70% of Bangladesh’s economic achievements come in last 15 years

Seventy percent of the economic development or economic growth in independent Bangladesh has been achieved over the last 15 years thanks to the socio-economic and political stability of the Awami League government under the dynamic leadership of Prime Minister Sheikh Hasina.

During this period, the gross domestic product (GDP) of the country increased to $465 billion from $90 billion. Over this 15-year period, a massive transformation has taken place in the country's economy, said speakers at a discussion meeting on Saturday.

They said to take ahead this prosperity further, the post national election government would have to implement a good number of bold reforms to strengthen discipline in the financial sector, which includes controlling inflation and reducing income inequality, reports BSS.

The speakers came up with the remarks at a discussion meeting titled "Inclusive Development in Bangladesh: Challenges and Prospects" held at the capital's Jatiya Press Club today.

Economic daily 'The Business Eye' organized the discussion.

Presided over by Farida Yasmin, the editor of The Business Eye and President of Jatiya Press Club, former chairman of Palli Karma-Sahayak Foundation (PKSF) and prominent economist Dr. Qazi Kholiquzzaman Ahmad, former State Minister for Planning Dr Shamsul Alam, former governor of Bangladesh Bank Dr Atiur Rahman, President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Faruque Hassan, senior vice president of Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Amin Helali, Economist Dr. Jahangir Alam, Journalist Ajit Sarkar spoke, among others, at the discussion.

The program was moderated by Global TV CEO journalist Syed Ishtiaque Reza.

Highlighting the progress of Bangladesh in different socio-economic indicators over the last 15 years, former central bank Governor Dr Atiur Rahman said, "Almost 70 percent of the growth in the country's economy in its over 50-year journey has been achieved over the last 15 years. During this time, the GDP of Bangladesh increased to $465 billion from $90 billion. Apart from this, there has been unprecedented development in economy and social indicators including reduction of poverty, increase in per capita income, reaching electricity in every households, and in employments of women."

He said that the main reason behind this social and economic development was social and political stability. He commented that it has been possible to implement mega projects in the country due to the stability of the macro economy.

The former Bangladesh Bank Governor thinks that a structure of inclusive economy has already been established in the country which the post-election government should have to carry forward.

The eminent economist said that the current challenges of the economy have been highlighted largely in the election manifesto of the Awami League while Prime Minister Sheikh Hasina has made it clear what can be done to face those challenges.

For example, he mentioned steps to control inflation including lowering interest rates, increasing supply of goods, making market-based foreign exchange rates, and strengthening further social security programs.

In addition to this, he referred to the announcement of taking tough steps to strengthen discipline in the financial and banking sector.

Dr Atiur thinks that if the prime minister is re-elected and thus could implement these election pledges, then the financial sector would be much more disciplined while it would be much easier to deal with the challenges including inflation.

Former chairman of PKSF Dr. Qazi Kholiquzzaman Ahmad said that in the last 15 years, Sheikh Hasina's government has managed to implement many things of Bangabandhu's philosophy of "Bringing smiles to the faces of helpless people" while financial and social disparity has also reduced.

But, he emphasized on education, healthcare and training to reduce inequality and disparity in true sense.

Dr Ahmad said disparity cannot be reduced with financial support alone, rather opportunities should be created for the underpreveiledged communities.

He opined that by providing necessary education, health and training for these lagging behind communities, they would be able to seize the opportunities. The noted economist also commented that disparity would then decline in a speedy manner.

Dr Ahmad also advised the post-election government to show zero tolerance against corruption and vested quarter adding that then it would be much easier to face the challenges of the financial sector.

Former State Minister for Planning Dr Shamsul Alam said that the well- thought-out steps of the government have transformed financial and social development.

With the increase in per capita income, Dr Alam said electricity has been reached to cent percent households. He also emphasized on developing a progressive income tax system to reduce income inequality.

BGMEA president Faruque Hassan said due to the government's policy support and the combined efforts from workers and entrepreneurs, the country's garment industry has been able to build a solid foundation.

"Today, we're exporting garments worth $45 billion. However, share of Bangladesh's garment items in the global market is only 7.89 percent, which means that there is a huge potential in front of us."

He also emphasized on trade facilitation to tap this potential.

Farida Yasmin in her speech praised the various achievements of the Awami League government over the last 15 years. She also lauded highly the election pledge of Prime Minister Sheikh Hasina to curb crimes in the financial sector adding, "Hopefully the government will implement this pledge."