No nation can think of the kind of economic self-destruction that Bangladesh has done over the last three months. Fundamentalists and terrorists have planned and aided it to happen. It would not have been possible by them had they not got the help of a section of politicians.
Bangladesh has witnessed the general election on 5 January, which was held amid a flurry of criticism. It was a very costly election. It is difficult for any developing nation to bear the 'expense' of this type of elections. However, the nation has gone through it. Now the country has to think over many things, like the loss of human lives, destruction of government and private properties, large age-old trees on roadsides, public and private transports and the loss of working hours. In the name of being under 'political programmes', the nation has had to lose many things linked to its citizens' day-to-day lives.
In the meantime, the finance minister has said the country will ride over the bad times that befell the economy within a short time. Despite the optimism of the finance minister, it is true that the fissure that has been created in the economy would be quite difficult and time-consuming to mend in a short time. Because, all grains of sands on the shore have been hurt. Take the case of a poor farmer. He cultivated vegetables on his small piece of land and invested one thousand taka in the project by taking loan. He thought that he would get three thousand taka in return by selling vegetables. But during the so-called blockades his vegetables got rotten after harvest, because he could not take his produce to the market by using a road transport. He had to throw away the vegetables. Now he has to repay the loan worth one thousand taka with interest by selling some of his properties. Therefore, he cannot participate in the economy immediately without the help of others.
The transport sector has lost a mind-boggling amount of money. The sector has been 'burnt down' from top to bottom. The nation has seen the agonised wails of the young widow of a lorry driver, who was set to fire. Her husband was the only earning source of her family. This family has no way of ensuring income generation and participating in the economic activities soon. The bitter aspect of the episode is a family which was above poverty line has slipped all of a sudden into the below-poverty line. Many families have fallen under the poverty line by the mindless violence. Garments comprise a major industry of the country. The factory owners now have to pay more for the whole process of exports. However, it is a partial and very little illustration of the disaster that has gripped the economy. The country will get a full picture after researches by the economists. But it will take time. Moreover, the government and the people concerned have no time to wait to start the recovery process to recoup the losses.
The finance ministry has said that revenue will not be collected this fiscal year as per its target, rather it will be collected in a lesser amount compared to last fiscal year. The government has to cut down the national budget. It is a big assault on the economy. The nation has seen in the last four years that the indices of the national economy are going upward. The cuts in the budget are obviously prompted by a downward performance in the national economy which been caused by political terrorism. The finance minister has said that the economy will recover very soon, because now the economy of the country has a strong footing. This is because the violent activities now cannot hurt the main segments of the economy. The minister is right when he refers to macro-economy, but who will take care of the micro-economy? Nobody knows clearly how many poor farmers have lost their poultry products due to the blockade and shutdown programmes.
Therefore, for the recovery of the micro-economy, now a lot of endeavours are required. First, it needs a detailed survey by the ministries concerned or professional survey organisations as to where and how many small entrepreneurs have been hurt by the recent countrywide violence. As per the survey reports, government can take a rehabilitation programme. Simultaneously, the government has to resume economic activities in all the sector. For this reason, at first the government has to bring back law and order. If one of the main opposition parties, the Bangladesh Nationalist Party (BNP), wants recovery of the economy, they have to pull out themselves from all kinds of terrorism and destructive programmes, which are harmful for the economy. If they want to stay in electoral politics, they have to do it. In Bangladesh, it has been proved that people do not like the type of politics that is unhealthy for the economy, because they know what the taste of a healthy economy. The opposition has to look for soft and modern political programmes that will not hurt the economy. It is essential for economic recovery. On the other hand, the government has to be tougher against political violence which will help reduce or make a society free of terrorism. Simultaneously, it will help in attracting foreign investment. At the moment, the government needs foreign investment, because this year the government could not collect the revenues as per their target. Another vital thing is the government ought to bring the people, especially those economically affected during and after the violent programmes --- the minority community in particular, to the mainstream economic activities.
The government has taken a huge rehabilitation programme. The affected minority community is expected to come back soon to the economic activities. The government has to launch the rehabilitation programme at more than thousand places that were rocked by violence. It will require a large amount of money, but it is more than necessary. The government can collect the money either from internal source or from the development partners. For running the micro-economy, there is no other option except doing this. On the other hand, the people and the administration have to think in unison that they have lost long working hours over the last few months, so they have to take the burden of extra workload for economic recovery.
The writer is executive editor, the daily Janakantha, Dhaka. Email: swadeshroy@gmail.com
Towards economic recovery after a spate of mindless violence
Swadesh Roy | Published: February 01, 2014 00:00:00 | Updated: November 30, 2026 06:01:00
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