The next elected government may have little scope to meaningfully revise the budget inherited from its predecessor due to the sluggish pace of revenue collection, an economist said.

"If we fail to accelerate revenue mobilisation, much of our future development will be seriously hindered," said MA Razzaque, chairman of the Research and Policy Integration for Development (RAPID).

Speaking at a seminar in Dhaka today on socioeconomic priorities for the next government, he said the current revenue trend poses one of the biggest risks for the incoming administration, limiting its ability to introduce any major fiscal shifts.

Razzaque said addressing chronic underinvestment in health, education and social protection should be a top priority when the new government presents its first budget, likely between February and June.

However, he cautioned that weak revenue growth would make meaningful changes from the previous budget extremely difficult.

Bangladesh's tax-to-GDP ratio has fallen to around 7 percent, which he described as alarmingly low. The figure is significantly lower than those of comparable countries such as India, China, Nepal, Malaysia, Cambodia and Thailand, and far below the average for lower-middle-income countries.

Studies by the International Monetary Fund and the World Bank suggest that a tax-to-GDP ratio of at least 15 percent is necessary to sustain economic growth and achieve the Sustainable Development Goals, he said.

While reaching that level within the next three to five years is unrealistic, efforts must begin immediately to build momentum.

Failure to raise the tax-to-GDP ratio, strengthen domestic resource mobilisation and sustain reform initiatives will place severe pressure on fiscal sustainability, Razzaque said.

He said revenue collection is critical not only for financing development but also for reducing inequality through effective fiscal and distribution policies.

Proper taxation of higher-income groups, combined with spending targeted at poorer populations, can help create a more equitable society.

Despite inequality being central to the movement that led to the fall of the previous government, Bangladesh has failed to adopt credible policies to address it, he said.

Citing an upcoming RAPID study, Razzaque said 54 percent of the country's wealth is concentrated in the hands of just 1 percent of the population, posing a serious threat to social order.