Debapriya Warns of Reform Fatigue Amid Economic Struggles

Speaking at a symposium titled ‘White Paper and Thereafter: Economic Management, Reforms, and National Budget’ at the Bangabandhu International Conference Centre (BICC) on Saturday, Dr. Debapriya cautioned that economic insecurity could lead people, currently in favor of reforms, to retreat from the process. “Without swift action, those supporting reforms today may step back due to growing economic uncertainty,” he said.

The distinguished fellow at the Centre for Policy Dialogue (CPD) and convener of the Citizen’s Platform for SDGs emphasized the urgent need to stabilize the economy, focusing on growth, employment, poverty reduction, and social security. “Currently, the country is divided over issues like elections and reforms,” Dr. Debapriya noted.

He called for comprehensive discussions on the upcoming national budget, highlighting issues such as slowing growth, insufficient private sector investment, and rising unemployment. “The growth rate is slowing, private investment is lacking, and employment challenges are escalating,” he explained.

Criticizing the interim government, led by Nobel Laureate Professor Muhammad Yunus, Dr. Debapriya pointed out the absence of a clear economic manifesto, making it difficult to assess the government's policy direction. “While some isolated steps have been taken, there's no coherent plan for a balanced and inclusive economy,” he said.

The economist also stressed the need for clarity on key issues like LDC graduation and support for vulnerable sectors. “We need to know how the government plans to address these issues and provide mid-term assistance to those left behind,” he added.

Additionally, Dr. Debapriya noted that the interim government is operating under a budget set by the previous Awami League administration, without presenting any revised budget. “This has rendered the previous budget’s indicators irrelevant,” he remarked.

The economist further criticized the lack of transparency in development projects, stating, “Without a clear policy to evaluate these projects, it’s difficult to assess their impact and feasibility.”