Bangladesh is at an economic and political crossroads. Despite remarkable progress over the last twenty years, Bangladesh's economy has been touted as one of South Asia's most robust. However, behind the shiny facade of growth lie rising concerns about fiscal vulnerabilities, weaknesses in the banking sector, a lack of institutional accountability, and diminishing returns between public expectations and political delivery. Bangladesh has recently seen an upswing in public outcry over economic management, governance corruption, and reform initiatives, leaving Bangladeshis questioning issues of transparency, accountability, and what comes next for their country.

One question Bangladeshis are asking is, " Where has all the money gone? Bangladeshis are increasingly critical of their government's inability to make policies with transparent national economic interests at heart. Specific questions have been raised about economic decisions made during handover periods between administrations, when the exiting party may lack the political capital to finalize significant economic policies or leave behind long-term budgetary commitments. Trade deals, debt, and public spending have all been called into question as Bangladeshis wonder if these financial decisions are even being reviewed by Parliament or discussed publicly.

A lack of confidence has been intensified by poor political messaging. Policy related to our economy is delivered through press releases by bureaucrats, rather than by leaders communicating a political vision that helps people understand why certain painful reforms are necessary and what the consequences of not doing them are. People feel they are not part of the discussion on inflation, subsidies, debt, and taxation. Instead, they are left to speculate; rumors abound of limitless money printing and fear of uncontrollable inflation. Economic reform these days requires technical policy support, popular understanding, and political legitimacy. Decision makers in Bangladesh have failed to offer that assurance.

Most worrying of all are signs of trouble in the banking sector. Decades of poor oversight, politically motivated lending, and ineffective monitoring have created a sector riddled with defaulted loans and ever-present recapitalization requirements. Instead of decisively dealing with bankrupt banks and culpable borrowers, authorities opt for restructuring packages and forgiveness. Many former owners of failed banks have returned to run them after recapitalization, leading the public to question whether reforms will actually happen at all. Insolvency is not announced publicly out of fear that it may cause bank runs.

Delaying tough reforms will compound the problems down the road. Effective banking reform needs bold political will, autonomous regulation, rule of law, and greater transparency in resolving nonperforming loans. Many economists refer to banking and energy as Bangladesh's "s two lungs." Until these sectors are strengthened, Bangladesh's growth will be sluggish and bogged down by inefficiency and financial burdens.

Tax revenues could also benefit from curbing nonessential spending. A significant amount of government spending goes towards public sector salaries, subsidies, and the interest payments on external and internal debt. Fuel subsidies have contributed to public deficits as global oil prices have fluctuated. Populist measures, like increasing public-sector wages, family stipends, and expensive infrastructure projects like the Padma Bridge, will continue to take up a chunk of the budget. While some see investments like the Padma Bridge as much-needed infrastructure that will help Bangladesh stand up to its neighbors and withstand future crises, others are more critical of how the project has been financed.

Bangladesh suffers from the same loan dependence crisis as many countries. Rather than allocating budget expenditures to future revenue-generating projects, they are spent on the present. This is due to Bangladesh's growing inability to collect sufficient tax revenue to cover expenditures without borrowing. Although Bangladesh has expanded the size of its tax administration throughout its history, there are still very few taxpayers who actively pay taxes. Furthermore, the majority of income tax identification cardholders in Bangladesh do not file income tax returns. Trying to broaden the tax base annoys people, as seen with the ill-conceived motorcycle advance tax, which enraged many Bangladeshis who didn't know they were supposed to be paying taxes. New taxes are seen as a punishment for being good citizens rather than adjusting everyone's payments so the burden is fair.

The problem is also very political. Rather than implementing large changes, many governments attempt to force small changes that will work for now. Cut costs by subsidizing more goods, hire more public-sector workers to gain votes, and continue massive budget projects even if there are no funds to complete them. This works for a little while, but eventually you postpone the problem. Bangladesh now finds itself at that crossroad of wants and needs.

The production of Bangladesh's White Paper on reforms during the Interim regime is worth mentioning here. The so-called White Paper was compiled by a team of economists, academics, and civil society members in a record 3 months. The Paper analyzed the reasons behind the collapse and recommended measures to overhaul the system. The Paper received widespread publicity, with even cabinet members being quoted as endorsing it. However, as with so many other occasions, a lack of follow-up within government institutions has relegated the reform agenda to just words on Paper. Disagreements among committee members, as well as pressure from donors and external vested interests, stalled much of the momentum for reform early on. As reform ideas lost consensus, political leadership was also reluctant to stake a claim to independent decision-making power, diminishing much of its perceived moral authority. The push for reform lost momentum when the public saw human rights, accountability, and empowerment being pushed to the back burner by political expediency.

Another controversy concerns trade agreements with the United States. These negotiations have been denounced by many as requiring wider national consultation, parliamentary debates, and bipartisan observation due to their long-term economic consequences. The lack of meaningful parliamentary debate has raised questions about the legitimacy of the entire process. These concerns go beyond a single treaty and the secrecy that surrounded its negotiation. The problem is larger than that: There is growing frustration that far-reaching economic decisions affecting millions of people are made with little debate or consultation.

Still, there is room for optimism about political evolution and the awakening of civil society. Transparency in elections and accountability in political life have been persistent demands from civil society organizations, academics, journalists, and various citizen platforms over the last twenty years. Pressure has been put on governments to allow candidates to disclose their assets, political parties to open their books for financial audits, and governments to raise the eligibility bar for public office. Lax enforcement has blunted implementation of most reforms, but standards have slowly improved.

Above all, there has been the rise of a politically active youth and student population. Movements seen in recent years show people waking up to the realization that being active as a civilian can be highly effective. Now, with social media, citizens can fact-check what the government claims it will do, call out politicians in real time, and amplify their voices when holding the government accountable. And politicians are starting to realize their answers will be checked.

With this, Bangladesh now finds itself between a rock and a hard place. Economic changes can no longer be discussed without discussing trust in our institutions, transparency, and democracy. They've all become intertwined. Bangladesh's path to a better economy will require competent people at the helm who are willing to communicate with, include, and be accountable to the people.

There is hope for Bangladesh. We, the people, have become more aware and more willing to call our leaders out when necessary. And politicians are starting to feel the heat. If we can push this new sense of civic duty to its limits, it can become a powerful tool for change.