Despite political unrest Bangladesh economy has made positive progress: Khondaker Golam Moazzem

Published in The Independent on January 06, 2018

Bangladesh economy has achieved remarkable successes in all socio-economic indicators in the last nine years from 2009 to 2017 because of the government’s inclusive and pro-poor policies, according to experts, reports BSS.

“Bangladesh has achieved remarkable successes in various socio-economic indicators, including GDP growth, per capita income, food production, remittance, inflation, import and export in the last nine years,” Finance Division Secretary-in-Charge Md Muslim Chowdhury told the news agency yesterday.

The most significant achievement was that the economic growth, which accelerated to 7.28 per cent in 2016-17 financial year (FY17) from 5.57 per cent in 2009-10 fiscal (FY10) and the average GDP growth during the period was 6.44 per cent.

In FY17, per capita income rose to US $1,610 from $843 in FY10 and investment increased to 30.27 per cent of GDP in FY17 from 26.25 per cent in FY10. During the same period, export increased to $34.85 billion from $16.23 billion, remittance increased to $12.77 billion from $10.99 billion, foreign exchange reserve increased to $33.41 billion from $10.75 billion and Annual Development Programme (ADP) size increased to Tk 1,107 billion from Tk 285 billion.

Muslim Chowdhury said inclusive and pro-poor policy programmes of the government have largely contributed to the reduction of poverty and inequality along with ensuring commendable economic growth.

“Moreover, social mobility and women empowerment have improved largely and Bangladesh has moved further in human development index as well,” he added.

In FY16, female participation in labor force increased to 36 per cent from 29.2 per cent in FY06 and the expected average life expectancy in 2006 was 66.5 years which increased to about 71.6 years in 2016. In 2006, the number of death in terms of maternal mortality was 3.37 per thousand which reduced to 1.78 per thousand in 2016.

Talking to BSS Center for Policy Dialogue (CPD) Khondaker Golam Moazzem said, “Despite some political unrest, Bangladesh economy has taken to positive shape in the last nine years. The country has achieved Millennium Development Goals (MDGs) successfully, now it is moving forward to achieve the Sustainable Development Goals.”

Over the last nine years, he said, Bangladesh has been able to achieve inclusive growth by maintaining over 6 per cent GDP growth and developing infrastructures across the country.

During the period, Moazzem said, the government gave priority to electricity, gas and communication for developing infrastructures and making the country an investment hub for both local and foreign investors.

“Due to delay in the implementation of mega projects, private sector investment growth was not as per the expectation. The government should play a more vital role to implement the mega projects in scheduled time,” he added.

He urged the authorities concerned to increase the economic reform activities for achieving over 8 per cent GDP growth.

World Bank lead economist in Dhaka Zahid Hossain said, “Bangladesh has made success in socio-economic indicators, including poverty alleviation and human resource development. The government should take more effective measures to sustain the economic progress in future.”

According to the finance ministry, the average forex reserve was US $19.68 billion during 2009-17 period while the average budget size was Tk 2,035.88 billion.

During FY17, the budget size was Tk 3,172 billion andthe government estimatedTk 4,003 billion for 2017-18 financial year.