"The people of Bangladesh are in heaven compared to other countries amid the global recession," said Foreign Minister Dr AK Abdul Momen today (August 12, 2022).

Like much of the world, Bangladesh’s economy is facing strong headwinds and turbulence.

Inflation bucked its runaway trend in July, becoming the third data point this month after remittance and import to provide some relief to a government on its toes about the direction the economy was taking.

Despite the macroeconomic success, Bangladesh faces several long-standing challenges.

Name a nation where 44 percent of people live in extreme poverty, women have an average of 4.5 children, and the per capita income is less than $500? The answer -- Bangladesh around 1990.

In a rare public call, our prime minister has asked us all to maintain austerity.

There are two major economic problems that have been plaguing Bangladesh for a long time: Rising non-performing loans (NPLs), and money getting laundered out of the country.

The government is bent on raising fuel prices by Tk 10-30 each litre, despite vehement opposition from consumer rights groups and experts.

The National Board of Revenue (NBR) reached 76 per cent of its Tk 330,000 crore revenue generation target in the outgoing fiscal year, meaning it is going to miss its full-year goal once again.

The country’s first metro rail, once launched, will save around Tk 3,500 crore annually in terms of travel time and vehicle operation costs, metro rail authorities said.

The national budget for fiscal year 2022-23 predicted a gross domestic product (GDP) growth of 7.5 per cent, which is unrealistic and not objective, AB Mirza Azizul Islam, former adviser to the caretaker government, said yesterday.

If one looks at the inflationary measures that are proposed in the FY2022-23 budget, there are ample reasons to be frustrated.

Finance Minister, AHM Mustafa Kamal will be presenting the proposed budget for the financial year of 2022-2023 on Thursday, June 9, 2022. Alongside the general public, Bangladeshi celebrities and stars also have certain expectations from the government in regards to the upcoming budget. Actor Sohel Rana, musician Kumar Bishwajit, actor Riaz Ahmed and actress Meher Afroz Shaon spoke to The Daily Star about their expectations for the budget.

The government’s borrowing from the banking system has started to go up mainly due to its lacklustre performance in revenue collection and falling investment in savings certificates. 

The government is preparing the budget in a cautious way, refraining from increasing expenditure by too much of an extent, keeping in mind the ongoing global economic crisis stemming from the pandemic and Russia-Ukraine war, State Minister for Planning Shamsul Alam said.

The stock market regulator in Bangladesh has stepped up its efforts to forestall the freefall of shares despite criticism from institutional investors and analysts as uncertainty is deepening owing to the raging Ukraine war, persistently higher inflation and fresh coronavirus flareups.

Annual GDP refers to the financial value of all the products and services produced in a country in a given year. This means as a country’s financial transactions increase, so does GDP.

Exchange rate management has become a frontline issue in Bangladesh in recent times. The sharp rise in the price of the dollar and the significant decline in the foreign exchange reserves within a short span of time have sent shock waves across the economy.

When his children ask Russel Shaikh why there is no meat and even fish in their meals, he has no answer. This is because he simply has no choice as soaring prices of essential commodities and the rising cost of living have hit hard the pockets of the low-income people like him.

Over the years, Bangladesh has achieved considerable economic progress despite many odds. The economy, however, has now reached a point where continued progress will require course corrections, as alluded by the title of this write up, which is also the subtitle of a bestselling business book.