No alternative to decision action to correct the economy

Bangladesh's economy has been grappling with persistent high inflation for some time now, and combined with the slower-than-expected economic growth, should be raising alarm bells that all is not well and that we are not hitting the markers we require for us to fulfill our ambitions in the short-term and the long-term.
If allowed to persist, these issues could not only erode the nation's macroeconomic stability but further threaten the livelihoods of the citizens, particularly the poor and low-income segments.
Inflation, which hovered around 10% in 2023, shows little sign of abating, which is a disappointment particularly as global inflation rates continue to normalize. While acknowledging the current global instability, our delayed response in implementing corrective measures has certainly exacerbated the situation, reports DT.
Moreover, the projected GDP growth rate for the 2023-24 fiscal year, ranging from 5.6% to 6%, falls short of the government's ambitious 7.5% target and indeed the country's average growth rate over the past decade. This slowdown in economic expansion not only raises concerns about job creation, in turn affecting poverty alleviation, but can have a severely detrimental impact on investor confidence and thereby the overall trajectory of Bangladesh's development aspirations.
What is the need of the hour is an unwavering political commitment to addressing these issues with good governance, which starts with acknowledging the issues in the first place. This needs to be followed by strong institutional capacity and a willingness to confront the issues that perpetuate, together with the reasons for the status quo.
It bears repeating that failure to act decisively is not an option, and will not only jeopardize Bangladesh's immediate economic progress but also undermine its aspirations of becoming a prosperous, developed, and smart nation by 2041.