Renowned economist Hossain Zillur Rahman, also the chairman of BRAC and executive chairman of PPRC, has identified the interim government's lack of effective engagement with the business sector as a major weakness.
In an exclusive interview with a national daily, he stressed the need for dialogue with those driving the economy and drew attention to Sri Lanka's success in managing inflation despite facing similar economic conditions.
Dr Zillur explained that high inflation in Bangladesh is not solely a result of the previous government's corruption but also reflects structural weaknesses in economic management. He cited the undue control of markets by oligarchs as a significant factor.
“The government is currently focused on macroeconomic indicators to curb inflation, but inflation management has two dimensions: Reducing inflation and ensuring income growth for citizens while stimulating the economy,” he said.
The economist noted that the interim government lacks robust engagement with the business community, which remains an evident shortcoming.
Responding to questions about the power of syndicates and oligarchs, Dr Zillur acknowledged their strong influence on the market. Referring to the recent surge in edible oil prices, he highlighted the need to curtail their control over key sectors.
He argued that regulatory authorities, including the central bank, cannot merely rely on interest rate adjustments.
"The market is controlled by a small number of oligarchs, but we should not generalise the entire private sector as culpable. Instead, discussions must be initiated with key economic players," he said.
He pointed to Sri Lanka as an example, noting its success in tackling inflation despite economic turmoil.
"Their experience demonstrates that controlling inflation is not an impossible task," he remarked, urging the government to actively engage with smaller market players and reduce the dominance of oligarchs.
Reflecting on the broader political context, Dr Zillur commented on the unity observed during the movement that led to Sheikh Hasina’s ouster.
However, he acknowledged emerging divisions within the post-uprising landscape.
“The consensus on rejecting autocratic governance remains intact. What is now needed is a shared vision for the future,” he said.
He emphasised the interim government's role in fostering unity among diverse political opinions, strengthening trust, and ensuring collaborative progress.
The economist outlined the critical need for three key stakeholders—the interim government, political parties, and civil society—to play active roles in achieving national consensus.
“People seek solutions, not blame,” Zillur concluded, underscoring the need for proactive measures to stabilise the economy and political environment.
