Monday | 7 October 2024 | Reg No- 06
বাংলা
   
Monday | 7 October 2024 | Epaper

Eighth Five Year Plan: Opportunities and challenges

Published : Sunday, 17 April, 2022 at 12:00 AM  Count : 3274
Rajib Chakraborty
The Eighth Five Year Plan is all set to achieve the ambition of attaining Sustainable Development Goals (SDGs), eliminating extreme poverty by 2031, and will help fulfil the social and economic agendas of the present government.

A government of any country expresses its mission and future plans and strategies and their implementation steps through the five-year plan. Like that this Eighth Five Year Plan of the Bangladesh government titled 'Promoting Prosperity and Fostering Inclusiveness' targets promoting prosperity, fostering inclusiveness, reducing poverty, climate change vulnerability, and inequality.

According to the General Economics Division (GED) of the Bangladesh Planning Commission, 8FYP is mainly based on six core themes, which include:
i) rapid recovery from COVID-19, ii) GDP growth acceleration, employment generation, and rapid poverty reduction with a broad-based strategy of inclusiveness, iii) a sustainable development pathway resilient to disaster and climate change, iv) sustainable use of natural resources and successful management of the inevitable urbanization transition, v) development and improvement of critical institutions, and, vi) attaining SDG targets and coping up the impact of LDC graduation.

The two parts of this plan elaborately describe the strategic directions and policy framework for implementing and completing those targets within the stipulated time so that the ultimate beneficiaries, the general mass can get the benefits of those prescribed projects at the earliest. According to the plan's document, the government is expecting to hit the target of more than 8 percent growth by the year 2025.

With the negative impact of COVID-19 on economic and social sectors which already made the growth slow, the recent war between Russia and Ukraine has made a long-term impact on the international business and oil market. As a result, prices of daily necessary commodities have increased and also made 100 percent smooth export and foreign raw materials import for export-oriented concerns difficult and uncertain. Due to the price increase of necessary commodities, the general masses are facing difficulties to lead their life and also are being forced to cut their basic needs that are threatening their healthy life.

The global impact of COVID-19 and countrywide lockdown had already destroyed local and international businesses and thousands of people lost their jobs, shelter, and even migrated from urban areas which has resulted in the rise in poverty and inequality. Though the government has announced a stimulus package for those distressed and affected segments of people, recovery from them will need time and need more public finance.

To combat coronavirus, from the beginning of the vaccination drive, government announced to give vaccines free of cost and now 75 percent of the people have already been vaccinated. Along with financial loss during the pandemic time, the health and education sector also underwent a stressful situation. So, to normalize the post-pandemic situation, govt has to introduce additional financial packages to bring people out of poverty, help start small-scale entrepreneur activities, sanction short term with an easy or interest-free commercial loan for the pandemic affected business people.

Fortunately, Bangladesh has overcome financial difficulties by getting support from remittance and exports more specifically, the good performance of the RMG sector successfully managed the after-pandemic business loss even garment sector got work orders from new buyers. Also, due to the high flow of remittance, the country's foreign reserve is in a stable situation which also helps pay the country's import bill. Besides, mass free vaccination drive for garment workers, agricultural farmers, cleaning workers, and officials across the country have brought back the confidence of the people to go back to work as they are the working force behind the economy.

Graduation from LDC status is a positive sign of the economic and social development of a country. Though it may lead a country to become a part of a greater economy without foreign help and step ahead to be a self-dependent country, it has other potential demerits that keep Bangladesh away from availing various trade benefits, free entrance facilities in the international market. As a result, the business concerns of Bangladesh will face stiff competition in the international market after the year 2024. That's way from now Bangladeshi business conglomerates have to plan and formulate strategies well in advance to face such situations and not only to improve the quality of the products and services but also to give attention to improving the working environment of the factories.

Another core scheme of 8 FYP is to make visible advancements toward Sustainable Development Goals (SDGs) by reducing poverty, gender disparity, corruption, and ensuring basic needs to all at an affordable cost. Despite having achievements in the areas of primary schooling, gender parity in primary and secondary level education, lowering the under-five mortality rate, and improvement in the human development index including an increase in life expectancy that has minimized the distance from achieving Millennium Development Goals (MDGs), after pandemic many indicators now are under threat. For removing those, the government needs to take an integrated approach to tackle the barriers and bring back the pre-pandemic situation.

To become an upper-middle-income country, upgrading the existing facilities and diversifying the export baskets are other key challenges for Bangladesh. Many LMICs have been trying to attract foreign direct investments by exploiting their low-wage advantage. But lack of energy, un-skilled manpower, ambiguity in the FDI policy, and less coordination between the public-private partnership (PPP) make the developmental works of Bangladesh slow. Like the earlier 7th FYP, the 8FYP has emphasized on power, employment generation, small and medium scale start-up, and ICT-based entrepreneurship.

This plan focuses on long-term investment in the power sector to supply uninterrupted power to export-oriented manufacturing industries and also considers the development of the clean power sector to promote industrialization. The recent inauguration of the mega power plant at Payra has moved Bangladesh toward a new era by attaining 100 percent electricity coverage in the country. Despite this success, no major discussion is made in 8FYP on renewable energy in power generation, and continues to depend on hydro-power.

With the long-term aspirations in the economic and social development process, the 8FYP also emphasized on nature, climate, GHGs emissions, and natural calamities. According to the UNDP, Bangladesh was identified as the most vulnerable country in the world to tropical cyclones and the sixth most vulnerable country to floods. The reckless industrial pollution, overpopulation, and weak governance mechanism to monitor environmental activities have worsened the situation. Though Bangladesh is not responsible for global warming as a less carbon-emitting country, it has already started facing the bad effects of global climate change. Bangladesh in the 8FYP acknowledges that growth can only be sustainable when it is green in nature. To overcome these, Bangladesh has to manage investment in green financing, green energy, and green transportation.
Dr Rajib Chakraborty, Additional Director (IQAC) Port City International University









LATEST NEWS
MOST READ
Also read
Omicron BF.7
2022 stories that could still have an impact on our lives
Dealing environment with data
Foreign interference in internal affairs
Management factor in our health sector
Diplomatic norms and code of conduct through the lens of international law
Dealing air pollution in winter
Germany to suspend humanitarian aid for Afghanistan
Editor : Iqbal Sobhan Chowdhury
Published by the Editor on behalf of the Observer Ltd. from Globe Printers, 24/A, New Eskaton Road, Ramna, Dhaka.
Editorial, News and Commercial Offices : Aziz Bhaban (2nd floor), 93, Motijheel C/A, Dhaka-1000.
Phone: PABX- 41053001-06; Online: 41053014; Advertisement: 41053012.
E-mail: info©dailyobserverbd.com, news©dailyobserverbd.com, advertisement©dailyobserverbd.com, For Online Edition: mailobserverbd©gmail.com
🔝