Global economic crisis: TIB calls upon govt to form advisory committee

Transparency International Bangladesh today (May 20, 2022) called upon the government to form an independent "Economic Strategy Advisory Committee" to advise on ways to address the potential global economic fallout and ensure continued commendable economic performance achieved so far.

The call comes against the backdrop of the impending global economic crisis triggered by Covid-19 and Russia-Ukraine war, reads a TIB statement.

In the statement, TIB Executive Director Iftekharuzzaman said, "At a time when the world has been already struggling hard to cope with Covid-19 fallout, the Russian invasion of Ukraine has exposed the global economy to an unprecedented crisis including collapse of the global food system that threatens worldwide rise of hunger and famine.

"It is obvious that Bangladesh cannot remain immune to the impending global economic challenges and uncertainties, as demonstrated by the Prime Minister's thoughtful call to exercise austerity and explore other means of preventing the crisis to affect Bangladesh."

"We have no doubt that the government will do everything in its capacity so that Bangladesh not only successfully confronts the impending crisis but also the commendable performance in terms of growth and socio-economic indicators remains on course. However, in this extraordinary context we are calling upon the government to form an independent Economic Strategy Advisory Committee to complement and strengthen the efforts of the government by way of strategic advise on ways to address the potential economic crisis and ensure continued enviable economic performance achieved so far," he added.

Drawing attention to the ever-increasing socio-economic fallout of climate change that has been severely exacerbated by the twin evils of Covid-19 and Russia-Ukraine war, Iftekharuzzaman said that international experience shows evidences that in such crisis situations challenges of economic and financial management in nearly every country are exacerbated by deeper and wider spread of governance deficit, corruption and illicit financial transfers including money laundering which contribute to increased poverty, marginalisation and deprivation of fundamental human rights of common people.

In this context, strategic guidance from the proposed independent committee consisting of nationally and internationally reputed Bangladeshi economists, financial experts and other relevant social scientists will add a great value to the government's efforts, he said.

The main task of the committee could be strategic guidelines on how Bangladesh can escape and minimise the adverse effects of global crisis in short and medium terms and at the same time ensure that the lofty goals of the Perspective Plan 2021-2041 remain on course like the status of high middle-income by 2031 and high income by 2041 side by side with the specific targets of eliminating extreme poverty by 2031 and achieving zero poverty by 2041, he added.