Bangkok:Adviser to the Prime Minister on Finance and Planning, Prof Dr Rashed Al Mahmud Titumir, has shared insights from Bangladesh's experience with overseas employment, the export-oriented garment industry, and social protection initiatives as examples of how public policy can link household welfare with productive economic activities.
According to Bangladesh Sangbad Sangstha, Titumir addressed the topic during Session III of 'Financing Equality Resource Mobilisation for Public Services' at a high-level regional conference at Chulalongkorn University in Bangkok. He emphasized the importance of replacing fragmented social safety-net programs with a comprehensive social security system, which would be tied to productive investment and formal employment generation.
The conference, titled 'An Asia for Everyone Public Services, Social Protection and the Promise of Shared Prosperity,' was organized by the Faculty of Economics at Chulalongkorn University and Oxfam in Asia. It aimed to discuss the region's growing inequality and the role of public services and social protection in fostering shared prosperity.
Titumir underscored the necessity of strengthening social protection and enhancing public service delivery to ensure that economic growth leads to improved living standards for all. He highlighted the impact of the COVID-19 pandemic and existing weaknesses in social protection systems, which reportedly pushed an additional 7 to 10 million people into poverty in Bangladesh.
He criticized the inefficiencies of traditional social safety-net programs and proposed a shift towards a lifecycle-based social security system. He introduced initiatives such as the Family Card, which aims to provide direct assistance to women, and the Farmer Card, aimed at supporting farmers with cash incentives and better access to services.
Titumir also presented six proposals for international cooperation to help developing economies cope with external shocks and protect development gains. These include establishing a multilateral liquidity facility, automatic sovereign debt relief mechanisms, and strengthening regional cooperation for economic resilience.
The conference also featured discussions on economic inequality in Asia, highlighting that the richest 10 percent receive a significant share of national income, while the poorest half receive a minimal portion. The wealth of Asian billionaires has reportedly risen sharply, exacerbating inequality.
The event was further enriched by presentations on the economic costs of unpaid care work, social protection gaps, and the challenges posed by climate change and the digital divide in Asia.