Written by The Banking Post
The General Economics Division is set to roll out a five-year reform and development framework through 2030, aiming to stabilise the economy first and then accelerate growth.
Finance and Planning Adviser Rashed Al Mahmud Titumir said the initial phase will prioritise economic recovery, with stabilisation efforts targeted within the next year. “The full framework will then move towards reconstitution and growth acceleration,” he told reporters after a consultation meeting in Dhaka.
He said the government plans to shift away from overly optimistic, number-driven planning towards a more realistic and forward-looking approach. Future plans will be aligned with ground realities, with clear implementation strategies and accountability mechanisms.
“We are reviewing gaps between targets, data and actual outcomes. Future plans must be practical and reflect people’s needs,” he said.
A key pillar of the new strategy will be what he described as the “democratisation of the economy”, ensuring broader participation and inclusiveness in planning and policymaking.
On food and energy security, the adviser said the government is considering building strategic reserves to cushion future shocks, alongside boosting domestic gas output and strengthening overall energy resilience.
He also emphasised the need to rethink industrialisation, with greater focus on competitiveness and productivity. Recent data showing a decline in industrial output is a concern, he noted.
Highlighting structural challenges, he pointed to inequality and quality gaps in education and healthcare, warning of declining learning outcomes. These issues, he said, are unfolding amid a stressed economy and a difficult global environment.
On employment, Mr Titumir said Bangladesh aims to become a trillion-dollar economy by 2034, but stressed that job creation must take priority over headline growth. He noted that past growth has often failed to generate sufficient employment, while unemployment among youth, women and graduates is rising.
He also flagged mounting pressures on micro, small and medium enterprises, and said the stock market has yet to fully recover from post-pandemic irregularities that hurt small investors.
Underscoring transparency, he called for greater public access to information and stronger accountability. “People should be able to assess performance based on available data,” he said, adding that openness will be central to the new planning framework.
