DHAKA, Dec 30, 2023 (BSS) - 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 today.

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.

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."