Sunday, 17 October, 2021

Focus on effective planning and spending

Recovering measures from the aftermath of economic devastation of Covid-19 are worldwide phenomena. No country in the world remains unscathed by the onslaught of the pandemic. Despite being a densely populated country, where people live in very close proximity, death and infection rate in Bangladesh remained miraculously low compared to many developed countries due to a proactive government losing little time in taking the right decisions at the right time.

Timely decisions of lockdowns, partial opening of the economy from time to time, keeping educational institutions closed till mass vaccination arranged helped in keeping people safe during the pandemic.

The phenomenal resilience of Bangladeshi people in the face of natural calamities has long been a wonder for the world. A miraculous natural immunity of the Bangladeshi people which has confounded everyone also seemed to have protected the teeming millions from Covid-19 in villages and city slums.

Our forward thinking government is now looking ahead beyond the pandemic, planning for the best ways to recover lost grounds and more for the economy. Core issues like rapid recovery from Covid-19, growth acceleration, employment generation, rapid poverty reduction, broad-based strategy for inclusiveness, sustainable development, etc. are on the cards as per the authorities.

We may use the lessons which the pandemic has taught us including the need for prioritising healthcare, rural development and modernisation of our agriculture. Agriculture has proven to be the backbone of our economy throughout the pandemic, which enabled us to have a steady supply of essential food items within the buying capacity of the people. Future economic plans must include developing our agriculture to be more modernised and resilient to disaster and climate change.

We must also plan to improve the critical institutions which are vital to lead the country’s economy to reach an upper middle income status by 2031. In addition, there must also be focus on mitigating the impact of LDC graduation. Our education system must be reorganised with focus on employment generation instead of awarding degrees. We cannot afford to create unemployable educated persons who are a burden on their family.

Effective planning and efficient spending should be the focus for the country on the path of development for reduction of resource wastage and more effective implementation of state policies through aggressive monitoring and accountability.