We want inclusive growth, not just growth
After the Covid-19 pandemic, countries around the world, even those in South Asia, have not been able to turn around in terms of growth, whereas Bangladesh is turning around.
In the time of Covid, our growth was low, but now we are overcoming it. The underlying strength of our economy is helping to achieve this growth. This is a good thing for our economy.
But we do not want just growth, we want inclusive growth – so that everyone gets its benefits. Our goal is to build an egalitarian society where there will be no poverty, there will be no deprivation. This was the goal of our Liberation War. But our poverty is not decreasing in line with growth. Rather, inequality is growing.
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The real picture of inequality is yet to come up. Because we are short of a lot of information. The country's household survey has not been conducted since 2016, through which the real income of the people comes up, and the rate of inequality is known.
But we know that inequality is increasing in society. Despite growth or increase in per capita income, income inequality, wealth inequality, education inequality, and inequality in health are not eliminated.
Inequality has deepened during the pandemic. Many have lost income due to the effect of the coronavirus. People have fallen below the poverty line. We are happy if growth increases or per capita income goes up but we cannot be completely happy. Because we have not yet moved towards being an egalitarian society.
No one can be left behind. The sustainable development goals coincide with our Liberation War. Growth is increasing but a section of the society is continuously lagging behind. The process of increasing inequality has been completed much faster due to Covid.
Per capita income does not see inequality, only average income. Therefore, if development takes place, the average per-person income will increase. But average per capita income is not a big deal. At the same time, our inequality will also have to be reduced.
Dr Mustafa K Mujeri is the former director general of Bangladesh Institute of Development Studies (BIDS)
Dr Mustafa K Mujeri talked to The Business Standard's Senior Staff Correspondent Saifuddin Saif over the phone
