Leave the economy alone
The country's economists at a seminar organised by The Daily Star have made lengthy recommendations about Bangladesh economy but these are all subjective analyses from their 'ivory towers'. It is astonishing that they never cite the phenomenal example of China where economic liberalisation made them number 2 in the world. If Bangladesh follows their economic path, free all entry barriers to competition and liberalise trade, it could well become the number 2 economy in Asia.
All they repeat is what they were taught in their university classes and later in their 'donor funded' offices. Economy should be left to entrepreneurs, to the common people. The people are rightfully the experts as buyers, sellers, investors, and risk-takers, not the economists who have zero 'practical' knowledge.
The market works spontaneously, unnoticed, and unplanned but bring huge positive results if allowed to function freely. Bangladesh economy would only boom if the experts and economists find other jobs to worry their heads about, not economy.
Furthermore, they list 'flight of capital' as another major cause that hampers our economy, but our taka is not an acceptable currency in any country other than in Bangladesh. Therefore, why would anyone transfer taka abroad legally or illegally? Taka remains in Bangladesh and what actually happens is an ownership change. Taka is exchanged for US Dollar or Swiss Franc.
There is no 'flight of capital' and taka, ill-gotten or super clean, remains within the country forever. A holder of Dollar or Franc values Taka and exchanges it for Taka - a process done routinely by currency traders. The new owner of Taka would surely invest it, save it, or spend it and all these actions do not hamper the economy but incalculably benefits it.
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