Bright economic prospects on the horizon | 2019-03-21 |

Bright economic prospects on the horizon

21 March, 2019 12:00 AM printer

It is indeed a matter of great delight that, according to the BBS, the economy will grow at a record rate of 8.13 per cent in the ongoing fiscal 2018-19 ending in June. After the GDP growth of more than six per cent for almost a decade, we crossed the seven per cent growth in fiscal 2015-16. We witnessed a sustained and spectacular growth of the economy under the leadership of Prime Minister Sheikh Hasina mainly because of political stability, peace and tranquillity and an overall pro-growth business environment in the country.

Analysing data of the performance of the economy during the last eight months of the current fiscal, it has been noted that export, investment and performance of the manufacturing sector have witnessed encouraging growth and the key macroeconomic indicators are looking good.

The government has projected a positive image of the country outside and, as a result, development partners are investing with confidence for the country’s development. They continue to invest in a good number of mega projects to strengthen the country’s infrastructure. Because of the projects, total investment in the public sector has reached at 31.57 per cent from the previous 31.13 per cent. Visible progress in their implementation is an indication that the economy will continue to grow. We hope more such projects will be implemented. 

However, the fast and sustainable growth of a country is based mainly on the growth in the private sector investment. Though the industry sector has marked an upward trend with the increase in growth rate from 18.23 per cent to 17.61 per cent, its contribution to GDP is not satisfactory. The private sector is expected to be the main growth generator of the economy.

The government has taken initiatives to strengthen the rural economy by taking urban facilities to rural areas, to slash the corruption rate drastically which is a standing barrier to achieve the expected economic growth. It has decided to offer more incentives to the private sector to encourage the growth. These strategies will help boost the economy and achieve the required growth momentum aimed at realising the vision 2021 and 2024.