The economy of the country is currently at its weakest compared to any other time in history, claimed Deputy Leader of the Opposition in Parliament, Barrister Anisul Islam Mahmud.
"From my long experience in politics and as a member of parliament, I can say that the economy has never been weaker than it is now," Mahmud said at the "CPD Budget Dialogue 2024" event in the capital on Wednesday.
He further said, "At a time when the country's economic capability needed to be at its peak to ensure major adjustments before graduating from the list of least developed countries, the weakness has become prominent."
Due to the crisis, the main question now is not whether macroeconomic stability will return. "Instead, the question is whether the economy will sustain under this pressure," he added.
Criticising the decision to legalise black money by paying only 15% tax, CPD's Executive Director Fahmida Khatun said, "This will encourage corrupt individuals. Honest taxpayers will be discouraged."
Labelling the opportunity to legalise black money as "state sponsorship of cheating," Mahmud said, "Even money earned through theft, robbery, and murder is being allowed to be legalised. Previously, the Anti-Corruption Commission had the authority to question this, but now this power has been taken away. Whose interests are being served by this?"
"Will the economy become strong by encouraging theft? Will those who steal bring money for the country's development? If this continues, I will avoid paying taxes this year and take the opportunity to pay 15% tax next year," he said.
Former Planning Minister M A Mannan emphasised the necessity of proper judgment and analysis regarding budget allocations, saying, "There is a need for courageous judgement and analysis regarding the necessity and benefits for the public."
Noting that inflation in the country is primarily due to GDP growth, the former minister said, "If growth is sacrificed, the standard of living will decrease. Even many large economies have gone through the same path."
Dewan Hanif Mahmud, editor of Bonik Barta, believes that controlling rent-seeking and ensuring efficiency can reduce government expenditure, particularly subsidy pressures.
"Due to efficiency in India's power management, the wholesale price of electricity per unit is slightly more than five rupees. In contrast, due to inefficiency in Bangladesh, a significant portion of subsidies is spent on this sector," he said.
He also remarked that the cost of implementing infrastructure projects in Bangladesh is higher than in many neighbouring countries due to rent-seeking.
"According to the finance ministry's estimates, 40% of the economy was informal in 2012," he noted, advising re-estimating this size and bringing it into the mainstream economy while addressing inconsistencies in various government agencies.
