‘Works underway to turn country into trillion-dollar economy by 2034’

Finance Minister Amir Khosru Mahmud Chowdhury on Friday told parliament that the government is firmly committed to transforming Bangladesh’s economy into an advancing, inclusive and sustainable one, while delivering on election pledges and targeting a trillion-dollar economy by 2034.

Presenting a statement under Section 300 of the Rules of Procedure, he said the government assumed office with a strong public mandate and moved quickly to stabilize the economy, restore institutions and ensure equitable development. 

“The people have placed their trust in us, and our responsibility is to deliver on that trust by building an advancing, inclusive and sustainable economy for Bangladesh,” he said.

Khosru highlighted the historical role of the BNP, noting that under Shaheed President Ziaur Rahman the party introduced multiparty democracy and began the country’s path toward economic emancipation. 

He said Begum Khaleda Zia later revitalised a fragile economy by expanding the garment industry, boosting overseas employment and strengthening the middle class. 

“Through the introduction of the VAT system, modernization of the tariff and import structure, and pro-private investment policies, she strengthened the foundation of the economy,” he added.

“Carrying forward that legacy and experience, we’re now firmly committed to steering Bangladesh’s economy toward an advancing, inclusive, and sustainable path based on transparency, integrity and accountability,” the minister said, adds BSS.

He acknowledged that the government inherited a fragile economy marked by structural weaknesses, high inflation, pressure on the external sector, slow investment and governance challenges, requiring urgent reforms. 

“Our goal is not only higher growth, but also a progressive, inclusive and sustainable economy built on transparency, accountability and good governance,” he told the House.

Among key initiatives, the government has begun distributing 50 lakh family cards, with plans to expand coverage nationwide, and is introducing farmer cards for genuine producers. Agricultural loans up to Tk10,000 have been waived, alongside targeted rural support. 

To boost employment, a plan is underway to create one crore jobs through ICT expansion, infrastructure modernization, the blue economy, eco-tourism and creative hubs. The “Created in Bangladesh” brand is also being promoted to diversify exports.

On fiscal reforms, Khosru emphasized revenue transparency and automation, aiming to raise the tax-GDP ratio to 10 percent in the medium term and 15 percent by 2034. 

“We want people to see the benefits of their taxes through improved services, governance and infrastructure,” he said. Measures are also being taken to ensure efficient debt management and strengthen macro-fiscal planning.

In the financial sector, the government is working to restore discipline in banks, address capital shortages and rebuild confidence. 

Efforts are also underway to develop the capital market, ensure regulatory independence and introduce instruments like corporate bonds, Sukuk and green bonds.

Addressing global challenges, the minister said the ongoing Middle East war has disrupted energy markets and trade. 

Oil and LNG prices have more than doubled, forcing an additional Tk36,000 crore in subsidies and about $3 billion in extra import costs. “This will increase budgetary pressure,” he warned.

To cope, the government has introduced energy-saving measures and is seeking external budget support, while keeping domestic energy prices unchanged to protect citizens.

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Despite global uncertainty, Khosru said Bangladesh remains determined to overcome challenges through prudent policies. 

He added that the 2026-27 budget will focus on stability, transparency and inclusive growth, reiterating the government’s commitment to strong governance and a sustainable economic future.