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Published : 03 Mar 2016, 00:33:33 | Updated : 03 Mar 2016, 10:45:16
$200b economy club beckons BD this fiscal
FHM Humayan Kabir
Bangladesh economy broadens onto the brink of 'two-hundred-billion club' with the GDP, by government count, totalling US$195.16 billion as of last financial year.
Officials said Wednesday Bangladesh Bureau of Statistics (BBS) in its final calculations showed the size of the economy having grown by nearly $0.19 billion from its earlier provisional estimation of $194.87 billion.
In the previous financial year (FY) 2013-14, the size of the country's GDP (gross domestic product) was $172 billion at current price.
Meanwhile, although the total GDP size has inches to cross into the $200-billion mark, the gross national income (GNI) went past the graduation line with an "impressive" figure of $207.83 billion in the last FY2015.
The state-run statistical department agency, measuring the major macroeconomic indicators, also puts per-capita income (per-capital GNI) at $1316 finally from its provisional estimation of $1314 for the last fiscal.
BBS officials said when they received the final crop-production estimation and income of some service sectors, the total size of the GDP increased a little bit from its provisional figure, usually prepared based on the first three quarters' data.
The final count has shown that the economy grew at 6.55 per cent rate in the last FY. The provisional one had shown a 6.51 per cent growth earlier.
Terming the economic growth impressive, some economists, however, said the country had fallen behind its potentials for "weak governance" mainly in the area of creating business environment.
Economics professor of Dhaka University Dr MA Taslim told the FE that the country had potentiality to achieve a double-digit growth.
"See, Bangladesh's GDP growth was recorded at 6.55 per cent even after a massive political violence in the last fiscal. So, it is very easy to take it onto a more than 10 per cent trajectory within a few years."
Prof Taslim noted that the failure in human capital utilisation and attracting private investment properly was the major debacle to break the 6.0 per cent 'growth trap'.
Member of the General Economics Division (GED) Prof Shamsul Alam said Bangladesh is expected to enter into the $200-billion-economy club with more than 7.0 per cent growth in the current financial year.
Investment is growing and the local consumption also getting boosted year-on-year, he said, hoping that this trend would help the country grow at more than 7.0 per cent rate this fiscal.
"Despite political unrest, the GDP has expanded at 6.55 per cent rate, one of the highest in the globe. It could be 7.0 per cent were there no political deadlock in the country," said Planning Minister AHM Mustafa Kamal.
The government for the current FY2016 has set a target to achieve 7.0 per cent GDP growth. In the previous fiscal year (FY2014), the GDP growth rate of Bangladesh was estimated at 6.06 per cent.
kabirhumayan10@gmail.com
$200b economy club beckons BD this fiscal
FHM Humayan Kabir
Bangladesh economy broadens onto the brink of 'two-hundred-billion club' with the GDP, by government count, totalling US$195.16 billion as of last financial year.
Officials said Wednesday Bangladesh Bureau of Statistics (BBS) in its final calculations showed the size of the economy having grown by nearly $0.19 billion from its earlier provisional estimation of $194.87 billion.
In the previous financial year (FY) 2013-14, the size of the country's GDP (gross domestic product) was $172 billion at current price.
Meanwhile, although the total GDP size has inches to cross into the $200-billion mark, the gross national income (GNI) went past the graduation line with an "impressive" figure of $207.83 billion in the last FY2015.
The state-run statistical department agency, measuring the major macroeconomic indicators, also puts per-capita income (per-capital GNI) at $1316 finally from its provisional estimation of $1314 for the last fiscal.
BBS officials said when they received the final crop-production estimation and income of some service sectors, the total size of the GDP increased a little bit from its provisional figure, usually prepared based on the first three quarters' data.
The final count has shown that the economy grew at 6.55 per cent rate in the last FY. The provisional one had shown a 6.51 per cent growth earlier.
Terming the economic growth impressive, some economists, however, said the country had fallen behind its potentials for "weak governance" mainly in the area of creating business environment.
Economics professor of Dhaka University Dr MA Taslim told the FE that the country had potentiality to achieve a double-digit growth.
"See, Bangladesh's GDP growth was recorded at 6.55 per cent even after a massive political violence in the last fiscal. So, it is very easy to take it onto a more than 10 per cent trajectory within a few years."
Prof Taslim noted that the failure in human capital utilisation and attracting private investment properly was the major debacle to break the 6.0 per cent 'growth trap'.
Member of the General Economics Division (GED) Prof Shamsul Alam said Bangladesh is expected to enter into the $200-billion-economy club with more than 7.0 per cent growth in the current financial year.
Investment is growing and the local consumption also getting boosted year-on-year, he said, hoping that this trend would help the country grow at more than 7.0 per cent rate this fiscal.
"Despite political unrest, the GDP has expanded at 6.55 per cent rate, one of the highest in the globe. It could be 7.0 per cent were there no political deadlock in the country," said Planning Minister AHM Mustafa Kamal.
The government for the current FY2016 has set a target to achieve 7.0 per cent GDP growth. In the previous fiscal year (FY2014), the GDP growth rate of Bangladesh was estimated at 6.06 per cent.
kabirhumayan10@gmail.com
