Canceling National Days vs. Reducing Living Costs: What’s More Urgent?

Purnima Chowhan || Despite the recent political shift following Sheikh Hasina’s departure from Bangladesh, the hardships faced by the people of Bangladesh persist. Daily essential items are becoming increasingly expensive, and law and order issues remain unresolved. Unemployment is also rising, painting a bleak picture of the nation’s economic future. The World Bank has expressed its concerns, indicating that it will take time for the economy to stabilize. Amid this crisis, the government is making attempts to manage the situation, but their efforts remain largely unclear to the general public. This opacity has fueled growing discontent, particularly among the youth, who had high hopes for a new Bangladesh.

At the center of this unrest is the rising frustration over the cost of living. Prices of everyday goods, from food staples to basic commodities, have reached unprecedented levels. The government has yet to implement effective solutions to address these rising costs, leaving citizens struggling to afford essentials. While the government claims to be working on economic reforms, the lack of visible progress has only heightened people’s frustrations. This situation has especially agitated students and young professionals, many of whom have expressed their growing disillusionment with the current leadership on social media platforms.

One such issue that recently sparked public outrage was the government’s decision to cancel several national historical days, which is highly linked with our freedom fights including the historic March 7 and Constitution Day. In the face of the country’s many challenges, this move felt out of touch with the nation’s immediate needs. Critics argue that rather than focusing on symbolic changes, the government should be prioritizing solutions to the deep-rooted economic and social problems affecting daily life. The people are demanding elections, yet no clear roadmap has been presented. The general public remains in the dark about when and how their voices will be heard through the democratic process.

The October edition of the World Bank’s Bangladesh Development Update sheds light on the country’s worsening economic situation. The report paints a worrying picture of Bangladesh’s future, emphasizing the country’s instability and lack of governance. Along with the broader political uncertainties, the report highlights how rising inflation, unemployment, and the absence of new investments are crippling the economy. The cost of living crisis, fueled by skyrocketing commodity prices, has compounded the economic stress.

According to the World Bank, inflation is projected to hit nearly 9 percent by the end of the current financial year, with food prices soaring by as much as 45 percent. This surge in inflation has reduced the purchasing power of ordinary citizens, leaving many unable to afford basic necessities. Compounding this issue is the lack of new investment, which has stifled growth in the private sector. High interest rates have further limited expansion opportunities for businesses, leading to a decline in both employment and overall economic activity. The country’s GDP growth has been projected to decrease by 4 percent, further exacerbating the financial burden on the government and the people.

The current economic landscape is dire, with even the World Bank warning of the fragility of Bangladesh’s financial sector. Abdoulaye Seck, the World Bank Country Director for Bangladesh and Bhutan, has raised concerns about the pressure of non-performing loans and the vulnerability of the banking system. These issues are likely to worsen in the near future unless significant reforms are implemented. Seck emphasized the urgency of stabilizing the economy and cautioned that Bangladesh’s debt situation remains precarious. Without swift action, the country could face even more severe economic consequences.

Government employment opportunities in Bangladesh are extremely limited, with only about 5 percent of the population benefitting from public sector jobs. This statistic underscores the need for private sector growth, yet political instability and economic uncertainty are preventing the investment necessary to generate new employment. In fact, the World Bank predicts that as many as 1.2 million people could fall into extreme poverty this year due to job losses and declining real wages. Without bold economic reforms, Bangladesh risks losing more ground in its fight against poverty and inequality.

To address these pressing concerns, the World Bank has called for political stability and comprehensive financial sector reforms. Diversifying exports, increasing foreign investment, and improving education should be at the top of the government’s agenda. However, none of this is possible without a stable and democratic government to oversee the country’s recovery efforts. The lack of a clear political roadmap is unsettling, and until elections are held, uncertainty will continue to dominate the public discourse.

Although the interim government has been in power for over two months, the challenges it faces are immense. Political retribution, extortion, and black-market activities persist, hindering efforts to stabilize the nation. The police, overwhelmed by the current crisis, have been unable to restore order. Many people are now relying on the military for security, which highlights the gravity of the situation. If this unrest continues, it could become a significant liability for the government. The interim leaders assumed power with great expectations from the public, but failing to meet those expectations could result in widespread disappointment and further instability.

As a concerned citizen, I urge the government to take immediate action to restore hope and confidence in the country’s future. The growing sense of despair among the people must be addressed before it becomes too entrenched. Bangladesh’s potential remains vast, but the current challenges demand swift and decisive action to protect the nation’s economic and political stability. The people of Bangladesh deserve better, and it is the government’s responsibility to ensure that their needs are met.

Purnima Chowhan, Postgraduate Student, Jatiya Kabi Kazi Nazrul Islam University, Mymensingh