Country stands on the edge of deep ditch: Debapriya

FE Team | Published: November 26, 2023 23:51:40

Bangladesh's three big challenges in the fields of economy, international relations, and politics are likely to get deeper, Dr. Debapriya Bhattacharya, distinguished fellow of the Centre for Policy Dialogue, has said.
"Bangladesh today stands on the edge of a deep ditch," he said adding that the problems faced by the country are likely to worsen if the upcoming polls become one-sided.
The eminent economist shared his views on a wide range of issues from ongoing political unrest to economic situation to international interest in an interview with UNB in Dhaka this week.
Regarding economic challenges, he said people have been bearing the brunt of inflation for a long time, while many countries have improved in this sector after the pandemic and during the Russia-Ukraine war.
Here the food inflation was around 12 per cent and inflation in rural areas was more than in the urban areas, which was not seen earlier, he noted.
According to him due to the continuous slide of the local currency taka, people have to face imported inflation.
There was no visible sign of this type of inflation abating in the recent months, Dr Debapriya said.
He said the revenue generation fell severely due to an import decrease by one-fourth in recent past years. He said the inefficiency of the revenue board resulted in low collection of revenue.
The government cannot implement already promised development work at the local government level, even in the election year, he mentioned.
He said the drastic fall of imports caused price hikes in the domestic market and a group of syndicates using this as an option for raising prices.
The revenue shortfall is widening, corruption and money laundering not reducing despite raising individual and overall income, which is happening due to lack of accountability. The government cannot ensure accountability at the top to bottom level as they are dependent on bureaucrats and state agencies in absence of political and moral legality, he pointed out.
Regarding labour rights, Dr Debapriya said the Western world expresses concern over the working environment, illegal harassment, and forced disappearance of labour rights activists. Western people, who are the buyers of Bangladeshi garments and other goods, are very much conscious and concerned about these issues.
Bangladesh has to reform many areas, such as recovery of huge default loans, reduce money laundering, ensure decent working environment and express their views without fear, he said.