Adoption of dual transition policy in favour of domestic economic growth and enhancing the institutional capability to negotiate with global competitors to get the global benefits are the key to achieve the sustainable development goals, said economists.
They made the comment on Tuesday, the second day of a four-day Virtual International Conference on Fifty Years of Bangladesh: Retrospect and Prospect arranged by the Centre for Policy Dialogue in collaboration with the South Asia Program, Cornell University.
Economic Research Group chairman Wahiduddin Mahmud chaired the programme.
He said, ‘We have to decorate our policy in favour of promoting our economy at globally to transform our economy towards developed economy.’
Former World Bank lead private sector specialist Syed Akhter Mahmood presented the presentation on Synergies and Tipping Points Policy actions, market responses and economic growth in Bangladesh at the event.
He said, ‘Though our export and remittance earning have gradually been improving for a decade but our agriculture and private sectors have projected a negative growth compared with that of the other Asian countries.’
He suggested customising the policy layers to focus on rural and agriculture development. Former Bangladesh Institute of Development Studies director general Khan Ahmed Sayeed Murshid attended the programme as discussant.
He stressed adoption of new liberal agenda to ensure a smooth transitioning for the country.
CPD distinguished fellow professor Mustafizur Rahman presented a study on Synergies and Tipping Points: Policy Actions, Market Responses and Economic Growth in Bangladesh.
He said, ‘We should have to focus on introducing a dual transition policy focusing on domestic benefits with maintaining the global standard.’
He also suggested ensuring investment return policy with keeping the priority of the domestic benefits and also ensuring a minimum interest on investment loan.
United Nations Development Programme country economist Nazneen Ahmad said, ‘We should adopt skills-based innovation and home ground-based technology and set up mindset for development.’
South Asian Network on Economic Modelling executive director Selim Raihan presented a study on institutional challenges He said, ‘In macro perspective quality of institution in our country is not global standard.’
He stressed developing skilled to get the demographic divided which is extremely important for the country.
Policy Research Institute of Bangladesh executive director Ahsan Mansur said, ‘Institutional weakness and bureaucratic crisis affected our overall economic development.’