Govt Drafts New Model for $1tn Economy by 2034

The government is developing a new economic framework aimed at steering Bangladesh through current financial challenges and transforming the country into a $1 trillion economy by 2034, focusing on investment, industrial revival, administrative reform and long-term agricultural development.

Prime Minister’s Adviser on Finance and Planning Professor Rashed Al Mahmud Titumir shared the plan while speaking at a roundtable titled “Budget 2026–27 in a Moment of Crisis” held at the CIRDAP International Conference Centre in Dhaka on Saturday.

“Our philosophy is ‘Bangladesh for All’. The new economic framework is being designed to ensure the benefits of growth reach every segment of society,” Titumir said.

He stressed that creating an investment-friendly environment is essential for sustainable economic recovery, calling for reduced bureaucratic complexities, equal opportunities for domestic and export-oriented industries, business-friendly policies and administrative reforms.

The adviser said the government is preparing a restructuring package worth around Tk60,000 crore to revive long-dormant industrial units, alongside efforts to generate employment and expand productive sectors.

On agriculture, Titumir said the sector must move beyond subsidy dependency toward long-term structural development through improved water management, modern farming methods and stronger rural economic systems.

He also highlighted the need to improve the effectiveness of spending in health and education, stressing that higher allocations must be accompanied by better service quality, accessibility and grassroots-level delivery.

At the discussion, Apex Footwear Managing Director Nasim Manzur called for tax reforms to encourage fresh investment and strengthen private sector growth, proposing a reduction in the corporate tax rate from 27.5% to 20%.

He also urged greater policy stability, modernisation of tax administration and improvements in airport warehousing facilities.

Researcher and rights activist Maha Mirza called for increased budget allocations for agriculture, arguing that stronger investment is necessary to improve food security and support rural development.

She emphasised the importance of agricultural mechanisation, storage infrastructure and union-level agricultural service facilities.

Speakers at the roundtable said the upcoming budget should be pragmatic and reform-oriented amid persistent inflation, sluggish investment, employment pressure and global economic uncertainty.

They also stressed the importance of modernising tax administration, promoting productive investment, ensuring good governance in the financial sector and maintaining long-term policy stability.