A Rapid Assessment of National Budget 2015-16
In view of the current economic structure of Bangladesh, allocation of resources must be channeled efficiently into the productive sectors in order for the economy to get higher returns in terms of expanded productive capacity and resultant increased gross domestic product (GDP). Despite commendable progress in achieving growth in GDP, it is considered that the country has been missing the opportunities to capitalise on its resources and potentials to embark upon rising as a middle-income country by 2021. The causes of missing opportunities are, however, more political than economic. The characteristic of the national budgets – long on targets, short in reality – is mainly due to the lack of political will in the country. In recent years, the low implementation status of the national budgets has further accentuated the lack of political will induced shortfall in achieving targeted rate of economic growth in the country. The current national budget is tabled against the backdrop of three major economic challenges – shortfall in the achievement of economic growth vis-à-vis the target, low implementation of development expenditure, and lack of business confidence induced declining private investment.