Centre for Policy Dialogue (CPD) Distinguished Fellow Dr Debapriya Bhattacharya has underscored the need for a more careful, energetic and sensitive approach to addressing the economic situation of the common people if the interim government intends to achieve ambitious reforms and hold a successful national election.

"If you want to really have ambitious reforms in the future and if you want to have a fantastic national election at the end of the line then you need to look at the economic situation much more carefully with more energy and more sensitivity for our people," Debapriya said on Thursday.

The eminent economist made the remarks while delivering the keynote speech at the Distinguished Lecture Series: "The State of Bangladesh Economy: What Is To Be Done?" at Westin hotel, Dhaka.

The Bay of Bengal Institute and Cosmos Foundation jointly organised the event.

Cosmos Foundation Chairman and Bay of Bengal Institute Chairman Enayetullah Khan delivered the welcome speech, while Cosmos Foundation President Dr Iftekhar Ahmed Chowdhury chaired the programme. Ambassador (Retd) Tariq Ahmad Karim, Honorary Emeritus Adviser to Cosmos Foundation and President of the Bay of Bengal Institute, delivered the closing remarks.

Dr Debapriya, who also heads the White Paper Committee formed by the interim government, mentioned that while discussions with foreign colleagues, investors, development partners and market operators revealed enthusiasm for the government, concerns persist.

"But we have noticed a sense of worry among them. They are also worried about the continuity of their projects, they were worried about the continuity of some of the reform measures that were put in place and so I think it is important that we really give them the comfort level which it deserves in the future in order to take our things forward," he said.

Debapriya emphasised integrating these issues into the mid-term plan, the upcoming budget, and the development forum to deliver results over the next few months.

"It will bring back some certainty in the projections of the economy on how it is going to go forward," he added.

Debapriya cautioned that economic stability, along with law and order, is vital for reforms to succeed. "Because people will get very very very unsettled and uncomfortable, if they do not get the comfort in the market and in their security in their social lives in that way," he added.

In his welcome remarks, Enayetullah Khan paid tribute to those who sacrificed during the July-August revolution that shaped a new Bangladesh.

He said, "The white paper by Dr Debapriya will tell us what went wrong and also show us what will be right for the future. Under current circumstances-domestically, regionally and globally-assessing uncertainties is harder due to scenarios with unquantifiable probabilities and unforeseen consequences."

Despite these challenges, he noted that Bangladesh still holds great potential. "The young not only have the physical power to effect changes, as we witnessed during the July-August period, but also the intellectual capabilities to sustain the transformation," Khan said.

He observed that the perception of Bangladesh as a rising economy in Asia is not unfounded.

"But over time, we lost the urge to tap into our potential. Low wages, low interest, and low productivity in research and development have created a vicious cycle we are unable to escape from," Enayetullah Khan added.

He pointed out that poor governance has failed to create an appropriate enabling environment. "It has even prevented us from profiting from the preferential market access to trade and commerce afforded by the international community," he said.

"I am speaking about a new dawn. It gives us new opportunities to exploit our advantages in these changing times, while also renewing hope among our donors, investors, and trading partners around the world," Khan said.

Dr Iftekhar Ahmed Chowdhury, a former foreign adviser, expressed the hope that the government would give the report the attention it deserves and utilise it effectively for socio-economic benefits.

"Debapriya and his endeavours highlight democratic development by prioritising appropriate policy tools. The report addresses issues such as corruption, inflation, banking, growth, expenditure and inequality that affect every aspect of life," he said.

He also said that while economic growth is often described as a rising tide that lifts all boats, policymakers must consider those without boats at all. "All policies should be people-centric, with the interests of the people as the supreme priority," Dr Iftekhar added.

Debapriya described national data as the "Fifth Pillar of the State" and called for the protection of a national eco-data system.

"If we want to drive development of Bangladesh towards advancement, the existing lack of data, if this lacking cannot be mitigated, then the planning will not be right resulting in the non-up to the mark implementation," he said.

Debapriya said the Bangladesh Bureau of Statistics has to be established on a modern and scientific base.

"And it should be given protection, for that National Statistics should be seen as the fifth pillar of the state. And like the Election Commission and Public Service Commission it should be turned into a commission," the eminent economist said.

He mentioned that in the White Paper they have proposed to put that Commission to be accountable to the President.

Dr Mahfuz Kabir, Research Director of Bangladesh Institute of International and Strategic Studies (BIISS), and Parvez Karim Abbasi, Assistant Professor of Economics at East West University, participated in the discussion on the keynote speech.