The government has undertaken a major initiative to ensure the accuracy of the Gross Domestic Product (GDP) calculation to present the true picture of the national economy. As part of this, a forensic audit report has already been prepared, and the process of rebasing the GDP has commenced with the fiscal year 2025-26 as the new base year.

Forensic Audit and Rebasing

According to sources, the forensic audit is being conducted to verify the reliability of existing methods and data used in GDP calculation. The objective is to determine whether the actual economic activities are being accurately reflected. Concurrently, the GDP is being recalculated using the fiscal year 2025-26 as the new base year, which will set the foundation for economic statistics in the coming years.

Amendment of Statistics Act and Data Warehouse

As part of this reform initiative, a move has been taken to amend the Statistics Act. Plans are also in place to incorporate big data into the national statistical system. Furthermore, work is underway to establish a central data warehouse, where information from various government and private sources will be integrated to enhance the transparency and accuracy of GDP calculations.

Importance in Economic Planning

Analysts note that an accurate GDP calculation is essential for formulating economic policies, making investment decisions, and conducting international comparisons. Decisions based on incorrect or incomplete data can be detrimental to the economy in the long run. This initiative is expected to make Bangladesh's economic statistics more credible.

Implementation Phases

The government's reform program is being implemented in several phases. In the first phase, gaps in existing data have been identified through the forensic audit. In the second phase, methods for data collection and analysis are being updated according to the new base year. In the third phase, work is ongoing on amending the law and developing data infrastructure. Once this process is completed, policy decisions regarding the national budget, inflation control, and poverty alleviation are expected to become more data-driven.