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Economy

Achieving SDG 6 targets: Govt, CSOs must work together

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Government and Civil Society Organisations must work together to achieve the SDG 6 targets and sanitation for all - participants from around the world shared at the Watershed Annual Partner Learning Meeting 2017. Watershed - Empowering Citizens, is a five-year long policy and advocacy strengthening programme of WaterAid Bangladesh, launched early this year. WaterAid working as in-country IMG_7910lead with strategic partners - Dutch Ministry of Foreign Affairs, SIMAVI, IRC, Wetlands International and AKVO. The programme aim...

Bangladesh stepping into higher growth trajectory

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Bangladesh GDP, after almost a decade of 6 per cent plus growth, has achieved 7.24% in FY 17. Bangladesh ranked 31st among the world’s 32 largest economies in 2016. Its GDP (PPP) was $628 billion, and it was projected to increase to $3,064 billion in 2050, according to report of PricewaterhouseCoopers (PwC), as mentioned by ICC Bangladesh to its latest News Bulletin editorial (April-June 2017 issue). By 2050 Bangladesh, India and Vietnam will become the fastest growing economies, with Bangladesh expected to see an impressive growth that will push it to 23rd place overall, the report added. PwC ranked 32 countries by their projected global gross domestic product (GDP) at purchasing power parity (PPP), and made projections for up to 2050.

6.8pc growth in 2017: World Bank

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Bangladesh’s growth in 2017 will be 6.8 percent, the World Bank has said in a report. The global lender, in its report Global Economic Prospect released Sunday, attributed the decline in growth to sliding remittance and shrink in internal demand and industrial production. Finance Minister AMA Muhith has projected for a GDP growth of 7.4 percent for the fiscal wb2017-18 in the budget he proposed. However, he himself said it was an ambitious budget. Last year, the growth target of overcoming the “6 percent growth trap” was overcome as...

Govt plans to speed up rice imports in wake of flooding

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The government of Bangladesh will speed up plans to import rice that it brought in to build reserves and rein in local prices after flash floods hit domestic output, government officials said on Thursday. As part of that, a Bangladeshi delegation is now in Vietnam to finalize imports of the staple grain in a government-to-government deal, said a procurement official, declining to be pariza rice panicleidentified as he was not authorized to speak with media. He did not give further details on the transacti...

Challenges in achieving higher growth

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Bangladesh faces formidable challenges in moving to a higher growth path of 8 percent plus GDP to become a middle income country. The foremost challenge lies with the stagnant private investment followed by weak institutional capacity to implement development projects. To achieve its goal of middle-income country status by 2021 and to accelerate inclusive growth as well as reduce poverty and income inequality, the country will require a substantial increase in yearly investments from 29.0% of GDP in FY2015 to 34.4% of GDP by FY2020, said ICC Bangladesh President Mahbubur Rahman while presenting the Executive Board Report at the ICC Bangladesh Annual Council held in Dhaka on Thursday (25 May). Bangladesh economy embraces 2017 with some other challenges that include declining remittanc...

One-Stop Service to promote investment

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The cabinet today approved in principle the ‘One-stop Service Act, 2017’ to facilitate domestic and foreign investors in getting various services with regard to their business under a package programme from one centre. The approval was given in the weekly meeting of the Cabinet held at Bangladesh Secretariat bbwith prime minister Sheikh Hasina in the chair, reports BSS. “Under the law entrepreneurs or investors having registered companies will get 16 types of services from the one-stop service centre within a stipulated timeframe f...