The recovery plan is aimed at taking the economy back to the December 2019 state
Dr Selim Raihan, executive director of South Asian Network on Economic Modeling (Sanem), on Thursday proposed a two-year recovery plan for the country's economy instead of the 8th Five Year Plan.
The recovery plan is aimed at taking the economy back to the December 2019 state, according to a press release.
Firstly, he suggested to delay the beginning of the 8th Five Year Plan by two years to 2022, as it seemed to be irrelevant at this point and needed to be revised.
Then he also urged to devise fiscal stimulus packages and monetary policies to support the RMG, other export-oriented and domestic-market oriented industries and SMEs.
"At this moment, the focus is only on the RMG, which is not helpful at all," the release added.
Dr Raihan also suggested to devise and extend social protection programs for a vast number of marginalized, near-marginalized and a large section of suddenly-vulnerable population.
The Sanem executive director also proposed undertaking some 'politically feasible' policy reforms in the areas of trade, tax, banking sectors, as well as exploring ways for generating resources (domestic and external) to support the fiscal stimulus and eased monetary policy measures.
He also wanted to suspend the least developed countries (LDC) graduation target by at least three more years.
Lastly, he urged the government to raise their voice at the global level to push the SDG target year from 2030 to 2035.