Growth target well within reach

11 June, 2021 12:00 AM printer

Rejecting World Bank’s timid projection for the growth of our economy during the current fiscal year, Finance Minister AHM Mustafa Kamal insisted that, like in the previous fiscal year the country will once again come up with the highest growth record in South Asia. He claimed with confidence on Wednesday that the country’s economy would grow by more than 6.1 per cent.

It may be mentioned that the global lender, in its revised projection, expected that the gross domestic product of Bangladesh will increase by 3.6 per cent in the outgoing fiscal period, compared to its earlier forecast of 2 per cent. The minister pinned his hope on the encouraging macro-economic turnover in May and June.

The current fiscal year is coming to an end within a couple of weeks. So, we will not have to wait for a long period to see which of the predictions prove realistic. Based on previous records of Bangladesh’s economic growth, we are also hopeful about a relatively better performance of the country’s economy despite the corona pandemic. To mention it again, in the immediate past fiscal year Bangladesh became the best performer in South Asia against conservative forecasts by many.

On several other occasions the global lender’s predictions about Bangladesh’s economic performances had hardly any similarity with what the country actually achieved. Again, the growth projections made by Bangladesh and the World Bank for the next fiscal period are in sharp contrast: While Bangladesh has set a target of 7.2 per cent growth, the WB keeps its expectation limited to a conservative figure of just 5.1 per cent. Bangladesh is once again faced with the challenge of achieving the goal, of course, not for proving WB forecast wrong but for the sake of overcoming the adverse impacts of the corona pandemic and thereby gaining back the healthy growth rate prior to the outbreak of the deadly disease. This is obligatory for us to keep on with our journey – first for a developing country status and then for a developed country one. Given the down-to-earth plans of the policymakers and resilience of the hardworking people, the lofty objective is well within our reach.