Our current political impasse is costing our economy dearly. According to forecasts by the World Bank, the IMF and ADB, the economic growth rate for Bangladesh will remain stuck at 5.7% because of our ongoing political problems. This rate is 1.4% lower than our government’s own projection.
Political instability does not necessarily translate into economic instability. However, when government action is seen to have tangible negative consequences on the economy, it is a clear sign that our leaders need to urgently rethink their priorities before our economy is sent into a tailspin.
Pushing the country to the brink is not in the national interest, but is motivated by selfish and short-sighted reasons. We think the actions of both political parties, and the fact that they have refused to move an inch from their original demands, suggest they are refusing to look at the big picture.
As a nation already dealing with energy and infrastructural crises, we simply cannot afford to have our situation aggravated because of petty political disagreements.
Countrywide shutdowns and general uncertainty severely disrupt day-to-day economic activity and long-term planning.
Worries over the volatile situation are already scaring off foreign buyers and hurting our exports in the garment sector. The same concerns are affecting business activity in other sectors as well.
Things cannot continue like this. The parties need to come together and reach a compromise for the sake of the whole nation and the economy. Such a resolution would be a step in the right direction.
