B Mirror Report: Prime Minister’s Finance and Planning Adviser Rashed Al Mahmud Titumir has alleged that previous governments exaggerated GDP growth and economic size for political purposes, as the interim administration works to correct longstanding distortions in official data.
Speaking to reporters on Sunday after a meeting with the Revenue Collection Taskforce at the National Board of Revenue (NBR), Titumir said the economy inherited by the current government is deeply strained, with weak revenue performance and external shocks compounding the challenge of restoring macroeconomic stability.
“We have already started reforming the way past governments politically exaggerated GDP growth rates and the overall size of GDP,” he said.
Referring to the findings of the white paper preparation committee, Titumir said data had been manipulated across multiple sectors of the economy. “Once we determine the real size of GDP, the tax-to-GDP ratio will also become more realistic,” he added.
He further alleged that the previous government not only presided over large-scale looting but also manipulated fiscal records to present inflated revenue figures. “If you look into iBAS++, you will find that the revenue figures reported during their tenure do not match actual collection,” he said, referring to the government’s public financial management software.
Highlighting broader economic challenges, Titumir described Bangladesh’s economy as “devastated,” with a tax-to-GDP ratio below 7 percent—one of the lowest globally. He also cited external pressures from conflicts in West Asia and Iran as additional strains.
On revenue collection for the current fiscal year, Titumir expressed optimism that the government would achieve a stronger performance in the fourth quarter. “Our immediate objective is to secure a larger portion of the target in the next three months than comparable periods in the past,” he said.
He added that the government aims to surpass last year’s revenue performance and gradually raise the tax-to-GDP ratio toward 10 percent initially, and ultimately 15 percent by 2035.
NBR Chairman Md Abdur Rahman Khan was also present at the meeting.
