UN projects 7.1% growth for BD this year

[bluesky]

UN projects 7.1pc growth for BD this year
FE Online Report | Published: December 14, 2017 15:43:39

The Executive Committee of the National Economic Council approves Dhaka-Ashulia Elevated Expressway, involving an estimated cost of Tk 169.01 billion, to ease traffic jam in and around Dhaka city on October 24 of this year— Collected Photo

The United Nations has projected that Bangladesh economy would grow by 7.1 per cent in the current fiscal year (FY18) and it would rise further by 7.2 per cent in the next fiscal year (FY19).

It made the projection in the World Economic Situation and Prospects (WESP) 2018 Report, launched Wednesday.

“Bangladesh economy is set to continue expanding at a rapid pace, underpinned by strong domestic demand, especially large infrastructure projects and new initiatives in the energy sector,” the report said.

“GDP growth is expected to remain above 7.0 per cent in 2018 and 2019,” it added.

The report also projected a lower inflation rate for the country in the current year as well as the next year.

“In 2017, inflation declined to record lows in India and Nepal, while it remained relatively muted in comparison to historical figures in Pakistan, Bangladesh and the Islamic Republic of Iran,” the report added.

It projected that annual average inflation would be 5.4 per cent in the current fiscal year and slightly rise to 5.5 per cent in the next year.

 

[Russell]

There are some here who are going to be unhappy with these projections.

 

[UKBengali]

Excellent news.

 

[WhyCry]

Good News.

See Rohingyas and their aid is helping.

 

[UKBengali]

Good News.

See Rohingyas and their aid is helping.

Are you a retard or what?

Last fiscal BD grew at 7.3% without any "aid" for Rohingyas.

If you have nothing constructive to contribute then I suggest you not comment

 

[Homo Sapiens]

Good News.

See Rohingyas and their aid is helping.

2/3rd of all cost for Rohingya refugee coming from Bangladeshi sources, govt. and non govt.All other countries and international organization are giving the remaining 1/3rd.

 

[TopCat]

it will be around 7.6% actual i believe. They are at least shy of .5%

 

[Dot]

Govt's aim is to achieve 7.4% by 2017-2018 FY.

 

[Bilal9]

There are some here who are going to be unhappy with these projections.

Well - aren't you the nice one - rubbing it into their faces.

Are you a retard or what?

Last fiscal BD grew at 7.3% without any "aid" for Rohingyas.

If you have nothing constructive to contribute then I suggest you not comment

Look at his negative ratings

 

[bluesky]

A 7.1% growth will push BD GDP to surpass $267 billion next year. It is a great achievement considering that the GDP of east Pakistan was only $10 billion in 1971. The value of dollar has certainly come down since then. But, even then a $267 billion is quite good when considered how difficult it has been since after 1971 war. Note that our reserve of foreign exchange was completely zero, because all the dollars and gold reserves were taken away to Karachi. The then Finance Minister Tajuddin Ahmed started with donating $34 of his personal money to the state coffer. Now, with the GDP up, the reserve has also surpassed $32 billion.

 

[Mage]

We should've been hitting 8% by now. Anything below 7.5 is not good enough for us. Also it is necessary to change the base year ASAP.

The then Finance Minister Tajuddin Ahmed started with donating $34 of his personal money to the state coffer. Now, with the GDP up, the reserve has also surpassed $32 billion.

We lost Tajuddind Ahmed too early. I think he should've been the PM and Mujib the President. We could've done much better. Mujib's economic policies were pretty bad.

 

[masud]

Good News.

See Rohingyas and their aid is helping.

 

[Homo Sapiens]

12:00 AM, December 15, 2017 / LAST MODIFIED: 02:41 AM, December 15, 2017
Bangladesh to be among fastest growing LDCs in 2018: UN

Star Business Report


Bangladesh is projected to be among the fastest growing least developed countries in 2018 with the expected GDP growth of 7.1 percent, supported by vigorous domestic demand, according to a new report of the United Nations.

The UN's World Economic Situation and Prospects 2018 Report launched yesterday said: “The Bangladesh economy is set to continue expanding at a rapid pace, underpinned by strong domestic demand, especially large infrastructure projects and new initiatives in the energy sector.”

In Bangladesh, the growth of gross domestic product is expected to remain above 7.1 percent in 2018 and 7.2 percent in 2019, according to the UN's flagship publication on expected trends in the global economy.

Bhutan, one of the four LDCs from South Asia, is also expected to grow by 7.1 percent in 2018 by taking benefits from infrastructure investments.

The UN report said growth in the LDCs is expected to rise modestly from an estimated 4.8 percent in 2017 to 5.4 percent in 2018 and 5.5 percent in the next year.

The acceleration is due mostly to more favourable external economic conditions and, in particular, firming commodity prices, which support trade, financial flows and investment in natural resource projects and infrastructure, the report said.

Despite having better prospects, the LDCs as a group will not be able to achieve the Sustainable Development Goal target of 8.1 percent this year, which calls for “at least 7 percent GDP growth per annum”.

Nonetheless, some countries in the group will achieve average growth above or close to 7 percent in 2018–19 and the majority will grow at 5 percent or higher by the end of 2019, the report said.

In 2017, inflation declined to record lows in India and Nepal, while it remained relatively muted in comparison to historical figures in Pakistan, Bangladesh and Iran.

Inflation is expected to be 5.4 percent in 2018 and 5.5 percent in 2019 in Bangladesh. According to the report, fiscal deficit continues to be moderately high in Bangladesh, at about 5 percent of GDP.

The report also said East and South Asia will remain the world's most dynamic and fastest-growing regions, supported by robust domestic demand and accommodative fiscal measures.

In 2017, regional GDP expanded by 6 percent, outpacing the rest of the world. The economy is projected to remain relatively steady at 5.8 percent in 2018 and 5.9 percent in 2019.

In South Asia, the economic outlook remains steady and favourable, driven by robust private consumption and sound macroeconomic policies.

“The positive outlook will contribute to further gradual progress in labour market indicators and a reduction in poverty rates. Monetary policy stances are moderately accommodative, while fiscal policies maintain a strong emphasis on infrastructure investment.”

Despite the improved short-term outlook, the global economy continues to face risks, including changes in trade policy, a sudden deterioration in global financial conditions and rising geopolitical tensions.

The world economy also faces longer-term challenges.

The report highlighted four areas where the improved macroeconomic situation opens the way for policy to address these challenges: increasing economic diversification, reducing inequality, supporting long-term investment and tackling institutional deficiencies.

The report noted that reorienting policy to address these challenges can generate stronger investment and productivity, higher job creation and more sustainable medium-term economic growth.

“In South Asia, the reform agenda might experience some setbacks, while political instabilities could dampen investment prospects.”

The current macroeconomic environment in the region is conducive for policymakers to address longer-term issues and achieve greater progress on structural reforms, the report said.
http://www.thedailystar.net/business/bangladesh-be-among-fastest-growing-ldcs-2018-un-1505173

 

[WhyCry]

2/3rd of all cost for Rohingya refugee coming from Bangladeshi sources, govt. and non govt.All other countries and international organization are giving the remaining 1/3rd.

Every penny matters and I am happy that both sides are cordial and coexist happily.

 

[bluesky]

We should've been hitting 8% by now. Anything below 7.5 is not good enough for us. Also it is necessary to change the base year ASAP.

We lost Tajuddind Ahmed too early. I think he should've been the PM and Mujib the President. We could've done much better. Mujib's economic policies were pretty bad.

Please think without emotion. Tajuddin was responsible to cause rift with the USA that killed 400,000 people in BD of starvation. The country was unable to produce enough foodstuff in those days immediately after 1971. He established diplomatic relationship with Cuba. Even Castro came to BD at the invitation by the GoB.

This enraged the USA, it turned back the cargo ships filled with rice that were on their way to Chittagong. 400,000 people died of starvation due to his wrong foreign policy. So, not everything was good with Tajuddin.