Business and fear psychosis
Monday, 13 August 2007
THE sales of plots and apartments at the recently held fair of the Real Estate and Housing Association of Bangladesh (REHAB) dropped by as much as 50 per cent compared to that of the last year. The drop has been directly attributed to the anti-corruption drive which has created concern among the potential buyers of such properties that they may become the targets of the anti-graft drive on carrying out the purchases.
The real estate sector which contributes as much as 20 per cent to the GDP, is witnessing a decline in demand. Other industries associated to it such as cement and steel re-rolling, have witnessed a reduction in sales by 10 and 30 per cent respectively.
A large number of people derive their income directly or indirectly from this sector and 1.5 million are employed in it directly. The incomes and livelihood of most of them stand to be affected from the downhill developments in this pivotal sector which has been one of the most promising one in recent years.
The above is only one example of how anxieties and fears involving mainly what is essentially a drive against corruption can do to unnerve people on a large scale and discourage even those who can reasonably account for their wealth.
The same would not be the case if the anti-corruption drive was mounted and conducted with a lot of discretion, surety and clear indicators that it would target only the corrupt or the very corrupt and that persons with relatively cleaner and sound backgrounds would have nothing to fear.
That the signals have been not unmistakably clear to this effect and also the likelihood of some persons made to suffer for no real fault on their parts, created the hesitation and rethink leading to some businesses and members of the public withdrawing from their normal functioning from a sense of panic or not going for commercial transactions.
There is no need to explain why this climate of uncertainty and apprehensiveness should be overcome immediately with the government side contributing most to this effort.
Abdur Rahim
Eskaton, Dhaka
The real estate sector which contributes as much as 20 per cent to the GDP, is witnessing a decline in demand. Other industries associated to it such as cement and steel re-rolling, have witnessed a reduction in sales by 10 and 30 per cent respectively.
A large number of people derive their income directly or indirectly from this sector and 1.5 million are employed in it directly. The incomes and livelihood of most of them stand to be affected from the downhill developments in this pivotal sector which has been one of the most promising one in recent years.
The above is only one example of how anxieties and fears involving mainly what is essentially a drive against corruption can do to unnerve people on a large scale and discourage even those who can reasonably account for their wealth.
The same would not be the case if the anti-corruption drive was mounted and conducted with a lot of discretion, surety and clear indicators that it would target only the corrupt or the very corrupt and that persons with relatively cleaner and sound backgrounds would have nothing to fear.
That the signals have been not unmistakably clear to this effect and also the likelihood of some persons made to suffer for no real fault on their parts, created the hesitation and rethink leading to some businesses and members of the public withdrawing from their normal functioning from a sense of panic or not going for commercial transactions.
There is no need to explain why this climate of uncertainty and apprehensiveness should be overcome immediately with the government side contributing most to this effort.
Abdur Rahim
Eskaton, Dhaka