That our country today is going through a challenging time cannot be disputed. External shocks from global volatility, domestic inflationary pressures, and structural weaknesses in key sectors are all undeniable realities.
The challenges are real, and they demand immediate attention. However, while external shocks cannot be controlled, our response to them can.
To that end, such a response must remain rooted in enacting reforms, as noted by Principal Economist Ashikur Rahman of the Policy Research Institute (PRI) of Bangladesh.
Too often, Bangladesh has relied on temporary measures such as borrowing to plug liquidity gaps, offering subsidies to ease immediate pain, or seeking external bailouts to stabilize reserves.
These measures may buy time for a while, but they do not build resilience and can never be a long-term solution for any developing nation.
As such, without key structural reforms, our economy will remain exposed and vulnerable to the next global disruption.
The banking sector is a prime example. Non‑performing loans continue to rise, eroding trust and weakening the system’s ability to support productive investment, all the while regulatory oversight remains weak and political interference continues to undermine accountability.
While efforts towards asset recovery may provide relief, as may foreign borrowing, they simply cannot substitute for genuine reform.
External shocks, be they geopolitical conflicts, commodity price spikes, or global recessions, will continue to test Bangladesh. As such, we must be prepared for this, and that comes from building resilience through strengthening institutions, modernizing our financial systems, diversifying our economy, and investing in our people.
We must break the habit of looking only at the short term. Ensuring a better future for this nation demands foresight, discipline, and courage to confront entrenched interests. Without it, we will remain fragile, stumbling from one crisis to the other.