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Bangladesh economy to perform better

The issue of inclusive growth must not be ignored


Bangladeshpost
Published : 09 Jun 2022 07:38 PM

It is encouraging to note that the World Bank, in its latest Global Economic Prospects report, stated that Bangladesh's growth forecast will rise to 6.7 per cent in fiscal year 2022-23 (FY23), despite slowing down in the current FY22. Reportedly, the global economic growth will slow down in the current fiscal year 2021-22 due to Covid-19 and the Russia-Ukraine war. Bangladesh, however, will have no effect on its growth. The growth is slated to pick up as pent-up demand surges, investment recovers and remittance inflows will rise as a result of higher growth in the Gulf countries, particularly Saudi Arabia and the United Arab Emirates, the report said on Tuesday.

We have reiterated our gratification over the robust growth our economy has achieved over the last decade. It needs no emphasising that the existing policies implemented by the government over the last several years have been fruitful towards boosting the country’s economic growth.  As a result of the government’s various endeavours, the pace of the country’s remittance inflow remarkably increased over the last several years. Country's major macroeconomic indicators like the growth rate of GDP too have remarkably increased and Bangladesh has set a target to achieve 8.51 percent GDP growth by 2025.


In order to shove Bangladesh to the next level of growth, 

private investment has to be promoted further


There is no denying that the country is speeding on the highway of economic growth, but beneath this optimistic picture there also lies the worrying side of it. While the latest piece of news is encouraging, the issue of inclusive growth must not be ignored. 

The rich-poor divide has been growing over the past decade and the fruits of the robust growth have not trickled down to the masses at the expected level. Inequality of wealth between rich and poor has been on an ever-increasing trend. Reportedly, less than 10 percent of the total population own more than what the rest 90 percent does. Hence , in order to sustain the country’s economic growth and make it more inclusive, the government must take initiatives for creating more jobs both in the public and private sectors. 

It is disquieting to note that in Bangladesh, hundreds of thousands of students pass out of colleges and universities with higher degrees every year but many of them remain unemployed. 

Boosting private sector investment can change this scenario and make the growth more meaningful. In order to shove Bangladesh to the next level of growth, private investment has to be promoted further.