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Upward trend in economy

Published : 25 Oct 2021 10:20 PM | Updated : 26 Oct 2021 06:40 PM

Various time-befitting and pragmatic measures of the government have brought the country’s economy back on the right track after offsetting the devastating impact of Covid-19 that led the world economy to a negative trajectory.

The government of Prime Minister Sheikh Hasina took the measures to reinvigorate the economy despite some constraints.

Experts said people from various professions returned to their respective workplaces while students of educational institutions are back in class physically.

As all businesses, including industries, are running now in full swing, the country sees strong economic growth, they mentioned.

Dr Atiur Rahman, former governor of Bangladesh Bank and eminent economist, told the Bangladesh Post, “The government has been working hard with providing all-out supports, including stimuli to different sectors, to activate the business activities amid Covid-19.”

“Moreover, record forex reserves in recent time, and positive export earnings in the last several months are creating new possibilities in trade and commerce,” he added.

“As part of Prime Minister Sheikh Hasina's well-planned policy, the recent economic performance in exports and revenue earnings, and the government's macroeconomic management including securing foreign funds for economic stimulus and social protection, have made this recovery realistic,” Rahman further said.

However, the export of goods during the first quarter had also made a strong turnaround witnessing a healthy growth of 11.37 percent thanks to the highest ever single-month export earnings of over $4.16 billion last month.

The operations of worldwide mills and factories faced difficulty during the pandemic, but their operations have almost come to a normalcy leading to increased demand among the buyers.

However, country’s both the bourses, Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) continued to show a positive trend to hit a fresh all-time high after fallout of Covid-19 pandemic.

Stocks continued making a new record after breaking previous one as investors are putting fresh funds on stocks amid high expectations among investors.

In addition, the revenue collection has bounced back and witnessed a record 14.55 percent growth to stand at Tk 34,548.98 crore in the first two months (July-August) of the current fiscal year 2021-22 (FY22), thanks to the rise in the economic activities.      

Apart from these, country’s economy is also expected to be rebounded in this month as Durga Puja fervour set in, the ‘Puja-shopping’ spree has returned in full swing everywhere in the country.

Taking to the Bangladesh Post, one of the businessmen of ‘New Market’ in the capital, said, “We have made a good profit selling products ahead of Durga Puja.”

“We sold more products than previous year and earned more profit this time as Covid-19 situation has improved in the country,” he said.

Jahangir Kabir, another shop owner of New Market shopping mall, said, “After a long time many people throng the market to buy different products. This is very good news for us. The full credit goes to the government for managing very well against pandemic to bring normal situation.”

Rizwan Rahman, President of Dhaka Chamber of Commerce and Industry (DCCI), told the Bangladesh Post, “The country is quickly getting economy back on right track due to the government's time befitting initiatives during pandemic.”

He said Bangladesh has registered remarkable 5.47 percent GDP growth in FY2021 respectively despite crisis backed by strong economic fundamental, international trade base, resilience absorbing economic shock and became the 3rd largest growth performing economy in 2020 as per the International Monetary Fund (IMF).

He expects the country will accelerate its economic performance in coming days.

Rizwan Rahman  said, “The fully operational nine Export Processing Zones (EPZs), plan for 100 Economic Zones (EZ), One Stop Service, tax holiday facility up to 33 sectors, competitive labour force, demographic dividend, political stability, outstanding return, growing infrastructure development, technological advancement and competitive investment incentives have been considered as ‘growth enablers’ for Bangladesh, branding Bangladesh as a favourite destination for trade and investment regionally will assist Bangladesh to be more economically vibrant.”

The government should create more skilled workers before sending them abroad for getting more remittance, he mentioned.

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