Experts: Bangladesh has to be proactive in fulfilling national development ambitions
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Tribune Report
Publish : 13 Dec 2021, 08:29 PMUpdate : 13 Dec 2021, 08:28 PM
Economists said Bangladesh must have to be proactive in fulfilling four national development ambitions for inclusive and equitable transition.
Beyond the health hazards, the socio-economic impact of the Covid-19 is going to affect the midterm development trajectory of Bangladesh, which may result in the different targets of SDG will be at stake, particularly, for the “left behind” and “pushed behind” population of the country.
Debapriya Bhattacharya, distinguished fellow of the CPD remarked while presenting his keynote titled “Bangladesh Emerging from the Pandemic: Towards an Inclusive and Equitable Transition” at a conference on “Bangladesh Emerging from the Pandemic: Coping Experiences and Policy Choices” on December 13.
He said that Bangladesh, leaving the LDC group by 2026, will also face added challenges due to the possible discontinuation of certain special privileges.
“The ambition to become a developed country by 2041 is also imposing certain imperatives on its development trajectory,” he said. He focused on his paper about the favour of embedding the different development reference points into the country’s post-pandemic “build back better” strategy with a greater focus on inclusive and equitable transition.
In his presentation, he identified four ambitions in this regard.
“The ambitions include Covid recovery in post-2021, LDC graduation by 2026, SDG delivery by 2030, and high-income states by 2041,” he added.
In the Covid recovery ambition, he said that Bangladesh has to accelerate the completion of the national universal vaccination program.
“Moreover, Bangladesh has to continue Covid-19 related support measures in view of the depth of the impact. In this case, even if the health risk is reduced, the support must continue and the rules must be followed,” he added.
Moreover, the country has to prioritize targeted cash transfers for beneficiaries, and protect the marginalized people from the rising price of essential commodities, he added.
“We have to implement effective measures to address losses at all levels of education. At the primary school level, about 90% of the students could not take the opportunity of online education, again the teachers could not cope up,” he added.
He also said that Bangladesh has to reprioritize allocation and effective spending for health, education, and social protection in the public expenditure basket.
“In this case, it is important to implement a national database which includes people from all levels,” he added.
For the second ambition in LDC graduation, he said that Bangladesh has to realize the opportunities of the regional markets and value chains, and production networks to reap the benefits of regional and global integration of the country’s economy.
“Bangladesh has to sign FTAs with its trade partners to face the challenges in the post LDC graduation. Moreover, we have to focus on the entrance in the regional market,” he added.
Bangladesh also needs to diversify its manufacturing base through skill up-gradation and labour productivity growth, he added.
“We also need to augment domestic resource mobilization, particularly through direct taxation,” he added.
The country has to maintain access to concessional external finance and monitor debt sustainability, he added.
“Bangladesh needs to undertake institutional and regulatory reforms and capacity development of public agencies with the demands of non-LDC developing countries,” said Debapriya.
In SDG delivery by 2030, he said that Bangladesh has to reflect effectively the commitment of ‘Leave no one Behind’ in all policy deliveries.
“Refocus SDG delivery on hardcore poor and new poor, decent jobs, rising inequalities, and quality education,” he suggested.
Moreover, Bangladesh needs to address drivers of digital inequality, and a universal protection scheme (pension, health, and minimum income).
In his fourth ambition, he said that Bangladesh has to secure private investment and FDI take off effectively.
“We have to diversify and structurally transform the economy in favour of domestic manufacturing and high-value service sectors,” he added.
He also suggested embedding green growth in future development trajectories.
In this presentation, Zahid Hussain, eminent economist, said that according to various economic indicators, the economy of Bangladesh is recovering from the Covid-19 impact.
“However, recent inflation of essential commodities has emerged as a new challenge in this recovery trend,” he added.
“Although the price of fuel has been increased on the pretext of the international market, the price in the international market has come down but it is not going down here, it is important to coordinate these issues,” he added.
He also said: “The reform of fiscal management is also important. We also have to think about debt finance.”
He also said that the biggest lesson from Covid-19 is that vulnerability and equity are actually two sides of the same coin.
“Vulnerability resilient policies need to be formulated,” he added.
International trade will change after LDC graduation, adaptation strategies will have to be formulated with the changed situation, he added.
Rounaq Jahan, a distinguished fellow of the CPD said that Bangladesh has to set its priority on which h policies will get traction.
“We have to move technically on broad policies. Moreover, we have to think about the special vulnerability of women,” she added.
She also said that violence against women has increased significantly during the Covid-19, Bangladesh has to find out the reasons behind it.
Rehman Sobhan, chairman of the CPD, marked the closing speech of the event.
Experts: Bangladesh has to be proactive in fulfilling national development ambitions
Economists said Bangladesh must have to be proactive in fulfilling four national development ambitions for inclusive and equitable transition.
Beyond the health hazards, the socio-economic impact of the Covid-19 is going to affect the midterm development trajectory of Bangladesh, which may result in the different targets of SDG will be at stake, particularly, for the “left behind” and “pushed behind” population of the country.
Debapriya Bhattacharya, distinguished fellow of the CPD remarked while presenting his keynote titled “Bangladesh Emerging from the Pandemic: Towards an Inclusive and Equitable Transition” at a conference on “Bangladesh Emerging from the Pandemic: Coping Experiences and Policy Choices” on December 13.
He said that Bangladesh, leaving the LDC group by 2026, will also face added challenges due to the possible discontinuation of certain special privileges.
“The ambition to become a developed country by 2041 is also imposing certain imperatives on its development trajectory,” he said. He focused on his paper about the favour of embedding the different development reference points into the country’s post-pandemic “build back better” strategy with a greater focus on inclusive and equitable transition.
In his presentation, he identified four ambitions in this regard.
“The ambitions include Covid recovery in post-2021, LDC graduation by 2026, SDG delivery by 2030, and high-income states by 2041,” he added.
In the Covid recovery ambition, he said that Bangladesh has to accelerate the completion of the national universal vaccination program.
“Moreover, Bangladesh has to continue Covid-19 related support measures in view of the depth of the impact. In this case, even if the health risk is reduced, the support must continue and the rules must be followed,” he added.
Moreover, the country has to prioritize targeted cash transfers for beneficiaries, and protect the marginalized people from the rising price of essential commodities, he added.
“We have to implement effective measures to address losses at all levels of education. At the primary school level, about 90% of the students could not take the opportunity of online education, again the teachers could not cope up,” he added.
He also said that Bangladesh has to reprioritize allocation and effective spending for health, education, and social protection in the public expenditure basket.
“In this case, it is important to implement a national database which includes people from all levels,” he added.
For the second ambition in LDC graduation, he said that Bangladesh has to realize the opportunities of the regional markets and value chains, and production networks to reap the benefits of regional and global integration of the country’s economy.
“Bangladesh has to sign FTAs with its trade partners to face the challenges in the post LDC graduation. Moreover, we have to focus on the entrance in the regional market,” he added.
Bangladesh also needs to diversify its manufacturing base through skill up-gradation and labour productivity growth, he added.
“We also need to augment domestic resource mobilization, particularly through direct taxation,” he added.
The country has to maintain access to concessional external finance and monitor debt sustainability, he added.
“Bangladesh needs to undertake institutional and regulatory reforms and capacity development of public agencies with the demands of non-LDC developing countries,” said Debapriya.
In SDG delivery by 2030, he said that Bangladesh has to reflect effectively the commitment of ‘Leave no one Behind’ in all policy deliveries.
“Refocus SDG delivery on hardcore poor and new poor, decent jobs, rising inequalities, and quality education,” he suggested.
Moreover, Bangladesh needs to address drivers of digital inequality, and a universal protection scheme (pension, health, and minimum income).
In his fourth ambition, he said that Bangladesh has to secure private investment and FDI take off effectively.
“We have to diversify and structurally transform the economy in favour of domestic manufacturing and high-value service sectors,” he added.
He also suggested embedding green growth in future development trajectories.
In this presentation, Zahid Hussain, eminent economist, said that according to various economic indicators, the economy of Bangladesh is recovering from the Covid-19 impact.
“However, recent inflation of essential commodities has emerged as a new challenge in this recovery trend,” he added.
“Although the price of fuel has been increased on the pretext of the international market, the price in the international market has come down but it is not going down here, it is important to coordinate these issues,” he added.
He also said: “The reform of fiscal management is also important. We also have to think about debt finance.”
He also said that the biggest lesson from Covid-19 is that vulnerability and equity are actually two sides of the same coin.
“Vulnerability resilient policies need to be formulated,” he added.
International trade will change after LDC graduation, adaptation strategies will have to be formulated with the changed situation, he added.
Rounaq Jahan, a distinguished fellow of the CPD said that Bangladesh has to set its priority on which h policies will get traction.
“We have to move technically on broad policies. Moreover, we have to think about the special vulnerability of women,” she added.
She also said that violence against women has increased significantly during the Covid-19, Bangladesh has to find out the reasons behind it.
Rehman Sobhan, chairman of the CPD, marked the closing speech of the event.
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