Bangladesh’s economy is currently in a 'deeply depressed' state, and fixing it will be the country’s biggest challenge in the days ahead, said Investment Corporation of Bangladesh (ICB) Chairman Abu Ahmed on Monday.

“Right now, the economy is in a very depressed condition--this is not a sustainable way to run an economy. The biggest challenge for Bangladesh going forward will be to pull the economy out of depression,” he said.

Speaking at the 12th ICSB National Award ceremony at a city hotel, Abu Ahmed said when he took charge of the state-owned ICB, the institution was in a fragile condition and still has to rely on government financial support to operate.

“This is not just the picture of ICB. The entire economy of Bangladesh has slipped into depression,” he said.

He alleged that for years, loss-making institutions were portrayed as profitable ones, budgets were inflated and revenue collection was shown as satisfactory through exaggerated and misleading data.

“We are now paying the price for providing wrong information about the economy. The main task of future governments will be to revive the economy and steer it in the right direction. Any attempt to hide the current economic reality will push the country towards even greater danger,” he warned.

Bangladesh Bank approves Tk 3,000 crore low-interest loan for ICB

Referring to Bangladesh’s growing debt burden, the ICB chairman said the country has fallen into a debt trap, with external debt nearing $110 billion, compared to less than $50 billion a decade ago.

“This can no longer be allowed to increase,” he added.

Abu Ahmed expressed optimism that if transparency is restored in economic management, all sectors of the country will gradually recover.