National, Front Page

BD role model for economic uplift

Published : 09 Nov 2019 10:16 PM | Updated : 02 Sep 2020 01:51 AM

Bangladesh has become a role model for economic development across the world under the dynamic and visionary leadership of Prime Minister Sheikh Hasina.

“Our country has already reached a full-fledged middle-income country,” Dhaka Chamber of Commerce and Industry (DCCI) President Osama Taseer said on Saturday. 

He came up with the statement while talking to reporters at a press briefing on ‘current state and future outlook of Bangladesh economy,’ at the DCC office in Motijheel in the city. He added, people in the country have witnessed massive development as the present government has implemented various programmes for building an economically advanced country. Taseer said, “Economy of Bangladesh has been progressing featured by consistent growth, incremental per capita income and lowering poverty rate as well as consistent development record in recent years.”

Due to the recent remarkable economic surge, many MNCs and development companies remark about and forecast high aspirations for Bangladesh, he said while adding, the growth spree of Bangladesh is being fueled by some key infrastructure development projects and timely initiatives of Government of Bangladesh towards realizing the vision of graduating into a middle income country by 2021 and developed country by 2041. 

Osama said, “Private sector has always been an integral partner of this development journey playing critical roles and contributions. To achieve these long cherished visions of Bangladesh, the private sector has many stakes and opportunities to deal with in the years to come.”

“Taking into account the importance of vision in private sector, DCCI, a leading voice of the private sector, did an analytical assessment of the current economic trend of Bangladesh, positively from the private sector perspective to find the strength and potentials and likely challenges of private sector,” he mentioned. 

With these findings, the private sector can better share the issues, needs, and can closely work with Government for continuous improvement of private sector trade, business and investment environment in Bangladesh aligning with the long-held visions of Bangladesh, he said in the statement. 

DCCI President highlighted the brief state of Bangladesh economy encompassing performance of fiscal policy, monetary policy and macro-economic factors like inflation, private investment, international trade and employment situation to identify the state of the private sector considering the private sector as the catalyst of economic growth journey. 

This presentation also includes the current state and challenges of the agriculture sector, and leading industrial sector like Readymade Garment, Leather, Pharmaceuticals, Energy & Power and leading service sector like banking, capital market, ICT and port situation etc. 

Osama Taseer provides some policy recommendations to minimize the likely challenges of private sector for sustaining economic growth. 

According to the World Bank, Bangladesh is the 32nd largest economy in PPP terms and the 43rd largest in nominal terms. 

At present, Bangladesh is one of the fastest growing economies in the world, having the GDP growth 8.13 percent. 

The economy is experiencing a structural transformation from agriculture to Industry and service-based economy reflected in the relative contribution to GDP. 

While share of Industry and Service sector to GDP is 35.14 percent and 51.16 percent respectively, the share of Agriculture sector reduced to only 13.60 percent.