Take steps to overcome reluctance in economic data disclosure for sustainable growth

The ongoing Economic Census in Bangladesh, conducted by the Bangladesh Bureau of Statistics, highlights a significant challenge that resonates beyond its borders: business owners show reluctance to disclose accurate financial information.

This issue, rooted in fears of taxation and regulatory scrutiny, certainly poses a threat to the integrity of economic data collection, which is vital for informed policymaking and economic planning.

Our newspaper on Wednesday reported that the census employs the Computer-Assisted Personal Interview (CAPI) method for the first time aiming to gather comprehensive data, including the number of foreign workers and their gender distribution.

However, the reluctance of shopkeepers and business owners to share income figures undermines the quality of the data collected. Instead of providing accurate income details, many respondents resort to estimates based on their expenditures, leading to a distorted picture of the economic landscape.

Sonia Arefin, Deputy Director of the Industry and Labour Wing, aptly points out the difficulties the data collectors are facing. The observed tendency of respondents to evade questions about their wealth and income reflects a broader societal issue: the fear of financial transparency.

This reluctance hampers the census and stifles economic growth and development potential. Accurate data is essential for identifying trends, allocating resources, and formulating policies to uplift the economy.

The experiences of data collectors, such as Mohammad Habib, underscore the urgent need for a cultural shift towards transparency. It is crucial for business owners to understand that providing accurate information can lead to better services, infrastructure, and government support. The census is not merely a bureaucratic exercise but a national development tool.

Mizanur Rahman, Deputy Project Director of the Economic Census, acknowledges the limitations in obtaining accurate data. This recognition is a step in the right direction, but it must be accompanied by proactive measures to build trust between data collectors and respondents.

Engaging with the business community, educating them about the benefits of transparency, and ensuring confidentiality could foster a more cooperative environment.

We must say that Bangladesh’s economic planning future hinges on the willingness of its citizens to participate honestly in this vital census process.

Through collective effort, the nation can hope to understand its economic realities better and chart a path towards sustainable growth.