Experts at a session on Monday underscored that the country has been achieving high growth due to the massive inclusive activities undertaken by the banking sector.
They said policy support given by a developmental central bank, most of the borrowers of tiny loans from MFIs have by now transformed into MSMEs for which the growth story of Bangladesh looks so robust and thriving, of course until very recently.
The observations came up in the “Plenary Session” on Innovation in Monetary Policy, Economic Development and Five Year plan on the Celebration of Birth Centenary of the Father of Nation Bangabandhu Sheikh Mujibur Rahman held on Monday, organised by BIBM.
Hossain Zillur Rahman, Ph.D., Former Advisor, Caretaker Government and Chairperson of BRAC was present in the program as the chief guest.
Dr.Atiur Rahman, Former Governor, Bangladesh Bank; Bangabandhu Chair Professor, University of Dhaka and Chairperson, Unnayan Shamannay ; Mustafa K. Mujeri, Ph.D., Executive Director, Institute for Inclusive Finance and Development (InM) and Former Director General, Bangladesh Institute of Development Studies (BIDS); M.A. Sattar Mandal, Ph.D., Former Vice-Chancellor, Bangladesh Agricultural University, Mymensingh spoke as distinguished guests.
Professor Dr. Barkat-e-Khuda, Dr. Muzaffer Ahmad Chair Professor of BIBM moderated the program with Dr. Md. Akhtaruzzaman, Director General of BIBM in the chair.
Dr. Prashanta Kumar Banerjee, delivered address of welcome while Ashraf Al Mamun, Ph.D., Associate Professor & Director of BIBM gave vote of thanks in the program.
BIBM has published a special issue of the quarterly journal 'Bank Parikrama,’ falgship publications of BIBM to celebrate the Bangabandhu's birth centenary, Where 10 articles of eminent economists, academics, bankers and researchers of the country has been published.
Addressing the session, Dr. Hossain Zillur Rahman said that garments and remittances are the two sectors leading the country as growth drivers. Agriculture is also playing a key role in the country's growth driver while many sectors have lagged behind due to covid -19 pandamic he added.
Dr.Atiur Rahman said, policy support given by a developmental central bank, most of the borrowers of tiny loans from MFIs have by now transformed into MSMEs for which the growth story of Bangladesh looks so robust and thriving, of course until very recently.
Dr. Mustafa K. Mujeri said, Bangladesh has made remarkable progress in raising economic growth and reducing poverty since its independence in 1971.
After independence, Bangladesh was one of the poorest countries in the world with a war-ravaged economy. Its economic prospects were regarded so unpromising that it was considered as a ‘test case for development’.
Dr. Barkat-e-Khuda said that high growth is being achieved due to the inclusive activities of the banking sector. Bangladesh has shown special success in alleviating poverty, which is now the role model in the world.
Dr. Akhtaruzzaman said, Bangabandhu and Bangladesh are essentially the same – one could not have existed without the other.
“Bangladesh is rapidly progressing towards becoming a middle income country by 2021 and a developed country by 2041. Bangladesh is now considered as an emerging tiger and often mentioned as a role model for development”, he added.