Seventy per cent of the economic development or growth in Bangladesh has been achieved over the last 15 years thanks to the socio-economic and political stability of the Awami League government under the dynamic leadership of Prime Minister Sheikh Hasina.
During this period, the gross domestic product (GDP) of the country increased to $465 billion from $90 billion. Over this 15-year period, a massive transformation has taken place in the country's economy, said speakers at a discussion on Saturday.
They said to take ahead this prosperity further, the post national election government would have to implement a good number of bold reforms to strengthen discipline in the financial sector, which includes controlling inflation and reducing income inequality.
The speakers came up with the remarks at a discussion meeting titled "Inclusive Development in Bangladesh: Challenges and Prospects" held at the capital's National Press Club.
Economic daily “The Business Eye” organised the discussion, which was presided over by Editor Farida Yasmin, also the president of National Press Club, and addressed by Palli Karma-Sahayak Foundation (PKSF) former chairman and prominent Economist Dr Qazi Kholiquzzaman Ahmad, former state minister for Planning Dr Shamsul Alam, Bangladesh Bank former governor Dr Atiur Rahman, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan, Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Senior Vice President Amin Helali, Economist Dr Jahangir Alam, Journalist Ajit Sarkar among others.
The programme was moderated by Global TV CEO journalist Syed Ishtiaque Reza.
Highlighting the progress of Bangladesh in different socio-economic indicators over the last 15 years, Bangladesh Bank former Governor Dr Atiur Rahman said, "There has been unprecedented development in economy and social indicators including reduction of poverty, increase in per capita income, reaching electricity in every households, and in employments of women."
“The main reason behind this social and economic development was social and political stability. It has been possible to implement mega projects in the country due to the stability of the macro economy.”
“A structure of inclusive economy has already been established in the country which the post-election government should have to carry forward. The current challenges of the economy have been highlighted largely in the election manifesto of the Awami League while Prime Minister Sheikh Hasina has made it clear what can be done to face those challenges.”
For example, he mentioned steps to control inflation including lowering interest rates, increasing supply of goods, making market-based foreign exchange rates, and strengthening further social security programmes.
In addition to this, he referred to the announcement of taking tough steps to strengthen discipline in the financial and banking sector.
Dr Atiur thinks that if the prime minister is re-elected and thus could implement these election pledges, then the financial sector would be much more disciplined while it would be much easier to deal with the challenges including inflation.
PKSF former chairman Dr Qazi Kholiquzzaman Ahmad said that in the last 15 years, Sheikh Hasina's government has managed to implement many things of Bangabandhu's philosophy of "Bringing smiles to the faces of helpless people" while financial and social disparity has also reduced.
But, he emphasized on education, healthcare and training to reduce inequality and disparity in true sense.
Dr Qazi said disparity cannot be reduced with financial support alone, rather opportunities should be created for the underpreveiledged communities.
He opined that by providing necessary education, health and training for these lagging behind communities, they would be able to seize the opportunities. The noted economist also commented that disparity would then decline in a speedy manner.
Dr Qazi also advised the post-election government to show zero tolerance against corruption and vested quarter adding that then it would be much easier to face the challenges of the financial sector.
Former state minister for Planning Dr Shamsul Alam said that the well- thought-out steps of the government have transformed financial and social development.
With the increase in per capita income, Shamsul Alam said electricity has been reached to cent per cent households. He also emphasized on developing a progressive income tax system to reduce income inequality.
BGMEA President Faruque Hassan said due to the government's policy support and the combined efforts from workers and entrepreneurs, the country's garment industry has been able to build a solid foundation.
"Today, we're exporting garments worth $45 billion. However, share of Bangladesh's garment items in the global market is only 7.89 per cent, which means that there is a huge potential in front of us."
He also emphasized on trade facilitation to tap this potential.
The Business Eye Editor Farida Yasmin in her speech praised the various achievements of the AL government over the last 15 years.
She also lauded highly the election pledge of Prime Minister Sheikh Hasina to curb crimes in the financial sector adding, "Hopefully the government will implement this pledge."
