Government’s all-round initiatives in the fiscal sector led to the rapid growth of the country’s economy over the last three years. One of the significant reasons for our economic boost is the rise in import-export items even amidst the pandemic.
Exports and imports grew more than projected in the ADB's 2021 update thanks to a surge in global demand for clothing from Bangladesh, Asian Development Outlook (ADB) says.
South Asia is forecast to expand less than projected in the Update for 2021, reflecting a modest downward revision to forecast GDP growth in India with manufacturing now projected to grow more slowly than anticipated in the Update.
Bangladesh has
to be quick in
gripping the prospect of improving
trade policies and making them more
FDI-friendly
Developing Asia’s steady progress in dealing with COVID-19, through continued vaccination drives and more strategic application of containment measures, helped boost growth prospects in the early part of the year. Government now needs to take constant policies to continue the positive macroeconomic trend. More foreign direct investments should be attracted and exports should be maximised so that we can maintain a trade surplus. To attract more foreign investments in our resilient garment sector, government can target the companies which are recently shifting away from China, and if we can get part of it and attract some of those companies, that would be a good opening to bring and diversify the economy too.
For a sustainable economic growth, government should consider to make economic reforms in the fundamental sense. If the remaining economic complexities are removed it will bolster the already augmented GDP growth.
Bangladesh has to be quick in gripping the prospect of improving trade policies and making them more FDI-friendly. All in all, trade policies are needed to be investment-friendly and the overall investment environment should also be enhanced to attract more foreign investments.