Economic Reporter :
Bangladesh requires a substantial increase in annual investments to 34.4 percent of GDP by FY20 from 29 percent in FY15 to achieve a middle-income country status by 2021, said International Chamber of Commerce, Bangladesh (ICCB).
“To achieve its goal of middle-income country status by 2021 and to accelerate inclusive growth as well as reduce poverty and income inequality, the country will require a substantial increase in yearly investments from 29 percent of GDP in FY15 to 34.4 percent of GDP by FY20,” said ICCB President Mahbubur Rahman while presenting the Executive Board Report at the ICCB 22nd Annual Council on Thursday.
He said Bangladesh faces formidable challenges in moving to a higher growth path of 8 percent plus gross domestic product (GDP) to become a middle income country.
The foremost challenge lies with the stagnant private investment followed by weak institutional capacity to implement development projects, said the ICCB president.
In 2017, the economy embraces with some other challenges that include declining remittance and rising nonperforming loans from the domestic side, he said, adding that volatile global and gulf region politics, and troubled European economy pose threats as external sources.
“Following the European Debt Crisis and depreciation of different currencies against the US dollar, the pace of recovery of the European Union economies-the primary destination of Bangladeshi exports-will be critical in 2017,” he said in the report.
However, the ICCB president said Bangladesh economy is moving on a stable path, despite external and internal challenges. Positive near-term macroeconomic outlook, declining inflation, rising reserve, contained fiscal deficit and stable public debt indicate brighter prospects, he added.
“The country is among the top 12 developing countries, who achieved 6 plus percent growth in 2016 and one of the top performers in Asia over the past decade.
According to experts, by any standards, Bangladesh economy is doing well and Bangladesh’s economic and social achievements are widely acclaimed around the world,” said Mahbubur Rahman.
The council adopted the Executive Board Report and Audited Financial Statements of ICCB for the year 2016.
ICCB Vice Presidents Latifur Rahman and Rokia A. Rahman, ICCB Board Members Aftab ul Islam, Anwar-Ul-Alam Chowdhury (Parvez), Md. Fazlul Hoque, Kutubuddin Ahmed, Mir Nasir Hossain, R. Maksud Khan and Golam Mainuddin, among others, were present in the council.
Bangladesh requires a substantial increase in annual investments to 34.4 percent of GDP by FY20 from 29 percent in FY15 to achieve a middle-income country status by 2021, said International Chamber of Commerce, Bangladesh (ICCB).
“To achieve its goal of middle-income country status by 2021 and to accelerate inclusive growth as well as reduce poverty and income inequality, the country will require a substantial increase in yearly investments from 29 percent of GDP in FY15 to 34.4 percent of GDP by FY20,” said ICCB President Mahbubur Rahman while presenting the Executive Board Report at the ICCB 22nd Annual Council on Thursday.
He said Bangladesh faces formidable challenges in moving to a higher growth path of 8 percent plus gross domestic product (GDP) to become a middle income country.
The foremost challenge lies with the stagnant private investment followed by weak institutional capacity to implement development projects, said the ICCB president.
In 2017, the economy embraces with some other challenges that include declining remittance and rising nonperforming loans from the domestic side, he said, adding that volatile global and gulf region politics, and troubled European economy pose threats as external sources.
“Following the European Debt Crisis and depreciation of different currencies against the US dollar, the pace of recovery of the European Union economies-the primary destination of Bangladeshi exports-will be critical in 2017,” he said in the report.
However, the ICCB president said Bangladesh economy is moving on a stable path, despite external and internal challenges. Positive near-term macroeconomic outlook, declining inflation, rising reserve, contained fiscal deficit and stable public debt indicate brighter prospects, he added.
“The country is among the top 12 developing countries, who achieved 6 plus percent growth in 2016 and one of the top performers in Asia over the past decade.
According to experts, by any standards, Bangladesh economy is doing well and Bangladesh’s economic and social achievements are widely acclaimed around the world,” said Mahbubur Rahman.
The council adopted the Executive Board Report and Audited Financial Statements of ICCB for the year 2016.
ICCB Vice Presidents Latifur Rahman and Rokia A. Rahman, ICCB Board Members Aftab ul Islam, Anwar-Ul-Alam Chowdhury (Parvez), Md. Fazlul Hoque, Kutubuddin Ahmed, Mir Nasir Hossain, R. Maksud Khan and Golam Mainuddin, among others, were present in the council.
