Former Bangladesh Bank governor Atiur Rahman said Bangladesh is advancing towards becoming an upper middle-income economy with the liberalisation of its macro-economy and financial inclusion.
Prof Atiur came up with the remark while addressing a seminar titled “Macroeconomic Transformation of Bangladesh: An amazing story” at the Canadian University of Bangladesh at Banani in the capital on Wednesday.
“Bangladesh experienced tough times during the period of its liberation. But ultimately a new era of development has been established overcoming many challenges and hurdles,” he said. Referring to the country’s two five-year plans, Prof Atiur said the economy achieved economic stability with these two five-year plans of 2011-15 and 2016-2021.
“To achieve the target of 8 percent GDP growth, the investment rate will have to be 34 percent of the GDP from existing 29 percent,” he said.
The economist also observed that Bangladesh is moving forwards with the help of a four-dimensional growth driver consisting of industrialization, urbanisation, young demographic and technology.
“Financial inclusion through mobile financial services has reached 80 percent of the population in the society. The mass now can think about banking from homes. MFS accounts have reached 5 crore people, school banking deposits crossed Tk 1,000 crores - all of these are positive signs for our inclusive economy,” Aitur added.
Prof Atiur also mentioned that in comparison with the regional peers, Bangladesh maintains a more robust macroeconomic stability, with lowest price and output volatility and weathering the post-2008 external shocks well.
While addressing the function, Economic Association (BEA) General Secretary Jamal Uddin Ahmed said the country’s economy has got a new dimension with Prof Atiur’s contribution. CUB Chairman Chowdhury Nafeez Sarafat, Bangladesh Economic Association (BEA) General Secretary Jamal Uddin Ahmed, CUB Vice Chancellor Prof William H Derrenger and Associate Professor SM Arifuzzaman were also present on the occasion among others.