Citing findings from a recent World Bank report, Titumir said persistent increases in living costs had placed severe financial pressure on low- and middle-income households, while limited employment opportunities had made it increasingly difficult for vulnerable families to maintain their living standards.

He made the remarks on Wednesday (21 October) during a meeting with journalists organised by the district administration at Rajbari Municipality Auditorium. Rajbari District Council Administrator Abdus Salam Mia was among those present.

Describing the country’s economic situation as particularly challenging, Titumir said the government had inherited a fragile economy that required extensive reforms and carefully targeted interventions.

“We are going through a critical period. We inherited a fragile economy. Prolonged inflation has placed enormous pressure, particularly on lower- and middle-income groups. According to estimates, between eight million and 10 million people have fallen below the poverty line,” he said.

The adviser explained that rising prices had significantly weakened household purchasing power, leaving many families struggling to meet essential expenses. The difficulties have been compounded by weak private-sector investment, which has restricted job creation and intensified unemployment.

Young people and educated jobseekers have been particularly affected, he said, identifying unemployment among graduates and other skilled individuals as one of the country’s most pressing economic challenges.

The situation has become more complicated because of developments beyond Bangladesh’s borders. Titumir pointed to the ongoing crisis in the Middle East, saying rising energy prices had created additional pressure on the domestic economy.

Higher energy costs can affect industrial production, transportation and business operations, potentially increasing the prices consumers pay for goods and services. For an economy already struggling with persistent inflation, such pressures present additional obstacles to recovery.

Family and Farmer Cards to Support Vulnerable Households

To address the growing financial difficulties facing ordinary citizens, the government is pursuing social protection initiatives, including Family Cards and Farmer Cards.

Titumir expressed confidence that these programmes could help alleviate poverty and provide much-needed relief to financially vulnerable households.

The initiatives are intended to strengthen support for families and agricultural communities facing economic hardship. Their effectiveness, however, will depend on how successfully assistance reaches those most in need.

The adviser said improving living standards and reducing the burden on low-income groups remained important priorities as the government worked to stabilise the economy.

Concerns Over GDP Figures and Economic Information

Titumir also addressed discrepancies between estimates of Bangladesh’s gross domestic product (GDP) published by different organisations.

He acknowledged that variations existed in the figures and criticised what he described as misleading and distorted information circulating on social media.

GDP estimates are important indicators of economic performance, but differences in methodology, reporting periods and revisions can produce varying assessments of economic conditions.

The adviser stressed concerns about the way economic statistics were being interpreted and presented in public discussions.

His remarks came against a broader backdrop of economic uncertainty, with policymakers facing the challenge of restoring confidence while addressing inflation, employment and investment.

Banking Sector Reforms Could Require $40 Billion

Turning to the financial sector, Titumir said approximately $40 billion would be required to reform Bangladesh’s banking industry.

The figure highlights the scale of the financial challenges identified by the adviser as the government seeks to strengthen the country’s economic foundations.

He accused the previous administration of allowing favouritism and patronage-based practices to damage various sectors of the economy.

According to Titumir, these practices weakened economic institutions and contributed to structural problems that the current government must address.

Banking sector reform is closely linked to wider economic recovery. A stable financial system is essential for maintaining depositor confidence, supporting businesses and ensuring that credit can flow towards productive economic activities.

The adviser emphasised that improving the investment environment would require addressing weaknesses across several interconnected sectors, including banking, energy and industrial infrastructure.

Energy Security Essential for Industrial Investment

Titumir identified reliable energy supplies as a central requirement for economic recovery and sustainable industrial development.

He criticised previous governments for failing to take adequate measures to expand domestic gas exploration and establish long-term energy security.

Bangladesh has opportunities to increase its use of renewable energy, particularly solar power, but those opportunities were not effectively pursued by the previous administration, he alleged.

The adviser said ensuring uninterrupted energy supplies to factories and businesses was essential for attracting investment and supporting industrial expansion.

Energy shortages and uncertain supply arrangements can disrupt production schedules, increase operating costs and discourage businesses from undertaking new projects.

For industries dependent on electricity and natural gas, dependable energy infrastructure is particularly important when making long-term investment decisions.

Titumir argued that stronger energy security would help create a more favourable environment for industrial activity, which could ultimately contribute to employment generation and economic growth.

He also highlighted the importance of domestic gas exploration as part of a broader strategy to reduce uncertainty surrounding future energy availability.

Education Spending Targeted to Reach 5% of GDP by 2030

Addressing unemployment among educated young people, Titumir called for substantial changes to Bangladesh’s education system.

He said developing a workforce equipped with relevant professional and technical skills was essential for improving employment prospects.

The government was working to expand job opportunities, but educational reforms would be necessary to ensure that young people could meet the changing demands of the labour market, he added.

According to the adviser, the government plans to allocate 2 per cent of GDP to education, describing the proposed level of expenditure as a first in the country’s history.

He said the allocation would be increased gradually, with a target of reaching 5 per cent of GDP by 2030.

The proposed expansion of education spending reflects the government’s stated intention to prioritise human capital development as part of its economic recovery strategy.

Titumir emphasised that improving educational outcomes would require more than increasing expenditure. Developing practical skills and preparing students for employment would also be crucial.

A better alignment between education and labour-market requirements could help address the difficulties faced by graduates entering the workforce.

The adviser described skills development as indispensable to reducing unemployment among educated young people.

Government Plans 151-Bed Hospitals at Upazila Level

Alongside education, Titumir highlighted healthcare development as another important component of strengthening Bangladesh’s workforce.

He said economic progress required not only skilled workers but also a healthy population capable of participating productively in national development.

Referring to the historical expansion of healthcare facilities, the adviser said upazila health complexes had been equipped with 20 beds during the administration of former President Ziaur Rahman.

He added that the capacity was subsequently increased to 50 beds during the tenure of former Prime Minister Khaleda Zia.

The government is now pursuing an initiative to establish 151-bed hospitals at the upazila level, he announced.

Expanding healthcare capacity outside major urban centres could improve access to medical services for communities that depend heavily on local public health facilities.

The adviser linked healthcare improvements with broader human development objectives, arguing that a healthier population was essential for building a productive and economically resilient society.

Economic Recovery Requires Coordinated Reforms

Throughout the discussion, Titumir presented Bangladesh’s economic difficulties as a combination of immediate financial pressures and longer-term structural weaknesses.

Persistent inflation has eroded purchasing power, while inadequate private investment has restricted employment opportunities. Rising international energy prices have added to the challenges facing businesses and households.

The adviser outlined several areas of government intervention, ranging from social assistance programmes and banking reforms to education, healthcare and energy security.

He expressed optimism that initiatives such as Family Cards and Farmer Cards, combined with efforts to improve investment and employment, could help reduce poverty and ease the financial pressures facing ordinary citizens.

The government’s longer-term plans also place considerable emphasis on improving the country’s human resources through greater education spending, skills development and expanded healthcare facilities.

Titumir’s remarks underscored the scale of the challenges confronting Bangladesh as it seeks to restore economic stability, strengthen public institutions and create sustainable employment opportunities.

Whether the proposed measures can deliver meaningful relief will depend on their implementation and the extent to which they address the underlying causes of inflation, unemployment and economic vulnerability.