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Dhaka Tribune

A call for some stability

It is imperative for social safety nets to be strengthened to protect vulnerable populations

Update : 31 Oct 2023, 12:48 PM

Bangladesh, like many other nations across the globe, is currently facing economic headwinds, notably inflation and economic shocks that threaten the livelihoods of its citizens. With the current political instability and with general elections only a couple of months away, it is crucial for our policymakers to act decisively to stabilize the economy by enacting appropriate policies that protect the well-being of the people.

Inflation is a persistent issue that has been gradually eroding the purchasing power of our citizens. The rise in the cost of essential goods and services is placing an increased burden on households. This inflationary pressure disproportionately affects low-income families, making it difficult for them to make ends meet.

Stabilizing the economy not only necessitates a multi-pronged approach, but also prioritization. While we are going through a particularly difficult period, the right investments, in agriculture and infrastructure that will pay dividends and not those that look good on paper, can go a long way towards ensuring food security.

Furthermore, we must be looking to diversify our economy and expand the manufacturing sector to reduce our dependence on a few key industries, making us more resilient in the face of economic shocks. Prioritizing small and medium-sized enterprises will also play a pivotal role.

Most importantly, it is imperative for social safety nets to be strengthened to protect vulnerable populations and ensure that these are reaching the right people. The same is true for the authorities attempting to reach provisions at low cost to those who need it most. Targeted subsidies and support programs can go a long way to mitigate the impact of inflation on low-income households.

By implementing appropriate policies that address inflation and economic shocks, we can protect the well-being of our citizens and ensure the bright economic future we are envisioning. Prudent economic management and inclusive policies are the need of the hour.

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