‘AL misled nation with mythical growth narrative’

The Awami League's 15-year tenure saw the propagation of a misleading economic narrative, with GDP growth figures exaggerated and the true state of the economy obscured, according to findings from the White Paper Preparation Committee.

The report accuses the fallen government of crafting a mythical "growth story" that misrepresented the country's actual economic condition. 

Key issues such as institutional corruption, inflated development project costs, and manipulated financial data were systematically hidden from public view.

The committee, led by Dr Debapriya Bhattacharya, handed over the comprehensive report to Chief Advisor Dr Muhammad Yunus on Sunday, December 1.

Myth of high GDP growth

The report underscores that the so-called high GDP growth under the Awami League regime was a carefully constructed myth. Statistical manipulation and selective representation were used to craft an appealing but misleading development narrative.

“This branding confused the public, turning economic realities into a puzzle,” the report said.

Report highlights 

The report paints a grim picture of economic governance during the period, highlighting:

Widespread corruption: Top bureaucrats allegedly formed alliances with political elites to perpetuate irregularities.

Dubious economic indicators: Discrepancies in GDP and inflation data created a false narrative of robust growth.

Development expenditures: Questionable spending on large-scale projects and opaque use of foreign loans.

Banking sector looting: Systematic embezzlement within financial institutions.

Budget and revenue issues: A lack of transparency in budget implementation and revenue collection.

Recommendation 

The committee has outlined several measures to address the economic crisis, restore transparency, and prevent future occurrences of such malpractices.

The findings are expected to ignite widespread discussions about accountability and the actual state of the nation’s economy.

A historical document

Accepting the report, Chief Adviser Dr Yunus described it as a "historical document," emphasizing its importance in uncovering financial malpractices.

“What happened in the financial sector during that time was alarming. It unfolded before our eyes, yet no one dared to speak about it,” he said.