• Monday, Sep 21, 2020
  • Last Update : 09:28 pm

Reforms are not the enemy

  • Published at 12:04 am November 12th, 2019
Web_Economic-Growth
Photo: BIGSTOCK

All of these fronts are in desperate need of policy reform, unless we want our economic progress to come to a sudden halt

One of the key reasons behind Bangladesh’s rapid economic progress over the last decade or so is the careful formulation and implementation of certain economic policies.

It is because of these policy changes that our country now stands as one of the most promising economies in the world -- with the potential to become the 28th largest economy in the world by the coming decade, at least according to PWC.

Given our standout economic progress, and our target of becoming a middle income nation within the near future, it is imperative that we make changes to our economic policies to keep up with shifting landscapes.

To that end, it is unfortunate that there are those within the government ranks who believe that reforms to economic policies stand to derail our current economic trajectory.

This is an entirely tone deaf attitude. It is because of careful changes and reforms to existing policies, in addition to the formulation of new ones, that Bangladesh has achieved its remarkable economic progress over the last few years.

With institutions such as our state-owned banks practically bleeding us dry due to the government’s incessant practice of propping up these loss-making entities, it behooves the administration to take a more careful look at the existing policies which lead to this.

Noted economists all over the nation have pointed out the numerous flaws and policy loopholes that exist within our export sector, import substitute local industries, tax policy, balance of payments, financial sector management, investment, education, migration, and skills development.

All of these fronts are in desperate need of policy reform, unless we want our economic progress to come to a sudden halt.

It is because of policy reforms, not due to their exclusion, that our economy has grown. The sooner the government realizes that, the better.

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