Dhaka, Oct 31 (V7N)- Esteemed economist Debapriya Bhattacharya remarked on Thursday that a lawless economy has developed in recent years, fostering a massive network involving bureaucrats, "uniformed bureaucrats," politicians, and businessmen. This network has monopolized government institutions to misappropriate public funds for personal gain.

Debapriya, who leads a committee drafting a white paper on the national economy, stated that the systemic corruption entrenched in various institutions during the previous government resulted in a misallocation of resources, significantly impeding development efforts. He made these comments during a discussion with the Economic Reporters' Forum (ERF) in Dhaka, where he highlighted findings from their investigations and research.

He emphasized that the public will ultimately suffer from this corruption, noting that government spending has been ineffective and funds have been misappropriated and laundered abroad. He criticized the deceptive façade of development that has been maintained despite these corrupt practices.

As a distinguished fellow at the Centre for Policy Dialogue (CPD), Debapriya stated, "To sustain the corrupt system and maintain the illusion of development, authoritarian tendencies became necessary. This has created a cyclical relationship within the nexus."

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