It is now well recognized in multi-faucets that the economic growth of Bangladesh has averaged more than 6 percent over the last decade. Accordingly the country now is moving ahead with vision to advance Bangladesh as a developing country by 2021. Does it interpret "Sonar Bangla", dreamt by the Father of the Nation?
Answer to the question posed is "YES". This is because today here people, with no political-bias, agree with and witness the ongoing projects namely Padma Bridge, Metro Rail, Country-wide efficient Highways and ongoing efforts on becoming high-value knowledge-intensive society, besides apparel manufacturing. On top of this, the economic-development data statistics shows upward trends of remittances and exporting electronic products etc in many countries. This all speaks to a quiet transformation, which has presented a robust economic growth in Bangladesh.
Logically it is well recognized that politics and economy cannot be separated, however, in most cases, opposition(s) in politics claim it to be isolated no matter what country we talk about. On this aspect, Bangladesh is no different. No opposition here talks about nation's current GDP, remittance, per-capita income, development, effectively handling of COVID-19 pandemic, literacy rate etc., but talk about and criticize the government and its policies by name elections, power-exercise, lack of freedom of speech and the political party etc.
Addressing oppositions' political concerns in Bangladesh, the relationship between economics and politics connecting to Sheikh Hasina's era is revisited and analyzed.
In practice, economics is concerned with studying and influencing the economy. Politics is the practice of influencing people through the exercise of power. Economic policy recommendations cannot be implemented unless authority or political party efforts to it. Underpinning the premise, an ideal economist should ignore political bias or prejudice to give neutral, unbiased information and recommendations. For example, economists have recommended printing more money in aim to avoid deteriorating the economic performance during COVID 19 pandemic crisis and beyond in Bangladesh.
Sheikh Hasina administration did weigh up economic-recommendation and probable consequences such as high-rise inflation. Accordingly the administration has decided with polices of cash-back" program. Under the program, TK 811 crore has already been distributed. Thus in reality, the current inflation rate is 5.65 percent, which remains almost unchanged since year 2018. There is a strong positive relationship between economics and politics in general. The performance of the economy is one of the key political battlegrounds. Many economic issues are inherently political because they lend themselves to different opinions.
Many economic issues are seen through the eyes of political beliefs. For example, some people are instinctively more suspicious of government intervention. Therefore, they prefer economic policies which seek to reduce government interference in the economy. For example, supply side economics that concentrates on deregulation, privatization etc. Bangladesh is now in the process of transition from a predominately agro-based economy to a modern time benefiting one. It has contributed to increasing economic-progresses that has resulted today's booming economy. Specifically, time to time government policies have helped balancing trade and exchange rate liberalization, account connectivity, prominence of a private sector led development, liberalization of the investment regime, opening up of infrastructure and services to private sector - both domestic and foreign and above all the growing interest of foreign investors to energy and telecommunication and other emerging sectors.
On the other hand, economists may have a preference for promoting greater equality in society and be more willing to encourage government intervention to pursue that end. For example, government is in full swing to fully implement tolling system of highways & bridges which may increase economic welfare in the long-run in Bangladesh.
Some economists may make policy-recommendation thoroughly from neutral point of view and not have any political leanings. For example, recently over the last three weeks period, two articles entitled: "Domestic-policy dividend to Bangladesh-economy" and "Reducing Armed Forces Spending" were published in the Daily Observer. Now suppose the government has decided not to implement it, and therefore, it does not make government's politics to be bad. Therefore, all politicians, in general, are privileged to use those economists and economic research findings, which backs their political agendas in practice.
In political arena, opposition(s) may criticize the subject for prioritizing, for example, choices of "economic growth" or "maximization of monetary welfare" or a combination of the two. Some may argue that the aim of society is not to maximize GDP - but to reduce poverty, maximize happiness and ensure better environment. Thus a politician or the government has background or interest in environmental background may disagree with the whole premise behind macro-economics. Definitely, it (ensure better environment) is not just about the best way to promote economic growth. But whether the government should be aiming for economic growth in the first place, that is a political issue.
In summary, economics and politics cannot go on in isolation. On quality perspectives, both are positively related. In other words, one cannot be good being other one is bad. Both must be good or both must be bad. Underpinning the premise, in Sheikh Hasina era, there are economic developments, thus government politics cannot be bad or unproductive but they are absolutely good and productive, which has resulted today's booming economy in Bangladesh. Sheikh Hasina's era has rewarded a booming-economy, which couldn't be achieved unless the politics was in right direction in Bangladesh. So, rather being emotional, let us come together and recognize "All's well that ends wells". And accordingly we salute the leader in this journey and wish her "Long Live" expecting to enjoy the reality of her today's vision, "Bangladesh - a developed country by year 2041".
Dr Akim M Raahman is an Assistant professor, Department of Economics, Canadian University of Bangladesh and Saadi Islam Joy is an alumnus of Dhaka University
