Global economic woes

TIB bats for formation of advisory committee

| Updated: May 24, 2022 20:39:37

TIB bats for formation of advisory committee

The Transparency International Bangladesh suggests formation of an independent economic strategy advisory committee to find ways to address the potential fallout from an unfolding global economic crisis.

The panel will also advise the government authorities concerned to help continue the commendable economic performance achieved so far, it says.

The call comes against the backdrop of the impending global economic crisis triggered by the Covid-19 pandemic and the ongoing Russia-Ukraine war.

In a statement issued on Friday, TIB executive director Dr Iftekharuzzaman says, "At a time when the world has already been struggling hard to cope with Covid fallout, the Russian invasion of Ukraine has exposed the global economy to an unprecedented crisis."

The looming crisis includes collapse of the global food system that threatens a worldwide rise in hunger and famine, he adds.

It is obvious that Bangladesh cannot remain immune to economic challenges and uncertainties as demonstrated by the prime minister's call to exercise austerity and explore other means to this end, he cites.

No doubt the government will do everything in its capacity so that Bangladesh not only successfully confronts the crisis, but also the commendable performance in terms of growth and socio-economic indicators remains on course.

Dr Zaman says, "In this extraordinary context, we're calling upon the government to form an independent Economic Strategy Advisory Committee to complement and strengthen efforts… to address the potential economic crisis and ensure continued enviable economic performance achieved so far."

He draws attention to the ever-increasing socio-economic fallout of climate change that has been severely exacerbated by the twin evils of Covid and Russian incursion into Ukraine.

Dr Zaman says international experience shows evidence that in such crisis situations, challenges of economic and financial management in nearly every country are exacerbated by deeper and wider spread of governance deficit, corruption and illicit financial transfers including money laundering which contribute to increased poverty, marginalisation and deprivation of fundamental human rights.

In this context, according to the statement, strategic guidance from the proposed independent committee consisting of nationally and internationally reputed Bangladeshi economists, financial experts and other relevant social scientists will add a great value to the government's efforts.

The main task of the committee can be strategic guidelines on how Bangladesh can escape and minimise adverse effects of global crisis in short and medium terms, it mentions.

At the same time, it should ensure that the lofty goals of the Perspective Plan 2021-2041 remain on course like the status of high middle-income by 2031 and high income by 2041 alongside the specific targets of eliminating extreme poverty by 2031 and achieving zero poverty by 2041.

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