If there is one indicator that epitomises the government’s mismanagement of the economy in recent times, it is inflation -- which raced to an 11-year high of 9.94 percent in May.
Self-contradictory is what best describes Finance Minister AHM Mustafa Kamal’s fifth budget, and the last of the Awami League-led government’s current term.
In 2019, when AHM Mustafa Kamal took charge as the finance minister, the Bangladesh economy was taxing for take-off for its long-haul flight to the developed country club.
This year was always supposed to be a celebration of Bangladesh’s economic progress with the opening of Padma bridge and Dhaka metro rail and 100 percent electrification.
Ever since Sri Lanka and Pakistan’s economic turmoil, Bangladesh’s foreign exchange reserves has become a part of public discourse. So much so that despite having an official figure from the central bank every week, people are speculating.
Inflation raced to a nine-year high of 7.56 percent in June, in a development that lays bare the extent of the cost of living crisis gripping the low-income and middle-class people in Bangladesh thanks to a war taking place some 5,800 kilometres away in Ukraine.