Planning consultant aware of economic recession due to sluggish investment and development spending

Planning Advisor Dr Wahiduddin Mahmud today (November 25) expressed concern that the country could fall into economic recession if the current situation continues without new private investment and almost stagnant public development spending.

“On one side, private investors are not injecting new investment, and on the other side, public development expenditure is not being increased. So, this will create an economic recession,” he said while briefing reporters on the Ecnec meeting at the NEC Auditorium.

Chief Advisor Prof. attended the meeting held in the NEC conference hall. It was chaired by Muhammad Yunus.

The consultant said that the private sector did not show interest in investment and interest rates were increased a lot.

“As a result, entrepreneurs are not interested in new investments,” he said.

He noted that the interim government has decided, in principle, to accelerate the implementation of government-approved projects by the end of this fiscal year.

“If the projects are good and new project directors have been appointed, we are now at the stage of receiving principle coordination,” he said.

“In this way, we will be able to accelerate the pace of project implementation. This is urgently needed because currently there is a stagnant situation in the country in terms of private sector investments due to instability, insecurity, political uncertainty and indiscipline,” he added.

He also admitted that the annual development program implementation rate has been reduced to 8% in the first four months of the current fiscal year to curb waste, corruption and cut unnecessary projects short.

“It is true that the implementation of development projects is progressing very slowly,” he said.

He stated that the interim government will review the projects before giving final approval.

The planning consultant said there is good scope for the political government to formulate a new project for any constituency at any time.

“But there is no constituency for us, our time is short and frankly we have no inclination to do so, there is no doubt about that,” Dr Wahiduddin added.

He stated that the advisory council will meet again to discuss the release of some innovative new-dimensional development projects for human resources development and education development.

Dr Wahiduddin stated that there was stagnation in the economy due to inflation and increases in basic needs.

“There is no room to deny this,” he added.

He gave importance to expanding economic activities in the name of employment.

The consultant said that while political activities in the country are accelerating, focusing on national elections, the economy will also be vibrant with the start of election-related activities.

“We think that election-related activities will start very soon,” he said.