Bangladesh economists good at expressing fears: State Minister

PBC News:  The economists of Bangladesh are very good at expressing fears, State Minister of Planning Shamsul Alam has said.

“We have to read foreign newspapers and magazines, research of other countries to hear about the success of our country. We have to listen about our success from economists Kaushik Basu and Amartya. It is unfortunate but true, we did not hear about the development of the country from the economists of our country. Traditionally, our economists are very good at expressing fears,” said the state minister.

He made the remarks on Sunday while addressing a discussion titled “New Challenges in the Economy of Bangladesh” at ERF auditorium in Dhaka.

Criticising the economists, the state minister said, “The economists of our country say that this will not happen and that will not happen. It will be failed, that will be failed–I have heard these things. Our economists are respected scholars and intellectuals. Traditionally, they are very good at expressing fear.”

He further said, “They made negative remarks about the Padma Bridge as they are good at expressing fear. They made prediction that 5 lakh people would die from Covid. In reality, it didn’t happen.”

About inflation risk, Shamsul Alam said, “Inflation will not go above 10 per cent. But the inflation rate rises a slightly in October as there is no paddy harvest during this time. The production of vegetables decreases.”

The state minister expressed hope that inflation rate in Bangladesh will come down in upcoming days.

About economist Ahsan H Mansur’s prediction that inflation may be 10 percent in September, he said, “We do not take economists’ fears as seriously. The reason for not giving any importance is that when we finalised the Eighth Five-Year Plan, an economist writes that 5 lakh people may die as the government kept the market open and did not impose lockdown. Did it happen?”

Some said that the implementation of Padma Bridge means economic disaster, and the mega project should be scrapped, said the state minister adding that “We have not heard from any economist that Bangladesh is becoming developing country, we got to know about it from foreign journals.”

“No economist has said that Bangladesh will change from a low-income country to a middle-income country. However, I heard that 30 to 35 percent of the country will be poor during Covid. Did it increase?

Among others, Policy Research Institute of Bangladesh executive director Ahsan H Mansur, BKMEA executive president Mohammad Hatem, Metropolitan Chamber of Commerce and Industry former president Nihad Kabir and Economic Reporters’ Forum President Sharmin Rinvi addressed the programme.

The programme was conducted by Economic Reporters’ Forum general secretary SM Rashidul Islam.