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Bangladesh - January 3, 2024

2024 may suffer for political instability

Shamsul Alam Zulfiqar: Another new year has started with economic tension, political uncertainty and struggle for survival. Where the experts are looking at the fear more than the possibility. According to them, the ongoing crisis could worsen if the new government does not focus on reforms and good governance.
Nizamuddin, Sanwar and several others appeared in the field following the daily routine on the sunny morning of Poush. In one corner of the magical green-yellow canvas, the crop field is being cultivated with utmost care. Because this is their livelihood. However, knowing the good and bad news is filled with disappointment. From where they start another new year.
A farmer said that it is very difficult for those who spend their days in Kamla khet. Another farmer said, I hope it goes well. But I don’t know how Allah will manage. It is not possible to say whether the new government will be able to run well or not. But it will be good to reduce the price of the product.
A couple of years ago, the Korean company Kido Bangladesh started producing motorcycle jackets by converting an old factory. He has invested nearly two million dollars to capture the European-American market. According to the managing director of the company, 2023 is not very good. Still optimistic about the new year.
Martin Kim, managing director of Kido Bangladesh Limited, said that 2024 will probably be better than last year. I hope so for now. Now let’s see what happens? But hope for improvement.
The beginning of 2023 was an economic crisis. The dollar’s drag, inflationary pressures, financial sector volatility and a downturn in investment added to the worries throughout the year. And in the end, the political unrest came as a blow to the wall. As a result, economist Hossain Zillur Rahman cannot have confidence that Bangladesh will turn around in the new year.
He said, some kind of non-competitive election is taking place. We are moving towards another parliamentary reality without accountability. As a result, the political economy does not give much hope. The economy doesn’t seem to change much.
Lower inflation may bring fresh air to the global economy in the new year. Energy markets may remain resilient. While this outlook is positive for Bangladesh, domestic reforms and lack of political stability may pose new challenges to experts.
Honorary Fellow of CPD Dr. Debapriya Bhattacharya said, we do not see the assurance that economic reforms will take place through the political process. That political uncertainty is the main obstacle to other work.
2024 is starting in the hands of the new government. So, expectations are sky high.

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