Finance Minister Amir Khasru Mahmud Chowdhury has stated that inflationary pressures have reduced the purchasing power of ordinary citizens.

He emphasized that it has simultaneously become urgent to increase low tax collection relative to GDP, restore confidence in the banking sector, and boost investment and employment.

He made these remarks on Saturday afternoon (October 3) while addressing the grand finale of the National Inter-University Economics Competition, "Econothon 2026," held at United International University (UIU) in the capital as the chief guest.

The Finance Minister said that the country's economy is currently standing at a crucial crossroads, noting that inflation has created a squeeze on the purchasing power of the common people.

He outlined the government's priorities, which include:

• Restoring macroeconomic stability and price stability
• Making the tax system fair, simple, and technology-driven
• Establishing good governance in the banking sector
• Improving the environment for private investment
• Ensuring maximum returns on public funds in education, health, and social protection

"Everything will not be fixed in a single day, but we will remain steadfast in pursuing this goal,"

the Finance Minister added.

Highlighting the current global economic situation, Amir Khasru Mahmud Chowdhury noted that global growth has slowed, financing costs have increased compared to the previous decade, and protectionism and tariff barriers are on the rise in international trade.

He also pointed out that geopolitical conflicts have kept energy and transport costs volatile, while climate change adds new economic losses every year.

As an import-dependent and export-oriented economy, Bangladesh faces direct impacts from these global shocks, he said, noting that their effects are visible in domestic market prices, the exchange rate of the currency, and export orders for the country's factories.

Sharing insights from the ministry, the Finance Minister remarked, "In the Ministry of Finance, every day brings an element of surprise. Budgets are prepared based on certain projections—and then come fuel price shocks, foreign exchange pressures, floods, or uncertainties in global markets. Looking at the global economy, uncertainty has become the new normal."

Regarding preparations for graduating from the Least Developed Country (LDC) status, the Finance Minister stated that regardless of the timeline, the country's economy must be prepared in alignment with changing global and domestic realities.

He remarked that preparations for LDC graduation—whatever the schedule—will teach our exports to survive on competitive strength rather than trade preferences.

Addressing internal economic challenges, he added, "There is no use hiding problems; solutions begin only when they are acknowledged."

Touching upon policy uncertainties, the Minister noted that decisions often have to be made under incomplete information and tight deadlines while maintaining accountability to the public.

Addressing the students participating in Econothon, he said that the ability to think under pressure, adapt to situations, and defend one's position with logic are crucial skills for policymaking.

He underscored the importance of ensuring stability, good governance, an investment-friendly environment, and the effective use of public funds to propel the country's economy forward.