The economists have called upon the government to establish good governance to attain sustainable economic growth.
It is not possible to ensure proper development without strengthening the country’s institutional capacity and good governance, eminent economist Wahiduddin Mahmud, advisor of a former caretaker government, told a discussion session at the second conference of Bangladesh Economists’ Forum (BEF) held at Bangladesh Bank Training Academy in the capital on Saturday.
He identified tax-GDP ratio and education as two major weak areas where the government should give more attention, and called for steps to make the government institutions more transparent and accountable.
In his address, Commerce Minister Tofail Ahmed said the Trans-Pacific Partnership (TPP) agreement will not affect the export of RMG, as the participants of TPP have a very little share in Bangladesh’s exports except the USA.
He said: “Despite various limitations, we have achieved a lot more significant progress in many sectors than our neighboring countries, including India and Pakistan.”
Bangladesh would achieve on average 7.4% GDP growth during the Seventh Five-Year Plan (SFYP) and reach its goal of becoming a middle-income country, he hoped.
State Minister for Finance MA Mannan attended the meeting as the special guest and Policy Research Institute Vice-Chairman Sadiq Ahmed was in the chair.
Earlier in the first session, Speaker Shirin Sharmin Chaudhury inaugurated a collection of essays by leading economists in the country under the title Bangladesh Vision 2030: Framework for Economic Policy Making and Strategy Formulation in a Pluralistic Democracy.
In particular, the essays elaborated an inclusive and sustainable vision for Bangladesh and identified challenges that need meticulous attention for sustaining progress in the coming years.
Addressing the inaugural function, the speaker said Bangladesh is no more a bottomless basket, rather the country has become a model for many of the countries for its excellent performance both in the filed of economy and social sectors.
Bangladesh Bank Governor Atiur Rahman stressed the need for strengthening the institutional capacities of government institutions.
“Public institutions like monetary, financial and capital market regulators have suffered much from undue external influence denying them free hand in decisions on licencing, regulation and supervision of financial markets and institutions,” said the governor.
Mohiuddin Alamgir, one of the members of the BEF, discussed an array of issues highlighted in the book, which was organised into four thematic parts: economic growth and macroeconomy; poverty reduction, inequality and social protection; human development; and good governance and institutions.
Presenting a keynote paper on “Strengthening Institutions to Accelerate Growth and Lower Poverty”, he emphasised the importance of sound planning, regulatory management, and creating stable capacity to deliver mega-infrastructure.
Sadiq Ahmed concluded by enunciating the role of good governance and strong institutions which are prerequisites to facilitate future development.