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Increasing the frequency of data collection is needed to overcome the statistical limitations in policymaking. So the government needs to develop its capacity.
The economists said this at a webinar on "Reflection of Youth and Gender Issues in Five Year Plans in Light of Pandemic," organized by the South Asian Network of Economic Modeling (Sanem) and Action Aid Bangladesh on Saturday.
Sanem Executive Director Dr Selim Raihan said a rethinking of the approach used in the implementation of the 8th FYP is needed.
Citing the World Bank data, Sanem Senior Research Associate Eshrat Sharmin said the unemployment rate of young people in the country is expected to rise from 10.7% to 25% due to the pandemic.
Eshrat highlighted the importance of education, employment and income, health and nutrition, poverty, and social safety net, and gender in the eighth five-year plan.
"The 8th FYP will be able to play an important role in ensuring a sustainable recovery in the post-Covid-19 time."
Ishrat also said 20.4% more people will fall below the poverty line, and the overall poverty rate will rise to 40.9% as an effect of the pandemic.
"So special attention should be given to ensuring employment and income of small and medium-sized entrepreneurs and informal workers."
Acknowledging the need and urgency for improving data collection capacity to aid effective policymaking, Planning Minister MA Mannan said: "The pre-existing gaps in youth employment and gender inclusiveness will be further exacerbated due to the pandemic."
"More relevant discussion regarding youth and gender issues is necessary to work gradually toward a more sustainable future."