Speed of development slowed down

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Speed of development slowed down

Commonwealth economist Adnan says in public lecture

BM report

The speed of real development of the economy in Bangladesh has been slowed down in the current decade, said an internationally renowned economist.

“The speed of development in Bangladesh has decreased slightly in the last decade, with rates of poverty reduction and employment growth having decelerated,” said Dr. Adnan Khan, Chief Economist of the UK Commonwealth and Development Department’s (FCDO) Department of Economics and Evaluation.

While delivering a public lecture in a city hotel on Tuesday, organized by the Policy Research Institute (PRI), Adnan pointed out that exports have declined as a percentage of GDP, with a discomforting increase in foreign debt and a decrease in forex reserves. The list of Made in Bangladesh exportable products needs to be enlarged and diversified soon, he suggested.

High inflation in Bangladesh for more than a year is also not a good sign, he said.

Bangladesh must increase its government revenue to ensure quality services to the people, he said. “The GDP tax ratio here is so low to fit with that of a middle-income country,” he noted.

Mosiur Rahman, the Prime Minister’s economic advisor, was the chief guest at the function presided over by PRI Chairman Zaidi Sattar.

On low tax turnover in Bangladesh, Masiur said that administrative reasons are more responsible than political reasons for the non-increase in tax collection.

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