The Policy Research Institute of Bangladesh (PRI) today marked the inauguration of its Monthly Macroeconomic Insights (MMI) with a keynote address and a high-level policy forum.
This novel initiative, the MMI, has been developed by PRI’s Center for Macroeconomic Analysis (CMEA) through the generous support of the Australian Department of Foreign Affairs and Trade (DFAT).
The launch event was presided over by Dr. Zaidi Sattar, Chairman of PRI, and was honored by the presence of Dr. Anisuzzaman Chowdhury, Chief Adviser’s Special Assistant for the Ministry for Finance, who graced the occasion as the chief guest.
Dr. Md. Habibur Rahman, Deputy Governor of Bangladesh Bank, contributed his insights as the guest of honour.
Distinguished special guests included Mr. Clinton Pobke, Deputy Head of Mission, and Mr. Joshua Gacutan, Second Secretary, both representing the Australian High Commission in Bangladesh.
The keynote presentation was jointly delivered by Dr. Zaidi Sattar and Dr. Ashikur Rahman, Principal Economist at PRI.
In his address, Dr. Anisuzzaman Chowdhury emphasized, “Global economic history underscores that sustained national development is contingent upon the synergy of coherent policy frameworks and robust social capital. Bangladesh must prioritize both these critical elements. The government is dedicated to aligning its policies with clearly defined objectives. While challenges are inherent in any developmental journey, the impending LDC graduation presents a valuable opportunity to critically reassess our current path, learn from past deviations, and proceed with renewed strategic clarity and unwavering resolve.”
Dr. Md. Habibur Rahman commented on monetary policy, stating, “The liberalization of the exchange rate will yield multifaceted benefits for Bangladesh. Notably, the exchange rate has demonstrated stability even following the transition to a floating regime. Considering the current reserve levels, the positive trajectory of the current account, and the overall balance of payments, we are well-positioned to navigate any potential exchange rate volatility. I maintain a positive outlook regarding the ongoing economic recovery.”
Mr. Clinton Pobke lauded the initiative, remarking, “We are proud to support endeavors that foster evidence-based policy dialogue and contribute to more effective and timely policymaking processes. I commend PRI for its adept synthesis of macroeconomic data, rigorous analytical insights, and impactful presentation, which holds significant potential to inform and shape crucial policy decisions.”
Reviewing the economic growth scenario, Dr. Zaidi Sattar highlighted, “In the current fiscal year, macroeconomic stability has been restored, and the economy is poised for a return to a higher growth trajectory. However, our export potential is constrained by a highly protectionist tariff regime, which engenders a persistent anti-export bias within our policy incentives.”
Dr. Ashikur Rahman further elaborated, “While external balances are exhibiting improvement, persistent fiscal vulnerabilities are rendering the ongoing economic recovery rather fragile. Nevertheless, the dissolution of the National Board of Revenue (NBR) and the establishment of separate Revenue Policy and Revenue Management Divisions represent a positive step forward, alongside the new bank resolution ordinance, which bolsters Bangladesh Bank’s authority in managing the weakened financial sector.”
The inaugural March edition of the MMI highlighted key macroeconomic trends, including a modest rebound in GDP growth during the second quarter of FY25, ongoing inflationary pressures, and progress in the external sector driven by strong export performance and robust remittance inflows. However, it also underscored persistent challenges in revenue collection and limited fiscal space for counter-cyclical spending measures.
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