Ousted AL govt's GDP growth data was misleading: Debapriya
While drafting a white paper I observed that the previous government intentionally picked up two sectors--financial sector and the energy sector to loot the wealth, he says
Criticising the ousted Awami League government's portrayal of growth of the Gross domestic product (GDP), Debapriya Bhattacharya today (16 November) said misleading and manipulated data had been used to construct a false growth narrative.
"The GDP figures presented did not reflect the actual economic conditions. The growth figure was false," he said while addressing a policy dialogue on "Financial and Economic Reforms in Bangladesh 2024" at BRAC University in Dhaka.
The head of the committee for the white paper on the state of Bangladesh's economy also alleged that the Awami League regime politicised the data and information. "There was no private investment, but there was GDP growth. The tax-to-GDP ratio was not increased. They [AL] spent money to show visible development."
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Debapriya, also a distinguished fellow at the Centre for Policy Dialogue (CPD), said, "While drafting a white paper I observed that the previous government intentionally picked up two sectors--financial sector and the energy sector to loot the wealth."
"An anti-reform and corrupt alliance was created among the corrupt politicians, corrupt businessmen and corrupt bureaucrats to loot the state wealth," he added.
He claimed the previous regime has destroyed all the institutions which put the country under challenge.
The eminent economist also alleged that the central bank which was supposed to oversee the banking sector actually helped the looters to loot the banks.
He underscored the urgent need for economic stability, emphasising the importance of maintaining exchange rates and controlling inflation to sustain public patience for reforms.
"Without stability, achieving democratic transformation will also become challenging."
The dialogue, organised by BRAC University and moderated by Prof Mohammad Mujibul Haque, associate dean of BRAC Business School, concluded with multiple sessions that explored proposed reforms across various sectors, including banking, the stock market, and revenue collection.
