Farhad Chowdhury
While the government and major political parties remain absorbed in electoral struggles, ordinary citizens are quietly enduring a mounting crisis of economic hardship and insecurity. For millions across the country, life has become a daily struggle, as prices of essential goods continue to climb beyond reach, and the economy teeters on a fragile edge. From the outside, everything seems normal - offices operate, markets function, and vehicles traverse busy roads. Yet behind this façade lies a silent storm brewing in the lives of millions. Families are struggling to meet basic needs, from food, rent, and medicine to education. Many middle-class households that were once stable are gradually sliding toward poverty.
“The suffering of the people did not begin today,” says Dr. Kamal Hossain, senior economist and contributor to Daily Industry. “This is the culmination of years of mismanagement, corruption, and policy failures. The structural weaknesses in our economy have been ignored for too long, and now the ordinary citizen is paying the price.”
Economic Mismanagement and Corruption Fueling the Crisis: Experts argue that prolonged mismanagement and fraudulent activities have pushed the economy into a precarious state. One of the major contributors has been the collapse of financial institutions due to rampant loan scams and political interference.
“Thousands of crores of taka have been siphoned off through embezzled loans. Many of these defaulters never repaid and fled the country, leaving the burden on taxpayers and ordinary citizens,” says Ahmed Rafiq, banking sector analyst, in an interview with Daily Industry. “The rescheduling of these large loans under political influence only worsened the problem, undermining public confidence in the banking sector.”
In an attempt to manage liquidity, the government printed additional money, inadvertently fueling further inflation. Experts note that this cycle of mismanagement has entrenched instability and eroded household purchasing power.
Taka Depreciation Hits Consumers Hard: Another critical factor driving the economic stress is the rapid depreciation of the national currency. Just two years ago, one US dollar was equivalent to around 85 taka. Today, the rate has more than doubled. This sudden collapse has significantly increased the cost of imported goods, from edible oil to fuel. “The depreciation of the taka has created a domino effect. Everything has become more expensive, and for those living on fixed or low incomes, it’s a matter of survival,” explains Dr. Shahana Karim, economic policy specialist, speaking to Daily Industry. The decline in remittances, a key pillar of the economy, has further exacerbated the situation. Many expatriates prefer informal channels, such as hundi, due to better rates, which reduces the supply of US dollars in the formal economy. This has added another layer of instability to an already fragile financial environment.
Shrinking Employment and Frustrated Youth: The economic downturn has also hit employment hard. Thousands of small and medium enterprises (SMEs) have shut down due to soaring import costs and declining consumer purchasing power. As jobs disappear, unemployment surges, leaving the younger generation frustrated and desperate.
“Many educated youths are now considering leaving the country by any means possible, even through dangerous routes,” notes Farhan Chowdhury, a labor economist and Daily Industry contributor. “This brain drain could have long-term implications for the country’s economic and social development.”
The impact of the crisis is widespread. Retail workers, factory laborers, transport employees, and small business owners all report increasing difficulties in meeting basic living costs. Daily wages are no longer sufficient, and many families have reduced meals or cut back on essential spending.
Agricultural Sector under Pressure: Farmers, who form the backbone of the rural economy, are facing unprecedented challenges. Despite working tirelessly to produce food, they are not receiving fair prices for their crops. Rising costs of agricultural inputs, including fertilizer, irrigation, seeds, and pesticides, have forced many farmers into losses. Meanwhile, middlemen and syndicates continue to capture the bulk of the profit, leaving cultivators trapped in poverty.
“Farming has become a losing proposition. With input costs skyrocketing and market prices stagnant, farmers are often forced to borrow at high interest rates, pushing them further into debt,” says Dr. Anwar Hossain, agricultural economist, in an exclusive comment to Daily Industry. This situation is creating a vicious cycle: farmers cut back on production, food supply becomes uncertain, and prices rise even further, affecting the entire population.
Social and Psychological Consequences: The human cost of this crisis extends beyond economics. Social experts warn that prolonged financial insecurity has caused widespread psychological stress. Reports of suicides linked to financial pressure are increasing, highlighting the depth of despair. Families, once hopeful for a better future, now live under constant stress, fearing eviction, illness, or hunger.
“The silent suffering of citizens is often overlooked because the metrics of development focus on GDP, exports, or megaprojects,” says Prof. Nazia Rahman, social policy expert, speaking to Daily Industry. “But development is meaningless if people cannot meet their basic needs. The government must recognize that the true measure of progress is the well-being of ordinary citizens.”
Promises vs. Action: Despite repeated promises of economic reforms and relief packages, citizens remain skeptical. While policy announcements are made, tangible benefits rarely reach those in need. Experts assert that without immediate reforms to curb corruption, stabilize the currency, restore confidence in the banking system, and promote investment-friendly policies, the crisis will deepen. “The government needs to focus on structural reforms, not just temporary relief measures. Otherwise, the economy will continue to slide, and public frustration will grow,” warns Dr. Kamal Hossain.
Looking Forward: Solutions and Hope: To address the crisis, experts suggest a multi-pronged approach: Banking Sector Reforms: Strengthening oversight, recovering defaulted loans, and preventing political interference in financial institutions. Currency Stabilization: Measures to reduce volatility and ensure the taka maintains purchasing power. Investment-Friendly Policies: Encouraging both local and foreign investment to revive industries and create employment opportunities. Agricultural Support: Fair pricing, subsidy programs for inputs, and mechanisms to bypass exploitative middlemen.
Social Safety Nets: Expanding targeted assistance to vulnerable populations, ensuring access to food, healthcare, and education. “The silent tears of the people cannot be ignored any longer. Policymakers must act decisively to prevent further deterioration of the economy,” urges Farhan Chowdhury.
The ongoing struggle of ordinary citizens highlights a fundamental truth: development is only meaningful when it translates into dignity, security, and stability for the people. Megaprojects and electoral campaigns cannot substitute for the ability of citizens to afford food, education, healthcare, and housing.
As the country approaches another cycle of political activity, the voices of the suffering must be heard. If policymakers fail to prioritize the well-being of citizens, the social and economic consequences will be severe and long-lasting. “The question is not whether we have projects or pipelines, but whether people can live without fear of hunger or homelessness,” concludes Prof. Nazia Rahman. “Economic stability, social protection, and justice must come first - only then can development have meaning.”
