'Economy cannot flourish sans political integrity'

Reform in Bangladesh is a hard task to do but an indispensable must-do to unblock economic advances from scams and coalitions of vested interests.

Economists and academics came up with such views Saturday while reviewing a book that highlights scandalous acts that had stymied potential economic progress of the country over the years.

Dr Debapriya Bhattacharya, Distinguished Fellow at the Centre for Policy Dialogue (CPD), stressed the urgency of reform to stem a repeat of the perennial crises, saying that reform in Bangladesh is a complex, and often uneven journey, but it remains indispensable.

"Policy improvement is rarely straightforward. It tends to be slow, fraught with obstacles, and often yields mixed results. Some reforms may be partial, others unfinished, and many may never materialise. Nevertheless, new reforms will always be needed," he said speaking at the launch of 'Economy of Scandals (Kelenkarir Orthoniti)', authored by noted economic journalist and Head of Online at Prothom Alo Shawkat Hossain Masum.

The event was held at the Dhaka office of University Press Limited (UPL), where other speakers also underlined the urgency of reform and spotlighted the predators that stand to the changes.

He notes that reform is not a recent phenomenon in Bangladesh. "Since independence, every government has engaged in some form of reform. Yet, today, some act as if reform is a completely new agenda."

Commenting on the commonly used slogan 'the country belongs to everyone', Dr Bhattacharya remarked: "In reality, it often feels as though the country belongs only to those in power. A truly responsible government must prioritise those who are excluded-those without voice, representation, or recognition."

He highlights the critical role of the media in building inclusive democracy. "It is the media that can help transform the invisible, the voteless, and the powerless into citizens with dignity and rights," he told the audience.

Praising the relevance of the book Economy of Scandals, he said it effectively brings to light numerous financial scandals that have influenced both public opinion and policy debates.

"During moments of national crisis, economists have often stepped up. Perhaps, one day, someone will chronicle the role economists have played in the country's journey," he added.

Turning to social protection, Dr Bhattacharya notes that while government safety nets now cover nearly 40 per cent of the population, the extent of this achievement should not be overstated.

"Much of this expansion took place under an authoritarian regime, largely aimed at manufacturing political legitimacy.

"Now we're seeing former beneficiaries being replaced with new ones, while 56 per cent of the vulnerable population remains excluded."

He criticised the government's recent budgetary priorities, noting a shift of funds towards open-market-sale food -distribution programmes at the expense of more effective and targeted schemes like family cards and direct cash transfers to the rural poor. "The people most in need-the rural poor-have received very little," he said.

In contrast, he pointed to the interim government's efforts to reduce inequality, which included more substantial allocations for marginalised communities. The latest fiscal year, by comparison, saw public spending favour the urban middle class-possibly as part of a broader political strategy to "regulate memory and manage dissent."

He warned of the dangers of weakened journalism. "When journalism suffers, so does civil society. And when civil society is weakened, democratic politics withers. Without political integrity, no sustainable economy can thrive," he opines.

The launch event also featured remarks from the author, Shawkat Hossain Masum, who discussed the motivations behind the book, rooted in his long career in economic journalism.

UPL Managing Director Mahrukh Mohiuddin delivered the opening address. Other speakers included Dr Selim Raihan, Professor of Economics at the University of Dhaka and Executive Director of the South Asian Network on Economic Modeling (SANEM), and Dr Sharmind Nilormi, Professor of Economics at Jahangirnagar University. The session was moderated by Radia Tamim, Adviser to the Global Center for Innovation and Learning.

Dr Raihan pointed to the presence of a powerful "anti-reform coalition" in Bangladesh-comprising political figures, business leaders, and senior bureaucrats-that continues to resist change.

He said the book would serve as a valuable resource for academics and policymakers alike.

Dr Nilormi lauded the book's accessible language. "It presents complex economic issues in a clear and engaging way, making it easy for the average reader to grasp," she said.

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