Unpacking the Economic Manifesto of the Awami League: Trends and Challenges for Tomorrow's Bangladesh

BIDS hosted a seminar titled "Unpacking the Economic Manifesto of the Awami League: Trends and Challenges for Tomorrow’s Bangladesh" on 24 March 2024 at the BIDS conference room. The seminar commenced at 10.30 am (BST) and concluded at 5.00 pm (BST).

Throughout the discussion, distinguished scholars from BIDS delved into pivotal subjects including Macroeconomic Stability, Fiscal Efforts, Agriculture, Industry, Education, and Health. These topics were addressed across two distinct sessions: during the first session, scholars addressed Macroeconomic Stability, Fiscal Efforts, and Agriculture, while in the second session, they focused on Industry, Education, and Health matters.

During session one, we had the privilege of welcoming Major General Abdus Salam, rcds, psc, (retd), MP, the Honorable Minister of the Ministry of Planning, Government of the People’s Republic of Bangladesh, as the chief guest. Additionally, Dr Mashiur Rahman, the Economic Affairs Adviser to the Honorable Prime Minister, Government of the People’s Republic of Bangladesh, graced the event as a special guest.

During session two, we were honored to have Mr Abul Hassan Mahmood Ali, MP, the Honorable Minister of the Ministry of Finance, Government of the People’s Republic of Bangladesh, as the chief guest. Additionally, Dr Tawfiq-e-Elahi Chowdhury, BB, the Power, Energy & MR Affairs Adviser to the Honorable Prime Minister, Government of the People’s Republic of Bangladesh, and Dr Kamal Abdul Naser Chowdhury, the Education and Cultural Affairs Adviser to the Honorable Prime Minister, Government of the People’s Republic of Bangladesh, graced the event as special guests.

The seminar started with an introductory presentation on “Economic and Social Trends: Challenges for Smart Bangladesh” by Dr. Binayak Sen, the Director-General of BIDS, who emphasized the necessity of achieving a tax-GDP ratio of 15-17% to align with middle-income status. He underscored the importance of addressing the internal revenue collection challenge, suggesting that Bangladesh should focus on attracting increased foreign direct investment (FDI) and adopt innovative approaches to understanding the geo-economics of FDI flows.

Following the overview, in the first session, Dr Monzur Hossain, Research Director at BIDS, addressed topics including Macroeconomic Stability, Inflation, and the Exchange Rate. Dr Syed Mainul Ahsan, Professor Emeritus at Concordia University, Montreal, and Visiting Professorial Fellow at BIDS, examined the Middle-income Tax Structure for Bangladesh, focusing on pertinent issues and challenges. Additionally, Dr M. A. Sattar Mandal, Professorial Fellow at BIDS, delved into Agrarian Change in Bangladesh, while Dr Mohammad Yunus, Research Director at BIDS, discussed Agricultural Growth and Rural Development.

As a discussant, Mr. Shekhar Dutta, a Member of the Drafting Committee of the Bangladesh Awami League Manifesto, Writer, and Researcher, offered his insights. He emphasized the need for alignment between politics and economics, stating that they should complement each other. Mr. Dutta further highlighted that economic crises can lead to political crises, posing significant long-term risks for the country.

At the end of session one, our Chief Guest, Major General Abdus Salam, rcds, PSC, (retd), MP, the Honorable Minister of the Ministry of Planning, Government of the People’s Republic of Bangladesh, shared his valuable thoughts on the country's progress. Our Special Guest, Dr Mashiur Rahman, the Prime Minister's Economic Affairs Adviser, underscored the importance of ensuring that election manifestos accurately reflect the needs of the masses. Additionally, former State Minister for Planning, Dr Shamsul Alam, advocated for retaining corporate tax rates within the range of 20-30% during the event.

During the second session, Dr. Kazi Iqbal, Research Director, BIDS, explored the theme of "Aspiration and Reality: Election Manifesto 2024 and the Industrial Sector." Dr. S.M. Zulfiqar Ali, Research Director, BIDS, focused on the "Quality of Education". Dr. Badrun Nessa Ahmed, a Research Fellow at BIDS, delved into the topic of "Educated Unemployment." Lastly, Dr. Md. Abdur Razzaque Sarker, Research Fellow at BIDS, examined the "Prospects and Challenges of Universal Health Coverage".

At the culmination of the speeches in the second session, Mr. Sabbir Ahmed FCA, a distinguished discussant and Member of the Drafting Committee of the Bangladesh Awami League Manifesto, delivered his remarks.

At the end of session two, our Chief Guest, Mr Abul Hassan Mahmood Ali, MP, the Honorable Minister of Finance, Government of the People's Republic of Bangladesh, said that Bangladesh would not experience economic turmoil like Sri Lanka. He highlighted the influx of new investments into the country and assured attendees that Bangladesh would overcome its current obstacles. Following Mr Ali's remarks, our Special Guests, Dr Tawfiq-e-Elahi Chowdhury, Energy and MR Affairs Adviser to the Honorable Prime Minister of Bangladesh, and Dr Kamal Abdul Naser Chowdhury, Education and Cultural Affairs Adviser to the Prime Minister, shared their perspectives. Dr Tawfiq-e-Elahi highlighted that Bangladesh had incurred losses of $14 billion over the past three years due to global oil price spikes, attributing these losses to various oil companies and exporters. He questioned the stability of an economy when a country's wealth is depleted in such a manner, emphasizing that the soaring fuel prices had significantly depleted foreign currency reserves.

During the event, Dr. Manzoor Ahmed, an emeritus professor at BRAC University, and Dr. MM Akash, a former professor at the University of Dhaka, shared their insights. Additionally, international scholars participated in the event via the Zoom online platform.

Finally, Binayak Sen, Director General of the BIDS, concluded the event.