The government is set to realign its economic strategy to reflect on-the-ground realities, moving away from past growth narratives that relied heavily on unreliable data, Prime Minister’s Adviser on Finance and Planning Rashed Al Mahmud Titumir said on Wednesday.
Speaking to reporters after the first meeting of the Advisory Committee for the General Economics Division at the NEC conference room, Titumir said future planning would prioritize realistic, data-driven policies with a focus on employment generation.
“The growth figures highlighted in the past lacked data reliability. Our new approach will emphasize job creation, especially for youth, women, and university graduates who are facing rising unemployment,” he said.
Titumir outlined an ambitious vision to transform Bangladesh into a $1 trillion economy by 2034, stressing that growth must be inclusive and employment-oriented.
To cushion the economy against global uncertainties, he said the government is working to build strategic reserves of food and energy. Efforts are also underway to increase domestic gas extraction and expand energy resources to strengthen national energy security.
The adviser expressed concern over recent economic census findings that indicate a decline in industrial production. He underscored the need for diversification and productivity improvements to build a more resilient industrial base.
He also pointed to structural challenges in the education and health sectors, noting a decline in students’ skills and overall performance as a major concern for long-term development.
To support vulnerable populations amid economic strain and a challenging global environment, the government has introduced social protection measures such as Family Cards and Farmer Cards to improve living standards.
Highlighting governance reforms, Titumir said the new economic blueprint emphasizes transparency and accountability. He noted that the government intends to move away from planning processes that are disconnected from citizens.
“We want to make key data, such as energy supply schedules, publicly accessible so that people can assess government performance,” he said.
Titumir also stressed the importance of restoring confidence in the capital market, which has been weakened by post-COVID irregularities that discouraged small investors.
He added that the government aims to translate election pledges into actionable strategies to navigate current economic challenges and ensure a more equitable distribution of wealth.