Kazi Zahidul Hasan :
Economists on Thursday welcomed ruling Awami League (AL) and opposition BNP for touching major economic issues in their election manifestos, among other issues.
They also praised the parties for promising to maintain robust economic growth, infrastructural development, with a focus on providing a suitable environment for job creation to open up opportunities for the youth to engage in gainful economic activity.
“I welcome both the parties for presenting the election manifestos that have covered most of the economic issues,” Dr AB Mirza Azizul Islam, former finance adviser to a caretaker government told The New Nation yesterday.
But he said, both the parties have made some lofty promises going beyond the economic reality.
Referring to their promise to drive the economy to a double digit economic growth, Dr AB Mirza Azizul Islam said, “It’s a welcome target but hard to achieve under the current investment scenario. We have to increase investment to GDP ratio at least 40 per cent from 32 per cent a double digit GDP growth. So, their pledge to achieve such a high growth is almost impossible in the prevailing investment climate.”
He further said that overall investment remains stagnant over the last few years due to lack of reforms and policy paralysis. But the manifestos lack clarity how investment will be boosted to support a high economic growth.
AL in its 2018 election manifesto titled “Bangladesh on March towards Prosperity,” promised to increase the GDP growth rate to 10 per cent (from 7.8 per cent at the moment) in the next 5 years if people voted to power.
On the other hand, BNP promised to push the GDP growth to 11 per cent in its election manifesto.
In their manifestos, both the parties also promised to bring back discipline in the ailing banking sector and rein in corruption amid public outcry over these issues.
“We appreciate their promise to address the current banking crisis. It is praiseworthy that they have finally recognised the emergency and promised to punish fraudsters and corrupt bankers,” said Dr AB Mirza Azizul Islam, adding, “Even they recognized the unemployment issues promising to create necessary jobs for the unemployment population.”
In manifestos, the ruling AL promised to create 102 million jobs and BNP vowed to create 100 million new jobs in the next 5 years.
When asked, Dr Mirza Azizul Islam,” Traditionally, parties are releasing manifestos ahead of polls to win minds of voters. But they did not deliver their key poll pledges after wining the polls. I hope this time the scenario will be reversed and the party, which will win polls race, will meet all its key electoral pledges.”
“It is good to see that major political parties announced electoral manifestos focusing on major economic issues,” Dr Salehuddin Ahmed, former Bangladesh Bank governor, told The New Nation yesterday.
However, he said, he said, on economic matters, the manifestos speak in general terms avoiding in depth plans and programmes to advance the economy. “They have made big promises to uplift economy and create millions of jobs, but those lack reality, concrete vision, and policy narratives how to achieve the goals.”
Dr Salehuddin Ahmed also said that both the parties have promised to increase GDP growth to 10-11 per cent in the next five years through increased investment in education, health and infrastructure. But does a high growth matters when inequality prevails in society? he questioned.
“We need qualitative development and sustainable and inclusive growth to reduce inequality and improve living standard of the masses,” he added.
Dr Salehuddin Ahmed also said that we have to introduce a host of policy reform to ensure inclusive growth.
Regarding parties stance on banking crisis, he said, ruling AL did spell little on the financial sector but BNP apparently took up it issue seriously promising drastic overhaul in all board of directors of the public bank and full autonomy in the central bank.
Dr Salehuddin Ahmed welcomed BNP for it’s pledges to make public the probe reports Bangladesh Bank reserve heist and appoint honest and efficient people in the boards of state-owned banks and financial institutions to prevent recurrence of share market and banking scams.
“Elections are a sort of commitment games, where voters opt for the candidates and parties whose policies and promises are most appealing. But I am not sure that wining party will fulfill its all the pre-election pledges as we they did no do so previously,” said Dr Salehuddin Ahmed.
