Election campaigning for the national parliamentary polls has now reached its peak. Candidates are busy campaigning day and night, promising many things to voters. But what do the people of the country actually expect from an elected government? Political parties must seriously reflect on this question.
The driving force of any country is its economy. If the economy fails, the country itself cannot survive. Without employment, poverty reduction and a corruption-free society, people cannot live with dignity. A person feels secure only when they can live in peace and comfort on what they earn. Yet no government in the past has been able to meet even these basic expectations. As a result, public frustration and disillusionment have grown.
This election is being held in a very different context, and expectations of the new government are therefore much higher. To meet these expectations, the foremost priority must be economic recovery. Economic development does not mean only building infrastructure, nor does it mean the rapid enrichment of a small group close to power. True development means improving the quality of life for all citizens.
This task cannot be accomplished by the government alone. In Bangladesh, as in any country, economic development requires a strong private sector, a corruption-free administration and people-oriented policies backed by accountability.
Before deciding on future actions, the new government must clearly identify the problems that have weakened the economy in recent years. During the fifteen years of Awami League rule, the economy was marked by widespread corruption and plunder. With government patronage, the country became hostage to powerful syndicates whose influence extended across almost every sector. Control over most banks fell into the hands of these groups, allowing them to loot funds freely and siphon money abroad. From power generation to information technology, a small group plundered key sectors under political protection.
Monopolistic control gradually took hold of the private sector. Businesspeople and industrialists were compelled to show loyalty to the ruling party, as operating independently became almost impossible. Everything, from gas connections to investment approvals, depended on political considerations. Over the past fifteen years, enormous sums were transferred abroad. The banking sector descended into chaos, marked by defaulted loans and systemic abuse. Political intermediaries thrived on corruption and commission-based profiteering. While an image of development was projected to the outside world, deep structural damage was inflicted internally. The black economy expanded rapidly, and drug trafficking, arms trading and other illegal activities spread with political shelter. Accountability within the administration virtually disappeared.
Public anger over these issues erupted on 5 August 2024. After the fall of the Awami League, people hoped for genuine change and shared an aspiration to move the country forward. However, over the past seventeen months, the economy has continued on the wrong path. The interim government led by Prof Yunus failed to introduce inclusive policies for recovery and was unable to create a favourable environment for investment.
There have, however, been some positive developments. In the financial sector, particularly in banking, steps were taken to restore a degree of discipline, which deserve recognition. The merger of several insolvent banks was an attempt to bring order to the sector. Yet persistently high interest rates have created uncertainty and discouraged investors.
After 5 August, the deterioration of law and order caused severe damage to the economy. Many industrial establishments were attacked by mobs, with factories set on fire or looted. Businesspeople were harassed by being labelled allies of the former government. Extortion through false murder cases created widespread fear in the private sector. As a result, many entrepreneurs shut down operations. Bank accounts were frozen indiscriminately, and under the pretext of corruption investigations, numerous individuals were harassed. Consequently, many businesses closed and millions lost their jobs.
The government failed to restore confidence among private sector entrepreneurs or revive economic activity. The private sector remains stagnant amid fear and uncertainty. Exports have declined, while new investment and employment opportunities have failed to materialise. This loss of confidence among local investors has also discouraged foreign investment. Overall, the economic outlook is bleak. Remittances remain the only major lifeline, yet even labour exports have become more complicated. Several countries have restricted access for Bangladeshi workers, while little has been done to develop skilled manpower. Although some action was taken against fraud in manpower export, more than two hundred new licences were issued on political grounds, shifting control from one syndicate to another.
Despite limited efforts to prevent money laundering, there has been no meaningful success in recovering funds already sent abroad. Ordinary people are paying the price. Inflation has driven up prices, and survival has become increasingly difficult. It is against this grim backdrop that the new government will assume office. From the outset, it must address the economic crisis and remove uncertainty.
No matter who comes to power, they will have to take 10 immediate steps to revive the economy. These are:
- Restoring confidence in the private sector must be a top priority. Businesses should no longer be judged by political identity or past affiliations but by their contribution to the national economy. The culture of dividing entrepreneurs into “ours” and “theirs” must end, and business must be freed from political influence from the very first day.
- Improving law and order is equally essential. Security and stability are fundamental conditions for development. Without them, neither local nor foreign investors will commit resources. Continued violence and extortion will drive even existing businesses away, making it imperative for the government to ensure the safety of life and property.
- Corruption must be tackled decisively. Experience shows that every incoming government tends to create a new corrupt circle under its patronage. The new administration must act against genuine offenders rather than using anti-corruption drives to target political opponents. Without curbing corruption, economic progress is impossible.
- Recovering siphoned-off money is another crucial task. Effective and transparent measures must be taken to retrieve funds laundered abroad over the past fifteen years or more. This issue should not be exploited for political gain but addressed with determination and integrity.
- Financial institutions must be kept free from political interference. In the past, banks were controlled by those in power, with party loyalists appointed as directors and licences issued on political grounds. Loans granted on political considerations have largely become defaults. This culture must end.
- An investment-friendly environment must be created. Doing business in Bangladesh remains excessively difficult due to bureaucratic complexity, lengthy approval processes and hidden costs. High interest rates and harassment in obtaining energy and electricity further deter investors. These obstacles must be removed, and a genuine one-stop service introduced to make starting and running a business easier.
- Small and medium enterprises, which play a vital role in the economy, need targeted support. A supportive and enabling environment would allow them to expand and create employment.
- The administration itself must become business-friendly. Excessive red tape stifles initiative and creates unnecessary complications. Bureaucratic barriers that obstruct private sector growth must be dismantled.
- Greater support should also be extended to women entrepreneurs. Their participation in economic activity is increasing, and with appropriate training and assistance, their contribution can grow significantly.
- Finally, the export base must be diversified. Bangladesh remains heavily dependent on the garment industry, which is risky. There are many other sectors with export potential, including agriculture, pharmaceuticals and leather goods. With proper support, these sectors could earn substantial foreign exchange and reduce reliance on a single product.
If these initiatives are implemented sincerely, the economy can be transformed. Employment will rise, poverty will decline, inflation will ease and Bangladesh will move forward with renewed confidence.
Bd-pratidin English/ ANI
