Uncertainty is the new normal in global economy: finance minister

Uncertainty has become the new normal in the global economy, with slowing growth, high borrowing costs and rising trade protectionism making evidence-based policymaking increasingly important, Finance Minister Amir Khosru Mahmud Chowdhury said today.

“Accurate and evidence-based policymaking is the key to navigating the current challenging global economic environment,” he said while addressing the closing ceremony and prize-giving event of the national inter-university economics competition “Econthon 2026” at United International University (UIU) in Dhaka.

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Junior Economists Forum (JEF), in collaboration with UIU’s Department of Economics, organised the competition, according to a press release.

The minister said practical solutions and the effective use of data were essential for policymaking, noting that the finance ministry regularly had to make critical decisions based on limited information and amid unexpected challenges.

He praised the students who advanced to the final round after competing in several challenging stages, including quizzes, case-solving and policymaking exercises.

A total of 224 teams from universities across the country registered for the competition.

Highlighting the current economic challenges, the minister said rising energy prices, pressure on foreign exchange reserves, the impacts of climate change and inflation had put considerable strain on people's purchasing power.

To address these challenges, ensuring macroeconomic stability and modernising the tax system were essential, he said.

“Ensuring transparency and the effective use of every taka of taxpayers’ money is our priority,” he added.

Addressing the students, the minister stressed the importance of combining professional skills with integrity and human values.

“No nation can progress without skills, and without integrity and humanity, those skills cannot guide society in the right direction,” he said.

He also urged students to look beyond academic achievements and develop a deeper understanding of economics.

Hasan Mahmud Raja, chairman of the UIU board of trustees and chief adviser to United Group, and KMA Shamim, a member of the UIU board of trustees and adviser to United Group, attended the event.

Prof Md Abul Kashem Mia, vice-chancellor of the university, presided over the event.

The finance minister handed over prizes to the winning and participating teams at the closing ceremony.