As Bangladesh’s interim government prepares economic reforms, a new survey from the Economic Intelligence Bangladesh (EIB) reveals that curbing corruption, controlling inflation, and rebuilding foreign exchange reserves are the nation's most critical priorities.

The survey, conducted by The Business Standard in collaboration with DataSense in September 2024, gathered insights from 12 leading economists and academics across Bangladesh. A striking 42% of respondents identified fighting corruption and money laundering as the most urgent challenge, emphasizing its impact on the country’s economic stability.

Prominent voices in the survey emphasized the pressing need to address corruption, with Professor Mustafizur Rahman, a distinguished fellow at the Centre for Policy Dialogue (CPD), stressing the importance of legal action. "Corruption and money laundering can be checked by proactively making use of legal means to bring the perpetrators to justice," Rahman said. He also urged the government to partner with other nations to recover stolen assets and hire internationally recognized professionals in asset recovery. "Community groups can be organized to act as watchdogs against corruption," he added.

With inflation straining household budgets, 25% of the economists identified controlling inflation as a priority. Former World Bank lead economist Zahid Hussain called for immediate intervention in the food supply chain. "The interim government must prioritise controlling essential food inflation, neutralise the syndicates on extortion in the supply chain and deter collusive practices by big players in markets such as rice, flour, lentil, onions, edible oil and such other essential items."

Seventeen percent of respondents emphasized the importance of rebuilding Bangladesh’s foreign exchange reserves, which have been depleted amid global economic challenges. Dr. M A Razzaque, chairman of the Research and Policy Integration for Development (RAPID), stressed the need for a market-friendly exchange rate system alongside anti-corruption measures. "Money gathered through corrupt practices is often siphoned off abroad, putting additional pressure on our reserves," he warned.

Razzaque also advocated for renegotiating loan terms to ease repayment pressures and securing concessional loans with longer grace periods to support export sector development. A diversified export structure, supported by tariff rationalization, will be critical to increasing export earnings, he said. Attracting foreign investment, especially in the export sector, should also be a priority, he added.

Economists involved in the survey agree that immediate and decisive action is crucial to stabilize the economy and foster long-term growth. The consensus highlights the need for comprehensive reforms to address corruption, reduce inflation, and restore foreign reserves, setting the stage for sustainable development in Bangladesh.