Renowned economist Dr Debapriya Bhattacharya on Monday said that the White Paper has been prepared through an inclusive and consultative process, departing from the conventional research methodology.
Though the draft report has been revealed, but the printed version of the report would be available within the next one and a half month after some editing, said Dr Debapriya at a press briefing held at the NEC Auditorium of the Planning Commission, marking the release of the White Paper on the state of the economy under the previous government.
Dr Debapriya, a distinguished fellow at the Centre for Policy Dialogue (CPD) and leader of the White Paper preparation committee, alleged that over the past 15 years, the country has transitioned from crony capitalism to kleptocracy.
He attributed this shift to three successive national elections that undermined fundamental democratic rights and eroded accountability mechanisms.
White Paper: Debapriya focuses on 2-year economic plan
Highlighting the key features of the report and the government's potential future actions, the eminent economist urged the government to make a public statement on its various operations and initiatives across different sectors.
Dr Debapriya stressed the importance of the next six months, recommending that the government present a clear plan for economic management ahead of the upcoming national budget.
The distinguished economist proposed outlining anticipated inflation levels, foreign currency reserves, and interest rates amidst ongoing reforms in various sectors.
Debapriya also called for a mid-term strategy focusing on investment, employment generation, education, healthcare and social safety nets.
Commending the interim government’s decision to withhold the 8th Five-Year Plan, Dr Debapriya described the proposed projects as unrealistic and impractical, necessitating an authentic evaluation.
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He also urged the government to provide a comprehensive account of its activities over the past four months, a detailed working plan for the next six months, and a two-year operational outline.
Addressing Bangladesh’s progress towards LDC graduation, Dr Debapriya noted that the country meets all the necessary criteria and sees no justification for delaying the process, scheduled for 2026. He encouraged stakeholders to abandon the mindset of relying on preferential market access indefinitely.
Bangladesh’s capacity, qualifications, and size make it unsuitable for remaining within the LDC category, he said.
When questioned about the sectors most affected by corruption over the past 15 years, Dr Debapriya ranked the banking sector as the most impacted, followed by infrastructure, energy and power, and ICT.
Prof Dr Mustafizur Rahman, another distinguished CPD fellow, warned that future generations would bear the consequences of widespread corruption, particularly in mega projects.
Dr Zahid Hussain, former lead economist of the World Bank, cautioned that Bangladesh is facing the challenges of a middle-income trap. He suggested macroeconomic stability, policy reforms, and institutional accountability as pathways to overcome these hurdles.
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Prof Dr Selim Raihan of Dhaka University’s Department of Economics underlined the need for sustained reforms in critical sectors to support economic recovery and boost private sector investment.
He also criticised the last three general elections as flawed, arguing that they undermined democratic institutions.