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Poverty is rising, employment shrinking and key social indicators in Bangladesh are deteriorating, says a presentation at an international meet in Dhaka about a setback on the national economic front and its spillovers.
Despite these negative trends, however, people of Bangladesh have not lost hope-something that is the country's most vital asset, or its inherent "resilience psychology," observes Dr Hossain Zillur Rahman, Executive Chairman of the Power and Participation Research Centre (PPRC).
He laments that although many things are happening in the country, the overall momentum or "speed" of progress is not increasing.
Dr Rahman's remarks are carried in his keynote presentation made at the second session of the meet titled International Conference on Economics, Business and Technology Management (ICEBTM 2025) held Friday at a city hotel.
Prof Dr M. Tamim, Vice-chancellor of Independent University, Bangladesh (IUB), presided over the session of the two-day conference organised by the School of Business and Entrepreneurship (SBE) of IUB.
Dr Zillur Rahman notes one-fourth of the national budget is now spent on interest payments, highlighting inefficiencies in public expenditure and persistent issues such as capital flight. He stresses the need for a deep-dive analysis to understand wherein structural weaknesses lie.
Identified in the keynote as four pillars of change that require urgent attention include quality education and skills development, new economic growth drivers, good governance, and political engagement.
Improving the overall quality of education, including soft skills, significantly enhances human capital.
All stakeholders-the state, market, and society-must work together to achieve meaningful progress, says Dr Rahman, stressing the importance of cultivating new growth engines.
For decades, Bangladesh has relied mainly on RMG and remittances. Now, sectors such as agriculture, IT, and pharmaceuticals have strong potential and require focused policy support to expand.
He notes that governance is often discussed narrowly, without examining how its positive impacts can be realised. Good governance is essential for accelerating economic momentum.
Bureaucrats often have "unlimited time", whereas entrepreneurs do not-because they must remain competitive.
The economist says professionals and entrepreneurs need to come together-not to form a political party but to act as an effective pressure group that can push political leadership to reform. This model has been successful in many countries, he says, but not yet in Bangladesh.
He deplores that business associations often behave like extensions of political parties rather than true industry bodies, and therefore fail to protect business interests.
Speaking as a special guest earlier at the inaugural session of the conference, Prof Dr M Tamim said inflation remained elevated in Bangladesh despite a contractionary monetary policy, and multiple factors beyond monetary measures are driving the pressure.
Speaking as guest of honour at the inaugural session, Syed Nasim Manzur, Managing Director of Apex Footwear Limited, notes that Bangladesh has a large young workforce that urgently needs employment opportunities.
"To create jobs, we need skills. Bangladesh is lagging far behind in AI. Geographically, we are important and labour remains inexpensive," he said.
Dr Hossain Zillur Rahman attended the inaugural function of the conference as chief guest. Special guests included Didar A Husain, Chair of the Board of Trustees, IUB, and Prof Dr Daniel W Lund, Pro-Vice-chancellor, IUB.
Prof Dr Raisul Awal Mahmood served as the honorary general chair, while Prof Dr Md Mamun Habib was the General Chair of the event. During the Industry Talk session, Syed Nasim Manzur said unemployment is emerging as a serious concern for Bangladesh.
Citing official data, he said the country's unemployment rate rose to 5.08 per cent in 2025, up from 3.66 per cent in 2024, marking the highest level in the past three years. Youth unemployment stood at 11.46 per cent in 2024.
To tackle the growing challenge, he stresses the need for creating large-scale manufacturing jobs in Bangladesh.
He has identified the new drivers of manufacturing as consumer durables, light engineering, mobile phones, pharmaceuticals, furniture, building materials, garments and shoes, food, fast-moving consumer goods (FMCG), and transport.
Another keynote speaker at the session was Dr Derek Westfall of Oregon State University, USA. The session was chaired by Prof Dr Jonathan Liu of Manchester Business School, UK, and Prof Dr Daniel W. Lund, Pro-Vice-chancellor, IUB.
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