ‘Recent Fiscal and Labour Market Adjustment Experience in Europe: Lessons for the Low-Income Countries at a function in a city hotel.
Centre for Policy Dialogue (CPD) organised the function marking its 20th founding anniversary with CPD Chairman Dr Rehman Sobhan in the chair.
CPD distinguished fellow Dr Debapriya Bhattacharya and Executive Director Dr Mustafizur Rahman also spoke at the function, which was attended by politicians, academia and researchers.
Dr Katseli said: Economic recession in Europe originated from the irregularities and indiscipline in the financial sector.
Professor Dr. Katseli also suggested that Bangladesh economy should reduce its dependence only on the readymade garment sector and frame a dynamic industrial policy by undertaking governance and institutional reforms.
“Generating employment and increasing production are essential for economic stability. Bangladesh should try to maintain its economic growth, increasing investment and creating employment opportunities,” she said.
Dr Katseli, also a former Director of the OECD Development Centre, said Bangladesh also requires building public-private sector partnership for development and mobilising development assistance, trade and domestic taxes to finance infrastructure.
In her long deliberations, she described how and why Greece experienced the economic recession and what sort of economic help was extended to the historic nation by the European Union, and also what kind of efforts are being mobilised to return from the recession.
Referring to a European survey, she said that 66 per cent respondents declare that ‘the citizen’s voice does not count’.
Giving her focus on checking tax evasion, Dr. Katseli said that as per a survey, approximately $7.6 trillion or eight per cent of the world’s personal financial wealth is stashed in tax heavens.
If all this illegally hidden money had been properly recorded and taxed, global tax revenues would have increased by more than $200 billion a year, she said.