Traffic gridlocks cost us $12.5 billion

That traffic gridlock is costing us huge economic loss is something we are well aware of. Every day countless hours, enormous amount of fuel, not to mention the uncountable level of energy, are wasted because of traffic jams in major parts of the city. But that it costs us about $12.5 billion or 7 percent of GDP every year, as revealed by a Board of Investment (BOI) study, is staggering. 

The estimate was calculated by adding up the cost of lost travel time, avoidable social cost and expenses associated with fuel, vehicles and accidents. The director of BOI, who conducted the research, has found that lack of adequate public transport has led to middle and upper middle income people to use cars, occupying 78 percent of road capacity but carrying only 5 percent of trips. He has further stated that if the traffic crisis is solved Bangladesh has the potential to boost its economic growth from 6 percent to 13 percent.

These numbers point to the urgency of taking steps right now to ease traffic congestion that has now reached unbelievable proportions. The study has made numerous recommendations, the most immediate ones being to enforce traffic rules and ensure efficient traffic management. Decentralising the administration, creating a metropolitan government, empowering local government, quality healthcare in districts and rural areas, are some of the other steps the study has suggested, to reduce traffic congestion.

The government must therefore take some crucial measures to stop this unacceptable bleeding of the economy. A taskforce can be formed to expedite such measures. Relevant ministries and government agencies must work together to implement the solutions and enforce traffic rules. We cannot afford to lose any more time, money and productivity from choking traffic jams.