�Unease� persists despite �success�

2015 in review

Like the previous one, the New Year 2016 begins today with a feeling of uneasiness prevailing among the people in general regarding the country’s future political course, although the present government, led by Sheikh Hasina,
maintained complete control over the political apparatus throughout the outgoing year.
The launch of ambitious projects, execution of high-profile war crime convicts, political uncertainty, some remarkable victories by the national cricketers, swapping of enclaves with India, slowdown in investments, murder of two foreigners and, above all, the return of the Jamaat-ul-Mujahideen Bangladesh (JMB) dominated the landscape of 2015.
“We wanted to prove that for the sustainable development of the country, there is no alternative to the Awami League—and we have indeed proved that,” commerce minister Tofail Ahmed told this correspondent, when asked how the year had been for the government.
“And we also want to win the hearts of the people by improving their lot by unfolding a series of development projects envisaged by our leader, Prime Minister Sheikh Hasina,” he added, when his comment on the future goals of the government was sought.

But Bangladesh Nationalist Party (BNP) acting secretary general Mirza Fakhrul Islam Alamgir adopted a diametrically opposite stance. “A reign of terror” has been let loose by this government, he asserted, and added while assessing the government’s performance that “the ruling party has destroyed the country’s democratic institutions and norms to re-introduce one-party rule, just as it did after the country’s Independence.”
Just 24 hours before the beginning of the New Year, the country saw the first party-based local polls in its history. Though the Election Commission and the government termed the polls free and fair, many questioned their fairness due to the various forms of irregularities and widespread violence.
The ruling AL bagged a landslide victory, but, according to many, the real dividend went in favour of its main rival, the BNP, which called for the resignation of both the government and the Election Commission for their “failure” to hold a fair and neutral election.
The BNP, which was virtually paralysed throughout the year after its super-flop three-month-long blockade programme from January to March, tried to reactivate itself by participating in the mayoral polls held on December 30.
For the ruling Awami League, 2015 was a year of consolidating its control. It has successfully overcome the shakiness that emerged after the January 2014 polls. And after tackling the BNP-led blockade programme, which started in January last year, it concentrated on carrying out its development agenda.
The inauguration of the main construction of the Padma Bridge and initiation of mega projects, such as the metro railway, expressway, satellite and nuclear power projects, boosted the government’s image. At the same time, the disappearances of many opposition activists, frequent intra-party clashes and some sensitive murders left black marks on its report card.
One of the most striking features of 2015 was the return of the JMB after an eight-year-long hiatus. The law enforcement agencies linked JMB cadres to the murders of the two foreigners and attacks on temples and mosques.
The killing of the foreigners took a heavy toll on the country’s image globally, prompting a number of foreign delegations to cancel their scheduled visits. However, the scenario has improved of late.
On the economic front, private investment as a percentage of gross domestic product (GDP) increased by only 0.27 per cent on an average since FY 2008–09. Private investment stood at 21.87 per cent, 21.56 per cent, 22.14 per cent, 22.50 per cent, 21.75 per cent, 22.03 per cent and 22.07 per cent of GDP in FY 2008–09, 2009–10, 2010–11, 2011–12, 2012–13, 2013–14 and 2014–15, respectively. The stagnation in private investment arises from the dearth of adequate infrastructure and business confidence caused by political uncertainty.
Economists said national savings, which have been declining since FY 2012–13, may further decline in the current fiscal year, and the targets of increasing private investment to 24 per cent and public investment to 7.8 per cent are unlikely to be achieved. The national savings-to-GDP ratio stood at 30.53 per cent in FY 2012–13, 29.23 per cent in FY 2013–14 and 29.01 per cent in FY 2014–15.
Illicit financial flows from Bangladesh have been estimated to the tune of USD 5,409 million, USD 5,921 million, USD 7,225 million and USD 9,666 million in 2010, 2011, 2012 and 2013, respectively.
The rate of growth of revenue mobilisation has been dwindling since FY 2011–12. Actual mobilisation of total revenue grew by 23.3 per cent in FY 2011–12, whereas the rate of growth declined in the subsequent years and stood at 11.8 per cent, 9.4 per cent and 3.98 per cent in FY 2012–13, FY 2013–14 and FY 2014–15, respectively.
The failure to sufficiently mobilise internal resources is likely to hinder financing for development, which will consequently pose serious challenge to the country’s achievement of its sustainable development goals (SDGs).
According to the latest available statistics, the total collection of revenue during the first five months (July to November) of FY 2015–16 has stood at Tk. 544.08 billion against the total target of Tk. 2,084.43 billion.  
The rate of growth of collection of total tax revenues decreased by 3.8 percentage points during the period from July to September of FY 2015–16 compared to the corresponding period of FY 2014–15. During July to September of 2015–16, the rate of growth in total tax revenues became 10.3 per cent, whereas the rate was 14.1 per cent during the same period of the previous fiscal year.

�Unease� persists despite �success�

2015 in review

Like the previous one, the New Year 2016 begins today with a feeling of uneasiness prevailing among the people in general regarding the countrys future political course, although the present government, led by Sheikh Hasina, maintained complete control over the political apparatus throughout the outgoing year. The launch of ambitious projects, execution of high-profile war crime convicts, political uncertainty, some remarkable victories by the national cricketers, swapping of enclaves with India, slowdown in investments, murder of two foreigners and, above all, the return of the Jamaat-ul-Mujahideen Bangladesh (JMB) dominated the landscape of 2015. We wanted to prove that for the sustainable development of the country, there is no alternative to the Awami Leagueand we have indeed proved that, commerce minister Tofail Ahmed told this correspondent, when asked how the year had been for the government. And we also want to win the hearts of the people by improving their lot by unfolding a series of development projects envisaged by our leader, Prime Minister Sheikh Hasina, he added, when his comment on the future goals of the government was sought. But Bangladesh Nationalist Party (BNP) acting secretary general Mirza Fakhrul Islam Alamgir adopted a diametrically opposite stance. A reign of terror has been let loose by this government, he asserted, and added while assessing the governments performance that the ruling party has destroyed the countrys democratic institutions and norms to re-introduce one-party rule, just as it did after the countrys Independence. Just 24 hours before the beginning of the New Year, the country saw the first party-based local polls in its history. Though the Election Commission and the government termed the polls free and fair, many questioned their fairness due to the various forms of irregularities and widespread violence. The ruling AL bagged a landslide victory, but, according to many, the real dividend went in favour of its main rival, the BNP, which called for the resignation of both the government and the Election Commission for their failure to hold a fair and neutral election. The BNP, which was virtually paralysed throughout the year after its super-flop three-month-long blockade programme from January to March, tried to reactivate itself by participating in the mayoral polls held on December 30. For the ruling Awami League, 2015 was a year of consolidating its control. It has successfully overcome the shakiness that emerged after the January 2014 polls. And after tackling the BNP-led blockade programme, which started in January last year, it concentrated on carrying out its development agenda. The inauguration of the main construction of the Padma Bridge and initiation of mega projects, such as the metro railway, expressway, satellite and nuclear power projects, boosted the governments image. At the same time, the disappearances of many opposition activists, frequent intra-party clashes and some sensitive murders left black marks on its report card. One of the most striking features of 2015 was the return of the JMB after an eight-year-long hiatus. The law enforcement agencies linked JMB cadres to the murders of the two foreigners and attacks on temples and mosques. The killing of the foreigners took a heavy toll on the countrys image globally, prompting a number of foreign delegations to cancel their scheduled visits. However, the scenario has improved of late. On the economic front, private investment as a percentage of gross domestic product (GDP) increased by only 0.27 per cent on an average since FY 200809. Private investment stood at 21.87 per cent, 21.56 per cent, 22.14 per cent, 22.50 per cent, 21.75 per cent, 22.03 per cent and 22.07 per cent of GDP in FY 200809, 200910, 201011, 201112, 201213, 201314 and 201415, respectively. The stagnation in private investment arises from the dearth of adequate infrastructure and business confidence caused by political uncertainty. Economists said national savings, which have been declining since FY 201213, may further decline in the current fiscal year, and the targets of increasing private investment to 24 per cent and public investment to 7.8 per cent are unlikely to be achieved. The national savings-to-GDP ratio stood at 30.53 per cent in FY 201213, 29.23 per cent in FY 201314 and 29.01 per cent in FY 201415. Illicit financial flows from Bangladesh have been estimated to the tune of USD 5,409 million, USD 5,921 million, USD 7,225 million and USD 9,666 million in 2010, 2011, 2012 and 2013, respectively. The rate of growth of revenue mobilisation has been dwindling since FY 201112. Actual mobilisation of total revenue grew by 23.3 per cent in FY 201112, whereas the rate of growth declined in the subsequent years and stood at 11.8 per cent, 9.4 per cent and 3.98 per cent in FY 201213, FY 201314 and FY 201415, respectively. The failure to sufficiently mobilise internal resources is likely to hinder financing for development, which will consequently pose serious challenge to the countrys achievement of its sustainable development goals (SDGs). According to the latest available statistics, the total collection of revenue during the first five months (July to November) of FY 201516 has stood at Tk. 544.08 billion against the total target of Tk. 2,084.43 billion. The rate of growth of collection of total tax revenues decreased by 3.8 percentage points during the period from July to September of FY 201516 compared to the corresponding period of FY 201415. During July to September of 201516, the rate of growth in total tax revenues became 10.3 per cent, whereas the rate was 14.1 per cent during the same period of the previous fiscal year.