Bangladesh needs additional resources, equivalent to 10 percent of its GDP (Gross Domestic Product), in 2017 for implementation of the Sustainable Development Goals (SDGs). The amount might be increased to 24 percent of GDP by the year 2030.
A recent study by South Asian Network for Economic Modeling (SANEM) made the observation at a quarterly economic review presentation programme held at a local hotel in the city on Wednesday.
SANEM, a network of economists and policy makers in South Asia, said that given the changing global scenario for financing SDGs, Bangladesh will have to rely more on domestic resources, and this is, no doubt, is a big challenge.
“Efforts need to be something extraordinary and a strong political commitment is needed for implementing the SDGs”, said Selim Raihan, Executive Director of SANEM while presenting his paper at the review programme at Hotel Westin.
He also said that they have conducted the study for the General Economic Division (GED) of Planning Commission recently.
While presenting the quarterly economic review, he said that there has been a 44 percent rise in the price of coarse rice in recent time compared to the price one-year back.
In contain the soaring price, Raihan said, there is an urgent need for increasing the supply of rice in the local market. The OMS price of rice also needs to be set at an affordable rate at Tk 20 per Kg. “There should be careful actions against hoarding so that such actions don’t disrupt the supply chain,” he added.
Dwelling on adverse impact of Rohingya influx on the country’s overall economy, he said that recent influx of Rohinga refugees has created pressure on the economy and overall security of the country.
“There is a need for prudent diplomatic strategies and proper management of refugees, aid and security issues”, said Selim Raihan.
In the presentation, he mentioned that Bangladesh is at the risk of the phenomenon of jobless growth. Between 2013, 2015 and 2016, shares of industry and manufacturing sectors in employment were declined for the first time in Bangladesh.
“Employment generation was negative in agriculture. Employment generation in industry was very small. To counter this there is a need for economic diversification, promotion of labour-intensive and high-productivity sectors”, he said.