Need to consider if economists exaggerating country’s economic crisis: State minister

The state of the country's ongoing economic volatility needs to be carefully assessed as economists might have exaggerated the crisis, State Minister for Planning Dr Shamsul Alam said today expressing scepticism regarding concerns raised by experts.

"If GDP growth is low, it might be categorised as an economic crisis. However, we do have GDP growth. Therefore, it cannot be definitively stated that we are currently experiencing an economic crisis," he said while speaking at an event in the capital today (18 September).

"It is worth noting that GDP growth did slow down during the Covid-19 pandemic, which could be described as an economic crisis," he added.

The state minister made the remarks at an event on "Exploring Sustainable Energy Pathways: Focusing on Cost-Effectiveness and Green Budget" organised by South Asian Network on Economic Modeling (SANEM) at Hotel Amari in Dhaka.

He also said, "Many people allege that there has been looting in the power sector. The government subsidises the power sector, so how can there be looting?

"Depriving someone of their just money by not paying their dues is called looting. None of that has happened here, so words like looting should not be used."

The state minister added, "Prime Minister Sheikh Hasina is leading the power sector. Is there anyone more qualified than her?
So, it is not appropriate to say that the power sector needs strong leadership."