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Business Insider Bangladesh

MCCI hosts discussion on "Stabilizing the Macroeconomy of Bangladesh: Issues and Challenges"

BI Desk || BusinessInsider

Published: 00:54, 15 May 2024  
MCCI hosts discussion on

Photo: Collected

The Metropolitan Chamber of Commerce and Industry, Dhaka (MCCI) hosted a discussion titled "Stabilizing the Macroeconomy of Bangladesh: Issues and Challenges" at its Gulshan office on Tuesday.

MCCI President Kamran T. Rahman delivered the welcome remarks while Dr. Sadiq Ahmed, vice chairman of Policy Research Institute, gave the keynote presentation and led an open discussion.

The event was moderated by Farooq Ahmed, secretary-general and CEO of the MCCI, reports BSS.

During his welcome remarks, MCCI President Kamran T. Rahman stressed that stakeholders and policymakers must have a comprehensive understanding of how multiple factors collectively shape economic dynamics, said a press release.

He believed this knowledge helped create strategies for economic stability and growth. "Discussions such as this event could help private sector representatives enhance their knowledge and realign their strategies," he opined.

In his keynote presentation, Dr. Sadiq Ahmed identified Bangladesh's four major macroeconomic concerns: import surge leading to reserve losses, the depreciation of the Taka, persistent inflation, and low domestic revenue growth because of external shocks.

He stated these factors were impeding the growth of Bangladesh's GDP and its overall progress and development. As Bangladesh had one of the lowest tax to GDP ratios in the world, Dr. Sadiq advocated for a focused, medium-term tax reform programme.

Later, he also discussed and elaborated on effective ways to tackle the inflationary, balance of payments, and budgetary challenges that the country was facing.

Other issues that came up during the open discussion include the challenges of non-performing and distressed loans, tax leakages, fiscal, banking, and trade reforms, and the need for a transparent and easily understandable tax policy.

The event ended with a vote of thanks from the MCCI. Representatives from MCCI member firms and the media attended the event.