Editorial
Economics get a raw deal
When will politics become economy-friendly?
BANGLADESH seems out of tune with a global trend. Whereas development agenda of nation-states are gaining an upper hand over their internal politics, she is bogged down in politics. As a result, her economy is suffering. So, it hardly comes as a surprise that the Bangladesh Development Forum inaugural on Saturday alluded to it. The tone-setting opening ceremony was dominated by a donor recital of non-economic factors standing in the way of Bangladesh's realising her full potential. The impediments to development are: politics of confrontation, law and order slide aggravated by murders of political leaders and businessmen, political protection of criminals, endemic corruption and abuse of power, police failure due largely to partisan use of the force, and poorly functioning lower judiciary. So corrosive has been the impact of the non-economic factors in the last few months that, according to an ADB estimate, the growth rate projection of 5.7 per cent of the GDP will have to be revised downward to 5.5 per cent. By a World Bank's earlier reckoning, corruption ate up 2 per cent of the possible growth in Bangladesh. Imagine if the debacles in politics and governance had not happened, where would our growth curve be! We have drawn laudatory remarks for our positive macro-economic and social sector indicators. How much greater would the success be in such areas, if the non-economic factors had not intervened. Times without number, and government after government, politics has overtaken economics or, more precisely, it has been allowed to. However, keeping the BDF in front, the government is showing a great interest in getting the promised institutional reforms in place. For instance, a fast-track approach to anti-graft commission, Ombudsman's office, separation of judiciary from the executive is being taken now. Is it all for the benefit of the BDF, or is there a genuine desire here? Frankly, we cannot be sure. Needless to say, there has been a good deal of foot-dragging on the agenda so far. But on the pivotal question of ending confrontational politics which is the root cause for the economy being sidelined, no concrete commitment has been made nor is it available. The responsibility essentially rests with the ruling party to give a solution to the politics of stand-off. The opposition's space has virtually shrunk to a dead-end. The state machinery is being used to fulfil partisan agenda. Begum Zia's government will have to take a meaningful initiative to draw the opposition into a dialogue designed to end the highly conflictive politics.
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