Bangladesh must prioritise economic reforms, mobilise domestic resources and strengthen its own economic capacity rather than relying solely on foreign loans to achieve sustainable growth, Global Economist Forum President Dr Enayet Karim has said.
Speaking in an interview on the sidelines of the World Bank and International Monetary Fund (IMF) annual meetings in Bangkok, Thailand, Karim said the global gathering offered Bangladesh an important opportunity to learn from international experiences and pursue effective economic initiatives.
Referring to the proposed $4.5 billion in additional loans from the IMF and other international institutions, he said external financing could support the economy, but borrowing alone would not ensure sustainable development.
Bangladesh must build self-reliance by making better use of its domestic resources and strengthening its economic capabilities, he stressed.
Karim identified economic reform as the most urgent priority for restoring momentum to the country's economy. He highlighted three key areas: tax reform to increase domestic revenue, banking sector reform to improve discipline and accountability, and more efficient use of internal resources to address domestic and global economic challenges.
If these reforms are implemented effectively, Bangladesh could develop into a vibrant and stronger economy, he said.
On employment challenges and rising youth unemployment worldwide, Karim emphasised the need for technology-driven strategies to create jobs for millions of young people.
He said Bangladesh should give greater priority to training in artificial intelligence (AI) and information technology (IT) to prepare its workforce for future employment opportunities.
Developing AI-based technical skills could help create new jobs and transform existing employment opportunities, he added.
Discussing the broader roles of the IMF and World Bank, Karim said the two institutions work to support economic reforms and sustainable development across countries worldwide.
Bangladesh, he said, must align itself with global economic trends while strengthening its own reform initiatives to build a more resilient and self-reliant economy.
