It has been a positive move by the country's leading economists to hold open-ended discussions on a set of mundane issues and subjects that concern the Bangladesh economy in its current state. Such discussions are purported to identifying, in a realistic perspective, the priorities and imperatives to help accelerate the pace of economic growth and development of the country. The conference was organised against the backdrop of worldwide scepticism over the economists' predictions and projections about the likely course of real-life activities, particularly in the aftermath of the severe global recession in 2008. Economists, however, do not have any crystal ball to foretell each and every development, with exactitude. Economics is a social science; economists do not work in laboratories to establish, with certainty, links between causes and effects of matters, subjects and objects that they deal.
The maiden venture of Bangladesh Economists' Forum (BEF) to hold the afore-mentioned conference of professionals on "Vision 2030: A framework for Economic Policy Making and Strategy Formulation in a Pluralistic Democracy" has to be commended. This theme involves multi-sectoral issues, encompassing both the challenges of, and the opportunities for, the forward movement of the Bangladesh economy. One common theme has been the dire need to raise the level of investment by both the public and private sectors in their respective relevant fields. A greater emphasis has been given on private sector investment and improvement of its quality. The level of private investment has not been rising for a considerable period of time. Rather, a sluggish trend persists, with the actual and potential investors maintaining a wait-and-see stance on making new investments for a variety of factors. Under such circumstances, it will be impossible for the Bangladesh economy to move on to a higher growth trajectory that it badly needs for its early graduation to the status of a middle-income country.
In this context, the participants in the BEF conference have highlighted various constraints that are responsible for the current state of investment activities in Bangladesh. Among such constraints, the governance-related ones have figured prominently in their deliberations. This has rightly been so, because Bangladesh needs a shifting of gears for further improving its economic governance. But it is a well-nigh impossible task to improve economic governance in isolation. Unless right conditions are created for ensuring good governance in a pluralistic democracy, the possibilities for strengthening economic governance will remain a pious wish only.
The economists have not missed to take note of the imperatives for the required transition in the governance system in the country in order "to make it possible to move into a higher trajectory". The whole gamut of issues -- building appropriate institutions by putting emphasis on quality, efficiency and merit of those who man such institutions without having any political consideration, ensuring effectiveness in terms of rules and standards and their enforcement, upholding rule of law, facilitating the widest possible participation of all concerned in matters concerning good governance, expanding good practices, promoting transparency and accountability, in real terms, at all levels, strengthening the local government bodies for development devolution and administrative decentralisation etc. -- have been underlined by them. It is for the government to act upon those issues sooner rather than later. Otherwise, the challenges to Bangladesh's development to a higher level of performance will be too difficult to overcome. And then, the opportunities for its scoring better on the socio-economic front will delude the nation.
