Bangladesh has bright growth potentials: experts

DHAKA, Economists, diplomats and business leaders have expressed their firm optimism that Bangladesh would gain higher GDP growth on a sustainable basis thanks to the business and investmentfriendly environment and policy offered by the present government.

Even the Asian Development Bank (ADB) said Bangladesh has achieved the

fastest growth in the AsiaPacific economies comprised of 45 countries.

The country attained 7.9 percent growth in the outgoing fiscal 201819

which was the fastest expansion since 1974, said the Manilabased donor in

its recent Asian Development Outlook (ADO).

Talking to BSS, renowned economist and chairman of Bangladesh Palli Karma

Shahayak Foundation (PKSF) Dr Qazi Kholiquzzaman Ahmad said no other country

in the world except Bangladesh has been able to perform continuously to gain

higher GDP growth on a sustainable basis.

This has been possible as there is now an ample scope for work and a huge

labour force in the country who can do hard work, he added.

Dr Ahmad, an expresident of Bangladesh Economic Association (BEA), also said

there are also many countries in the world which could not fully utilize

their labour forces due to lack of opportunities.

He said Bangladesh is now doing well mainly due to three reasons policy,

favorable environment and situation and huge labour force.

Our Prime Minister often speaks highly about this hard working labour

force and her government is taking many steps to properly use this labour

force, he said.

The famed economist said earlier the international agencies assumed the

government tends to hide data and statistics which was a reason for making

their conservative projections.

But, the situation has now changed and that's why I think that the

projections of other international agencies including ADB now come close to

the government's projections, he said.

Ambassador and former Bangladesh's Permanent Representative to the United

Nations Md Abdul Hannan said Bangladesh has witnessed an overall inclusive

development over the last 10 years both at the urban and rural levels.

I'm sure that the people of the country is very much grateful to this

leadershipthe people of the country, bureaucracy and the private

entrepreneurs have been associated with this political leadership, he said.

Referring to the government's initiatives for establishing some 100 special

economic zones across the country, Hannan, also the vicepresident of BEA,

said these economic zones would spur growth through generating more

employments.

He suggested spreading industrialization, generating more employments,

enhancing skills and facing the challenges of 4th industrial revolution.

Shafiul Islam Mohiuddin, former president of Federation of Bangladesh

Chambers of Commerce and Industry (FBCCI), said Bangladesh has been achieving

a very healthy growth rate over the last couple of years including 7.86

percent GDP in the last year (FY18) and 8.13 percent in the outgoing fiscal

(FY19).

This will definitely help improve further the socioeconomic conditions of

the country and the government's bid to become a higher middle income

country, he added.

Shafiul, also a former top leader of country's apparel sector, noted

Bangladesh has been achieving comparatively higher GDP growth than other

countries in Asia due to very hard working entrepreneurs and laborers,

expatriate Bangladeshis, revolution in agriculture while womenfolk are also

being empowered.

He opined Prime Minister Sheikh Hasina has been able to successfully lead

the country with her strong leadership as she pursues the right policy and

strategy.

The businessfriendly environment is now prevailing here, but we could

have done better had there been further improvement in doing business

situation, he added.

Shafiul underscored the need for taking concerted efforts by all to

implement the various plans of the country including Delta Plan2100 to

further boost the country's GDP growth.

The ADB in its recent outlook predicted that the growth will be 8 percent

in the FY2019 and FY2020, terming it a new record.

Bangladesh will continue to be the fastest in the AsiaPacific, the bank

said in its ADO.

ADB Country Director for Bangladesh Resident Mission Manmohan Parkash

handed over the ADO to Prime Minister Sheikh Hasina at her office in the

parliament on Wednesday.

The ADO, the annual publication of the ADB, evaluates and forecasts

economic performance of the 45 Asian and Pacific countries.

It said the growth will be moderate across most of developing Asia 5.7

percent in 2019 and 5.6 percent in 2020 from 6.2 percent in 2017 and 5.9

percent in 2018.

South Asia will see buck trend of slowing growth in Asia 6.8 percent in

2019 and 6.9 percent in 2020.

The ADO said the key attributors of this growth are strong leadership,

good governance, stable government and continued political calm, sound

macroeconomic policy and right development priorities.

The drivers of the growth have been identified as higher public

investment, stronger consumption demand, revival in exports, improved power

supply and higher growth in private sector credit.

The ADO mentioned strong public investment due to continued policy

environment and expeditious implementation of large infrastructure projects

and higher tax collection with expanded tax base will move Bangladesh economy

further.

Source: Bangladesh Sangbad Sangstha (BSS)