The long-term policy changes are those that would take one year or more to be implemented. They are as follows:
Priority one: Enhancing education standards in Bangladesh
Enhancing education standards in Bangladesh is crucial for the country's global competitiveness, particularly in the context of English language proficiency. The current Bangla Medium and even English Medium curricula fail to foster adequate communication skills in English, which significantly hinders Bangladeshis from competing globally.
As a result, Bangladeshi professionals often lose out on job opportunities to counterparts from countries like India and the Philippines, where English standards are much higher. Improving English language education is essential to equipping students with the skills necessary to succeed in a globalized workforce.
Key considerations
The existing education system in Bangladesh, particularly in traditional school settings, emphasizes rote memorization over critical thinking, creativity, and the development of soft skills like accountability, responsibility, and initiative.
This system produces students who excel in standardized tests but lack the well-rounded abilities needed for real-world success. Moreover, the reliance on outside coaching centres further detracts from the development of these essential skills, as the focus remains on acing exams rather than cultivating well-rounded individuals.
To address this, the curriculum must shift towards fostering creative thinking, problem-solving, and English communication skills.
Recommendations and risks
The curriculum should be reformed to integrate English as one of the primary mediums of instruction, with a focus on practical communication skills. Additionally, education policies should encourage the development of critical thinking, creativity, and soft skills from an early age.
To achieve this, teachers need to be trained in modern pedagogical methods that prioritize these skills over rote learning. The immediate risk lies in resistance from traditional educators and institutions accustomed to the current system.
However, with proper training and support, this transition can lead to a more competitive and capable workforce, better prepared for local growth at a global scale.
Priority two: Strengthening market integrity through financial transparency and anti-manipulation
Equity and capital markets are a key component of economic growth and liquidity. Having reliable and trustworthy market infrastructure allows for all types of investors to participate in the financial markets with more confidence. Increased confidence and trust ensures that market movements are less volatile and that fund allocation in this sector is optimized.
Key considerations
There is a general perception of lack of fair oversight and possible market manipulation in Bangladesh’s capital markets -- particularly the stock market.
Although the demutualization reform in 2013 was a step in the right direction, more restructuring can be done to ensure better oversight of the stock exchange.
A recent survey stated that 64% respondents believed that fraudulence or market manipulation was the most critical ethical issue in the Bangladesh capital markets.
Recommendations
Stricter penalties can be introduced for financial misconduct in the capital markets. This may dissuade companies or trading houses from engaging in such activities and also indicate to investors that the regulator does not take such misconduct lightly.
The regulator should also be provided with increased resources to oversee market conduct and also enforce regulations and best practices. Stricter rules alone will not be effective enough -- the regulator should be empowered to act in the best interest of investors.
Lastly, possible changes in oversight structure of the regulators can be explored. For example, currently the Bangladesh Stock Exchange Commission (BSEC) answers to the Ministry of Finance. This opens up the possibility of undue political influence since the finance minister will be from the ruling political party.
Instead, there can be a financial oversight committee within parliament that audits the regulator. Furthermore, regardless of how many members there are in the committee, there can be no more than 50% representation from the ruling political party or coalition. This ensures that there is a politically balanced lens through which the regulator is audited.
Priority three: Introduce subsidized healthcare plans for all citizens, provided by the government
Introducing subsidized healthcare plans provided by the government for all citizens, especially low income citizens, is crucial for improving public health and ensuring that all individuals, regardless of income, have access to necessary medical care.
In Bangladesh, a significant portion of the population lacks access to affordable healthcare, which exacerbates poverty and reduces overall productivity. A government-subsidized healthcare plan would ensure that essential medical services are available to everyone, thereby improving public health outcomes and reducing the financial burden on low-income families.
Key considerations
When designing a subsidized healthcare plan, it is essential to consider the funding mechanisms to ensure sustainability. The plan must be adequately financed through taxes, government revenue, or international aid to avoid placing undue strain on the national budget.
Additionally, the healthcare infrastructure must be capable of supporting an increase in patient load, which may require investments in healthcare facilities, training for medical professionals, and the establishment of an efficient healthcare delivery system.
Lessons from countries like Thailand, which implemented a successful universal health coverage scheme, can provide valuable insights into managing such a program effectively.
Recommendations and risks
The government should prioritize the establishment of a tiered healthcare system where basic services are fully subsidized, and more specialized services are available at a reduced cost. To mitigate risks, the government must invest in strengthening healthcare infrastructure and ensure transparent management of funds to prevent corruption.
Public awareness campaigns should be conducted to educate citizens about the available healthcare options, and partnerships with private healthcare providers could be explored to enhance service delivery. Immediate risks include potential challenges in funding and managing the program, but these can be addressed through careful planning and international collaboration.
To conclude the series, this is an overview:
- Immediate reforms for stability
- Urgency: Immediate actions like banning student politics and repealing the CyberSecurity Act are critical to restoring stability
- Impact: These reforms will reduce corruption, ensure safety, and rebuild public trust
- Call to action: Quick implementation is essential to maintain Bangladesh’s progress and prevent further unrest
- Strengthening governance and economy
- Focus: Mid-term policies like regulating term lengths and launching a tax portal will enhance political stability and economic transparency
- Outcome: These steps will lead to a more efficient, equitable, and transparent governance structure
- Importance: Timely execution will ensure Bangladesh’s competitiveness and sustainable economic growth
- Investing in education and healthcare
- Priority: Long-term reforms in education and healthcare are vital for global competitiveness.
- Benefits: Improved education and healthcare will develop a skilled, healthy workforce, driving economic growth.
- Need for Action: Investing in human capital is crucial for Bangladesh to meet and exceed global standards.
Arneeb Mahbub, Product Marketing Manager, Indeed.com. Malika Begum, Strategy & Operations Senior Manager, Deloitte Consulting. Fauzul Kabir Chowdhury, CIO, Embedded Logic Operations (ELO). Nameer Rahman, Director of Policy, Ontario Energy Association. Zarif Ahmed, Associate Director - Structured Finance, KBRA. Rubayat Khan, Director of Health Programs, Endless. Aaisha Bhuiyan, Sr Technical Program Manager, Amazon. Shamima Khan, Product Manager, Intuit. Special Thanks to the B/deshi community of over 500+ Bangladeshis spread across USA, Canada, Singapore, Australia, and of course, Bangladesh.
