Statement by Bangladesh Awami League Protesting the Fabricated Economic White Paper Published Under the Direction of the Illegal and Unconstitutional Government
1.Introduction of the White Paper:
Under the direction of the illegal and unconstitutional fascist Yunus government, an “Economic White Paper” was published in November 2024, titled White Paper on the State of the Bangladesh Economy: Dissection of a Development Narrative. Written in English and prepared by a 12-member “White Paper Committee 2024,” the document is politically motivated. It contains unscientific, baseless, and unrealistic claims about the economic progress made during the 16 years of Awami League governance. The Bangladesh Awami League strongly condemns and rejects this white paper while presenting its counterarguments.
Methodological Issues: Unscientific and One-Sided Approach
2.Unscientific Methodology:
Several points are crucial to understanding the content and intention of the recently published white paper:
•(a) All the authors are staunchly anti-Awami League and beneficiaries of the Yunus government.
•(b) The document deliberately avoids mentioning the economic and social development achieved under Awami League governance, despite the authors having previously acknowledged the government’s significant infrastructure and social advancements, including Bangladesh’s graduation to a developing nation.
•(c) Although the authors claim their aim is to analyze the causes and effects of economic events, they fail to provide unbiased, evidence-based conclusions.
•(d) The methodological foundation of the white paper is not only weak but also one-sided, emphasizing populist rhetoric while evading substantive issues.
•(e) The authors attempt to portray that no significant economic or social progress has occurred in Bangladesh over the past 15 years. This reveals the malicious intent behind the document, making it entirely dismissible.
Baseless Allegations of Money Laundering
3.Exaggerated Claims:
The white paper alleges that 28 trillion Bangladeshi taka has been laundered out of the country between 2009 and 2024. However, no scientific methodology for this calculation is provided, making the claim baseless and grossly exaggerated.
•Over the last 15 fiscal years, Bangladesh’s total government budget amounted to approximately 57 trillion taka, averaging 3.8 trillion taka annually. The white paper claims that an average of 1.86 trillion taka was laundered each year, amounting to 49% of the annual budget.
•If such massive laundering occurred, how were the government’s development and operational activities completed? The white paper offers no credible answers.
Economic Growth Ignored
4.Undeniable Progress:
The white paper ignores Bangladesh’s remarkable economic growth over the past 15 years, with GDP growth rates ranging from 5% to 8.2%. Recognizing these achievements would have contradicted the authors’ narrative.
•During this period, Bangladesh advanced in material production and made significant strides in human development sectors such as education, health, and culture.
•Even Nobel laureate economist Amartya Sen has repeatedly acknowledged that Bangladesh surpassed neighboring India in key social development indicators during Awami League rule.
Foreign Reserves and Per Capita Income Growth Disregarded
5.Achievements in Foreign Reserves and Income:
•In 2009, foreign exchange reserves were $7.47 billion; by 2021, they had reached $48 billion.
•Similarly, per capita income rose from $686 in 2009 to $2,841 in 2024. These achievements contradict the white paper’s exaggerated claims about money laundering and economic mismanagement.
•During the same period, Bangladesh’s GDP grew from $102 billion to $465 billion.
Success of Development Projects Overlooked
6.Mega Projects:
The past 15 years saw the successful implementation of mega projects such as the Padma Bridge, Dhaka Metro Rail, Rooppur Nuclear Power Plant, and Karnaphuli Tunnel, funded domestically. These projects, which were once deemed unattainable, have brought significant direct and indirect benefits to the people. The white paper avoids analyzing their economic and social impacts and instead makes baseless allegations of corruption.
Foreign Debt Burden Reduced
7.Debt-to-GDP Ratio:
Contrary to the white paper’s claim that Bangladesh is “sold out” due to foreign debt, the debt-to-GDP ratio has decreased from 35% in 2009 to 25% in 2024.
Yunus Government’s Economic Devastation
8.Economic Collapse Under Yunus:
Over the past four to five months, the illegal Yunus government has wreaked havoc on every sector of the economy and society:
•Prices of essential goods have risen by 25%-75%.
•Supply chains have collapsed.
•Numerous industries have shut down, reducing industrial output to one-third.
•Educational activities are nearly halted, and the healthcare system is in disarray.
•The stock market has lost 1.2 trillion taka.
Additionally, Yunus has manipulated the judiciary to withdraw corruption cases against himself, including a 666-crore-taka tax evasion case. Furthermore, his government has secured a five-year tax exemption for his organization, resulting in a tax relief of approximately 15,000 crore taka over five years.
Conclusion
The white paper deliberately ignores the destruction and corruption under Yunus’s government while fabricating baseless accusations against Awami League governance. This is a desperate attempt to divert public attention from the ongoing economic collapse and mismanagement. The Awami League calls upon the people of Bangladesh to reject this malicious and unfounded white paper.
Joy Bangla, Joy Bangabandhu, Long Live Bangladesh.