DHAKA, Oct 31, 2024 (BSS) - Eminent economist Debapriya Bhattacharya today observed that the government must balance the need for reforms to ensure sustainable development with the potential for economic repercussions if individuals, groups, or parties feel targeted.

“Although efforts to introduce reforms have started, political, administrative, and institutional hurdles remain,” he said while exchanging views with the Economic Reporters’ Forum (ERF) in the city.

In his speech, Debapriya, also the head of the committee preparing a white paper on the country's economy, said a lawless economy had emerged in the recent years and created a colossal nexus involving bureaucrats, ‘uniform-wearing bureaucrats’, politicians, and businessmen, which monopolized the relevant institutions and organisations to siphon off public funds for personal gains.

He said that systemic corruption that permeated various institutions in the previous government led to a misallocation of public funds and hindered development.

The public will now bear the consequences of this corruption, as the government spending has been inefficient and funds have been misappropriated and laundered abroad, he said.
"Despite the corrupt practices, a facade of development was maintained to deceive the public,” he added.

To sustain the corrupt system and maintain the illusion of development, he said authoritarian tendencies became necessary.

And that created the cyclical relationship of the nexus, he mentioned.

 However, the current political climate has provided an opportunity to break this cycle and implement reforms, he added.

The public policy expert said the scope, continuity, and pace of the government organisations will depend on how confident the government is when it comes to the economy and the level of comfort people are in.