WASIM BIN HABIB and MOHAMMAD AL-MASUM MOLLA

Bangladesh steps into the New Year under the shadow of persistent economic turmoil and political crisis over the January 7 national election.

Amid the economic woes stemming from the coronavirus pandemic and global supply chain disruptions caused by the Russia-Ukraine war, Bangladesh swayed back and forth between progress and turbulence, prosperity and uncertainty in 2023.

It was the year that saw completion of various landmark infrastructure projects that were taken years ago. Mega projects like Dhaka Elevated Expressway, Metro rail, Bangabandhu Tunnel, a new terminal at Dhaka airport, and railway station in Cox’s Bazar marked a major leap for the transport sector and promised an upward trajectory for social standards.

Big projects, however, may become a headache for the government in the coming years when the debt burden gets heavier.

“There was a political reason behind the inauguration of the development projects. Some were partially, and some were fully functional. Those projects will have a positive impact on the infrastructure of the country,” Mustafizur Rahman, distinguished fellow at the Centre for Policy Dialogue, told The Daily Star.

“Pressure on paying the interest of the loans taken for big development projects will continue to mount in the coming days. It remains to be seen how much dividends the big projects return,” he said.

As economic perils deepened in 2023, Bangladesh grappled with a formidable foe: surging inflation. Like a relentless tide, it eroded the purchasing power of the citizens, casting a shadow of uncertainty over daily life. For millions of people, the year has been a constant struggle to make ends meet, a tightening of belts, and a shrinking horizon of hopes and dreams.

And the ripples of inflation reached far beyond the kitchen. Transport costs soared, power tariffs went up, and rents climbed, making the cost of living a central economic issue. Despite the government intervention to check the prices, the number of people queuing up behind trucks for subsidised food only grew as days went by.

The market remained volatile with prices of kitchen staples like onion, potato and egg registering records. The ultimate burden was on the general public.

Consumer rights advocates blame the government regulators’ lax enforcement of laws. It made the consumers pay high prices for both imported and locally produced goods. There is barely any hope that the prices will come down anytime soon.

One of the most-talked-about subjects in Bangladesh The year

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