Awami League alarmed over rising economic crisis in Bangladesh

Dhaka, July 7 (IANS) Bangladesh’s Awami League Party on Monday expressed deep concerns over the fast deteriorating economic situation in the country under the interim government led by Mohammed Yunus.

Taking to X, the Awami League Party said, "Mob violence meets market meltdown: Bangladesh's economy bleeds under Yunus regime ... Once hailed as a rising economic star, Bangladesh now faces an investment freefall, mob rule, and a governance vacuum. 253 cases of mob violence, 163 lives lost, foreign investment at a 14-year low, factories shutting down, industries gasping for survival."

Quoting an old Bengali proverb, the party added: "No food to give, yet always ready to strike, aptly defines the present Yunus regime".

"From crippling interest rates to systematic destruction of the private sector, business leaders say they've never seen such dysfunction including power outages, gas shortages, tax harassment, import scams. All while the government throws flashy investment conferences for photo ops," the Awami League mentioned.

The party highlighted that under the Yunus led interim government, Foreign Direct Investment (FDI) in the country declined from $3.48 billion (2018–19) to $910 million (2024–25), letters of credit for capital goods fell by 27 per cent, industrial production was slashed and the investor confidence has been shattered.

"In 1971, we lost our intellectuals. In 2025, we're losing our entrepreneurs," the party quoted Shawkat Aziz Russell, Bangladesh Textile Mills Association (BTMA), as saying.

Highlighting rising concerns of Bangladesh's business community, the party stated that the situation isn't just an "economic downturn" but an act of "sabotage". It further questioned whether the Yunus regime "will change the course or let the nation collapse".

Earlier in May, the Awami League reported that FDI, a key indicator of international confidence in an economy, has seen a "dramatic drop" under the current administration.

"In just eight months, Bangladesh has witnessed a reported $208 million decline in FDI — a severe blow to an economy already on the ropes. Law and order issues, politically motivated violence, and an unpredictable regulatory environment have all contributed to the exodus of foreign investors," read a statement issued by the party.

"Incidents of looting and vandalism have increased, and even multinational brands like Pizza Hut and Bata have suffered from attacks and disruptions. Instead of intervening to protect businesses and restore stability, the government has largely remained passive, allowing fear and uncertainty to fester," the party stated.

--IANS

int/scor/as