The next political government, formed after the February 12 National Election, may have to address 12 priority issues on a fast-track basis, including curbing inflation and mobilising domestic revenue, experts opined at a seminar on Monday.
The first major test would be crisis management, leaving limited scope for articulating long-term vision statements in the early phase of the new government's tenure, said economist Dr M A Razzaque.
"Immediate challenges related to inflation, banking sector stability, foreign exchange reserves, and LDC graduation will shape the entire term of the next government," said Dr Razzaque, Chairman to the Research and Policy Integration for Development (RAPID).
He also pointed to the challenges to be resolved within the first year after being elected. Other priorities include repairing the banking sector, increasing public spending on social protection, and ensuring data integrity, taking steps to see potentials on deferment of LDC graduation, employment generation, and boosting private sector's confidence to attract investment.
Dr Razzaque said these while presenting a keynote paper at the seminar, titled "Socio-economic Priorities for the Next Government", organised by RAPID in the city.
He stressed that the upcoming administration must prioritise securing the EU's GSP+ facility, implementing the ninth five-year plan with a strong focus on job creation, ensuring energy security to support urban development and manufacturing industries, enhancing export competitiveness, attracting higher foreign direct investment (FDI), and strengthening human resource development.
Dr Razzaque warned that failure to act promptly would narrow the policy space and lead to more costly adjustments later; adding that while structural reforms are crucial, they can only succeed, if short-term macroeconomic stability is ensured.
"Credible actions taken within the first year can help restore confidence among households, investors, and development partners," he added.
Abdur Rahman Khan, the National Board of Revenue (NBR) Chairman, attended the programme as the chief guest; while Dr Abu Eusuf, Executive Director of RAPID, moderated it.
The NBR chairman said the government is willing to provide tax relief on both domestic production and imports to bring down mobile phone prices.
"There is hardly any country in the world that imposes as much tax on trade as we do. This is not done purely to collect revenue. In most cases, it is meant to protect our local industries."
"VAT is completely absent in the country at the retail level. We have tried many things to fix this problem, but failed. We even launched electronic fiscal devices (EFD) and announced cash prizes. There, too, we ultimately failed. Now we will digitalize that sector. From now on, whatever we do must be recorded".
The NBR chairman also noted, "Although the Bangladesh Bank talks about being cashless, cash transactions are still increasing day by day. It is supposed to decrease now, but not. The marginalised people must be brought towards the cashless system, even if it requires providing incentives".
Speaking at the seminar, former caretaker government adviser Rasheda K Choudhury said the next government should focus on ensuring safety and security, strengthening good governance, and prioritising health and education sectors.
She noted that critical areas such as women and children remain underfunded, while climate change challenges would require urgent and sustained policy attention.
Rashed Al Mahmud Titumir, Professor of the Department of Development Studies at the University of Dhaka, stressed the need to strengthen the capital market, ensure access to low-cost energy, and accelerate green transition to support sustainable economic growth.
Professor Titumir further underscored the importance of supporting women entrepreneurs and called for the formulation of a national security strategy, noting that shifting geo-economic dynamics demand a more integrated policy response.
Bangladesh should work towards a peaceful, prosperous and inclusive Bay of Bengal to safeguard regional stability and economic interests, he added.
Bangladesh Chamber of Industries (BCI) President Anwar-Ul-Alam Chowdhury (Parvez) expressed caution regarding future employment, asserting that job creation would be the main challenge of the country in future. The ready-made garment (RMG) industry, a historic engine of employment, has reached saturation and cannot create further jobs.
"We need more skilled people, but we don't get them. There are many training institutes, but those are not a good match for the industries. We need policy support from the government to diversify industries. There is opportunity for light engineering and IT sectors for job creation in the country," the BCI president added.
Other speakers included Dr M Abu Eusuf, RAPID Executive Director; Doulot Akter Mala, President, ERF; Shawkat Hossain, Head of Online - Prothom Alo; and Mohammad Mainul Islam, Professor of the Department of Population Sciences at the University of Dhaka.
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