Bangladesh is currently in the midst of an economic crisis, as a consequence of both the Covid-19 pandemic and the Russia-Ukraine conflict, which has left a number of countries across the world in severe economic distress.
As things stand, we are at risk of matters worsening, should we fail to address them thoroughly.
While the government has taken certain steps to seemingly mitigate the issues, and again, we should commend the authorities concerned for recognizing the issues at hand, there remain a number of factors that could potentially cause long-term damage to our economy.
According to experts, preventative measures, such as daily load shedding, can only provide temporary relief; in order to avoid further damage to the economy, more lasting solutions need to be concocted.
As such, it is important that the government takes the experts' advice into consideration, and directs their attention towards other long-term issues that continue to plague us and pose a real threaten to spiral out of control, such as institutionalization, revenue collection, and non-performing loans. It is only if we are treating the crisis at hand with the kind of urgency it demands will we successfully save ourselves from a fate as frightful as Sri Lanka’s.
Under current circumstances, given the immediate concerns of energy as well as inflation, our priorities should include exploring renewable energy options to tackle the impending energy crisis, while also ensuring a social safety net for the people, especially the low-income group, from the rising inflation.
Now is the time to work together to mitigate these concerns and avert further crises from shaking up the economy beyond repair. There is no doubt that Bangladesh has the right minds to avert any potential disasters. Only if we devise reliable, long-term plans can we truly aim to achieve the level of development that we strive for as a nation.
