Bangladesh Targets $1 Trillion Economy by 2034

Bangladesh is preparing short-, medium- and long-term plans with the goal of transforming the country into a $1 trillion economy by 2034, said Rashed Al Mahmud Titumir, the Prime Minister’s Adviser for Economic and Planning Affairs.

He said the government wants to move away from a debt-dependent and patronage-based economic model and build an economy driven by production, investment and employment.

The government is also focusing on creating a more investment-friendly environment by addressing nepotism, inequality and institutional weaknesses, he said.

Titumir made the remarks on Saturday at a national roundtable titled “Connecting Knowledge, Policy and Practice for Better Governance,” organized to mark the formal inauguration of the Centre for Governance Studies (CGS) at Daffodil International University’s campus in Birulia, Savar.

The event brought together teachers, academics, researchers, policymakers, development professionals, journalists and other professionals.

Titumir said Bangladesh must expand opportunities for production and investment to place the economy on a sustainable footing.

He said the government was implementing plans to reduce public suffering caused by the power sector crisis. At the same time, work was underway on a range of short-, medium- and long-term plans, including five-year development plans.

“The state system has become riddled with nepotism and inequality,” Titumir said, adding that a culture of favoritism and patronage had developed in almost every sector of Bangladesh, from energy to other areas of the economy.

He said this had contributed to rising unemployment and widening inequality. The aspirations expressed during the July movement also reflected public opposition to inequality, he added.

Reducing inequality, ensuring social justice and creating opportunities for wider participation will therefore require strong and accountable institutions, Titumir said.

He argued that the fact that rulers had been forced to flee demonstrated that the country’s institutions had collapsed.

According to Titumir, governance essentially involves three interconnected areas: power, policymaking and policy implementation.

However, he noted that even when institutions produce technically efficient outcomes, those outcomes may not necessarily be socially inclusive. In a country such as Bangladesh, he said, the question of inclusion is particularly important.

Titumir also emphasized that institutions are not limited to laws, regulations or organizational structures. They also encompass customs, practices and values.

Research should therefore examine both formal and informal institutions, he said. He also called for research into the characteristics of the country’s past “fascist” period to help chart a path toward a Bangladesh based on the aspirations of the Liberation War, equality, human dignity and social justice.

The economic and planning adviser said the country’s institutions had been severely weakened and that accountability had not been ensured.

While economic conditions are important, he said, institutions are the most crucial factor.

He stressed the need to examine fundamental questions such as whom institutions serve, who makes the laws, who benefits from those laws and who has the power to change them.