4 days Ago
Details of the economic distress left by the Awami League's authoritarian regime are still surfacing as more instances of data falsification come to light. From inflating export figures to including luxury items in inflation baskets in order to manipulate the Consumer Price Index, few economic indicators could escape the misrepresentation that was designed to improve the regime's image. Dr Debapriya Bhattacharya, who heads the white paper committee on the economy, is the latest to join voices reinforcing concerns about the AL's inflated economic growth narrative, particularly its reported GDP growth rates.
At a recent event , he pointed out that the six to seven percent growth claimed by the AL government over the years doesn't align with the low private and public investment or the stagnant tax-GDP ratio observed during the same period. Recent media reports have exposed how a syndicate of officials at the Bangladesh Bureau of Statistics (BBS), under the then Finance Minister AHM Mustafa Kamal, fabricated data to paint a misleadingly rosy picture in line with the AL's growth and progress narrative. Beneath this dubious account, however, default loans surged more than 13 times in 15 years, and billions of dollars were laundered abroad.
While the regime's megaprojects reshaped the skyline, essential sectors like health, education and social services languished from low investment. According to Dr Bhattacharya, a pro-corruption alliance of certain businesspeople and politicians sprang up in the country, which led to the rise of oligarchs. He warned that reforms would not be possible if these oligarchs' grip on our banking and energy sectors and the capital market was not broken.
These words demand consideration as we try to move beyond AL's shadow. Thankfully, the interim government has initiated several positive measures to address the country's financial challenges and revive the banking sector, which was left on the brink of collapse. The government's plan to separate the National Board of Revenue's tax policymaking and tax collection wings is also a step in the right direction.
However, it is also very important that we reform our data collection, analysis, monitoring, reporting, and evaluation processes, as sound policymaking is not possible without proper data. Of equal importance is overhauling the BBS and other relevant agencies to prevent future data manipulation and politicisation. Moreover, the government should prioritise investment in this area to ensure accurate, comprehensive data from all sectors and social strata, enabling the crucial economic and social welfare reforms that Bangladesh urgently needs.
.
