Development exceeds forecast, but problems still remain: Economists
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard
SATURDAY, MAY 28, 2022
SATURDAY, MAY 28, 2022
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
Development exceeds forecast, but problems still remain: Economists

Economy

TBS Report
10 January, 2021, 10:55 pm
Last modified: 11 January, 2021, 11:51 am

Related News

  • Growth recovery and higher inflation: Intended and unintended outcomes of pandemic era expansionary monetary policies
  • No more loan moratorium for borrowers
  • Transition from the pandemic and beyond
  • ADB gives $150m to Covid-hit small ventures in Bangladesh
  • Strict monitoring, stern actions needed to reduce loan defaults

Development exceeds forecast, but problems still remain: Economists

Weaknesses like businessmen’s tendency to try to make excessive profit and not returning bank loans still persist

TBS Report
10 January, 2021, 10:55 pm
Last modified: 11 January, 2021, 11:51 am
Representational Image. Photo: Collected
Representational Image. Photo: Collected

A number of economists at the end of the last century made predictions about a huge development in the country's socioeconomic sector. The real development has indeed exceeded their forecast thanks to an unimaginable expansion of the private sector.

Despite the development, however, some weaknesses like businessmen's tendency of making excessive profit and not returning bank loans still persist after so many years, said a few of those economists at a dialogue on Saturday night.

Besides, limitations regarding poverty, inequality, growth, technology, modernisation and land have remained the same as before, said the economists at the third session, named "What is the Social Role of Economists?" of the ongoing dialogue titled "Ajker Agenda," organised by the research organisation Power and Participation Research Centre (PPRC).

Economists at the programme said due to the firm understanding of the pros and cons of socialism and capitalism, there was a lot of unity among economists before and after independence, but now the conflict among them has escalated.

Apart from that, economists are not able to join the movement on social issues like inequality and poverty as before due to professionalism.

Moderating the virtual event, PPRC Chairman Dr Hossain Zillur Rahman said five economists who joined the service after completing their formal education in economics in the 1970s participated in a discussion in 1998. The current dialogue with those economists compares that time with the present.

Hossain Zillur Rahman himself was one of those five economists. The others were Dr Mustafizur Rahman, Dr Sayed Akhtar Mahmood, Dr MM Akash and Dr Syed Hashemi.

Dr Rehman Sobhan, chairman of the Centre for Policy Dialogue (CPD) who participated in the discussion, said, "We keep referring back to the 1960s, which is a crucial issue. We have to talk about the relationship between economists and the political forces, which is a very important factor."

Dr Mustafizur Rahman, distinguished fellow at the CPD, said politicians sought advice from the economists in the 1960s, but now that practice has decreased.

He said the income gap between the top 5% and the bottom 5% of people has widened from 23 times to 133 times in the six years since 2010. Income inequality is increasing in society, as is consumption inequality. A powerful tool to reduce it is needed.

"The amount of default loans in the banks has been increasing. Economists can play a role in resolving the issue by forming a Banking Commission or by taking an initiative to raise awareness among people to force the Bangladesh Bank to take steps regarding the matter.

"In addition to that, some better initiatives can also be taken through debates regarding policies," Dr Mustafiz said.

But the reality is that economists are so involved in their profession that they do not have the opportunity to work as activists, he opined.

He also said, "Understanding among economists in the 1960s was quite good. All the good economists were together. Everyone was in favour of independence. Now the division is growing."

Dr Sayed Akhtar Mahmood, former lead private sector specialist of the World Bank, said, "Economists have specific responsibilities in terms of growth, poverty alleviation, employment, and supply of essential commodities. Economists would ask the society what they want. Again, they have the responsibility to give advice on what the society should want."

He said, "In 1998, there were some signs of improvement in the country's economy. There were signs of improvement in the ready-made garment industry. There was a tendency of not to repay the loan. The efficiency of privatisation and national institutions was being discussed. All these discussions are still going on."

He said, "There has been a great development in the private sector during this time. They work for profit. The policy of the government is to control the party working for profit."

He said, "There were many initiatives even 23 years ago. Then we had to say that all those initiatives did not materialise. The same thing has to be said after 23 years."

Dr MM Akash, head of Economics Department at Dhaka University, said, "In some cases the goal of all economists is one. SDG (Sustainable Development Goals) is an example of that. However, there may be disagreements over how the SDGs will be achieved."

He also said, "Earlier, socialism and capitalism were defined clearly. What was good and what was bad was defined. Now there are many differences among the youth. Now economists say one thing. Students listen to it and check with other subjects."

He further said, "In the pre-independence period there was no opportunity for the development of the middle class. As a result, there was not much discussion about them. Over time, a large middle class has developed. They are also in various discussions."

Hossain Zillur Rahman said, "Businesses in some popular sectors were monopolised by a certain class in the 1970s. Getting licences for some businesses was difficult then, and they are difficult now. "

Top News

Economic Rebound during pandemic / economic rebound / Covid-19 Economy / Covid-19 Economic Recovery / Pandemic Economy / economic problems / Loan Defaulting

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Photo: TBS
    After 72-hour ultimatum, health directorate goes after illegal medical facilities 
  • Photo: Bloomberg
    Direct shipping now to Netherlands 
  • The guy on the right just did a solid for the guy on the left.Photographer: Alex Kraus/Bloomberg
    Rishi Sunak’s helicopter drop makes the bank of England’s life easier

MOST VIEWED

  • British International Investment (BII) CEO Nick O’Donohoe. Illustration: TBS
    BII to invest $450m in Bangladesh in 5 years
  • Representational image. Picture: Pixabay
    Govt raises regulatory duty to discourage imports of 130 products
  • All banks have to sell dollars at same rate
    All banks have to sell dollars at same rate
  • Representational Image. Photo: Mumit M/TBS
    Govt to list products to suspend imports amid dollar crisis
  • BPC hunts for dollar to import fuel oil
    BPC hunts for dollar to import fuel oil
  • Changes in NBFIs’ deposit, lending rates in the offing
    Changes in NBFIs’ deposit, lending rates in the offing

Related News

  • Growth recovery and higher inflation: Intended and unintended outcomes of pandemic era expansionary monetary policies
  • No more loan moratorium for borrowers
  • Transition from the pandemic and beyond
  • ADB gives $150m to Covid-hit small ventures in Bangladesh
  • Strict monitoring, stern actions needed to reduce loan defaults

Features

Illustration: Freepik

Bangladesh is on the verge of destigmatising menstruation

2h | Features
Photo: Collected

The death of Davos?

8h | Panorama
A male Baya Weaver beating wings. Photo: Enam Ul Haque

Baya Weavers weave: ‘Must be witnessed to be fully credited’

12h | Panorama
Starlink is ideal in rural or remote locations where internet access has been unreliable or completely unavailable. Photo: SpaceX

Time for a reality check: How viable is Starlink in Bangladesh?

13h | Panorama

More Videos from TBS

Attorney General's suggestion to reduce case clutter

Attorney General's suggestion to reduce case clutter

2h | Videos
Russian forces take Liman city of Ukraine

Russian forces take Liman city of Ukraine

3h | Videos
JU food prices spike, students suffer

JU food prices spike, students suffer

3h | Videos
5% tax on poultry farmers earning above Tk10 lakh

5% tax on poultry farmers earning above Tk10 lakh

3h | Videos

Most Read

1
Bangladesh Bank GM, DGM’s designation changed
Banking

Bangladesh Bank GM, DGM’s designation changed

2
Corporates go cashless…tax cut on cards
NBR

Corporates go cashless…tax cut on cards

3
Photo: Courtesy
Panorama

Misfit Technologies: A Singaporean startup rooted firmly in Bangladesh

4
British International Investment (BII) CEO Nick O’Donohoe. Illustration: TBS
Economy

BII to invest $450m in Bangladesh in 5 years

5
Representational image. Picture: Pixabay
Economy

Govt raises regulatory duty to discourage imports of 130 products

6
Photo: Collected
Industry

Spanish recycled cotton producer opens new facility in Bangladesh

The Business Standard
Top
  • Home
  • Entertainment
  • Sports
  • About Us
  • Bangladesh
  • International
  • Privacy Policy
  • Comment Policy
  • Contact Us
  • Economy
  • Sitemap
  • RSS

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net

Copyright © 2022 THE BUSINESS STANDARD All rights reserved. Technical Partner: RSI Lab