There are differences between the government and the opposition even on the question of economy. The government claims that they have brought extensive development in the country, while the opposition says that the economy is on the verge of collapse. How do you see things as an economist?
When discussing the economy they all discuss different indicators. The government discusses an indicator. The opposition or economists discuss a different indicator. But we need to discuss it holistically. It is true that our infrastructure has developed and the size of the economy has increased. But quantity and quality are not the same thing. By the time we reach 2023, if we consider the rate of growth in education as the measure of development, it will not work.
We need to look at the achievements of education. If a student receives five years of education after going to school for 11 years, this would be a partial indicator. Think about the health sector. In 2012, the government decided to reduce per capita health care costs from 65 percent to 32 percent by the year 2025. But it had increased to 72 percent. We dealt with Covid well, but failed to control dengue.
If we analyze the overall economy, some indicators have reached worrying levels. For example, there are macroeconomic imbalances, the dollar crisis and the burden of foreign debt. As a developing country with less resources like Bangladesh, we have to demonstrate efficient spending. Due to inability to spend we are not able to achieve development and reach our desired goals. And look at economic indicators at the individual level. What do the long lines in front of TCB trucks prove? The general public is facing problems. The worrying thing is that like politics, there is no competition in the field of economy also. An imbalance has arisen.
The common people have kept the economy afloat. They try to change their destiny. Yet the state, government, politics do not respect them. They are not given priority in our economic policy planning. It is the preferred and advantaged class which is the initial priority. In many cases laws are made to prevent corruption. Earlier, only one member of a family could be on the board of a bank, now it has become more than three members. This sends a message to hardworking entrepreneurs that no matter how hard you work, only people in power will get attention. Such circumstances will attract neither local nor foreign investors. The second thing is that our policy makers are not able to emerge from the mentality of cheap labour. Unless they get rid of this obsession with cheap labour, Bangladesh will continue to run on cheap labour.
Per capita income is said to be $2500. But no one is telling what middle income is. You are making so much noise about the increased income of the upper 40 percent, but not saying anything about the lower 40 percent. Those representing the government are not accountable. If we have to realize a developed Bangladesh, a middle-income Bangladesh, there is a need for competitive elections and an accountable government.