Originally posted in VOA News on 18 April 2024
An increase in the number of people in poverty is a high possibility, and a deepening of inequality in income and consumption
Debapriya Bhattacharya, Distinguished Fellow at the Centre for Policy Dialogue (CPD), Dhaka spoke to senior journalist Sabir Mustafa of the Voice of America (VOA) on recent trends in Bangladesh economy.
Dr Debapriya expressd his concern that low economic growth will mean fewer job opportunities and lower income, which would hit hardest the people who have the least. “An increase in the number of people in poverty is a high possibility, and a deepening of inequality in income and consumption,” he maintained.
Dr Debapriya pointed out that the economic slowdown has not come as a surprise as such figures could be predicted for some time. “The main reason is, in order to have growth we need investment, and [to] allow the investors to import goods, but we are not able to do that because of lack of foreign currency”, he added.
According to government figures, inflation in Bangladesh is currently running above 9%. Dr Debapriya said the high rate of inflation, which has affected people across the board, but particularly middle- and low-income groups, has seriously slowed demand and consumption.
For detail see: Sputtering economy threatens progress in Bangladesh