The economy needs an immediate course correction in national planning

The World Bank's recent estimation that Bangladesh's economic growth will slow down to 5.6% fiscal year 2024 should be paid heed to. With our nation’s dwindling foreign exchange reserves and high domestic inflation, the added challenge of a potentially stagnant economy presents further obstacles for our overall development goals.

A stagnant economy will only present more problems as we shed our least developed country status and graduate into a developing country. Graduation carries with it a certain number of provisions and assistance, such as financial aid, being taken out of the equation, which means that Bangladesh will need to increasingly focus on making up for such losses while also battling a slowdown in its economic growth.

Furthermore, with foreign reserves continuing to dwindle and an overall decrease in private investment, we cannot rely on intrinsic safeguards to save us from this mess. 

Our national plans for the economy need a course correction, and fast. 

When it comes to private investment, restrictive barriers to entry need to be torn down. Economic stagnation is emblematic of a homogenous export market, which is why we need to diversify our export basket which in turn holds numerous ramifications for our many nascent industries. For some guidance, Bangladesh can look to its immediate neighbours who have gone through their own economic woes and have managed to not only survive but thrive.

A slowdown in economic growth is not unprecedented for any nation, indeed it is a commonplace enough phenomenon. We need to look at successful models, make the adjustments necessary, and apply them in our local context. 

If we cannot right our economy, not being able to meet our ambitions will be the least of our