Special Correspondent :
Bangladesh’s gross domestic product (GDP) grew 7.11 per cent in the financial year 2015-16, retaining its place as one of the fastest growing economy in the world.
The country’s GDP expanded at a faster pace during the last financial year, growing 7.11 per cent year-on-year, Planning Minister Mustafa Kamal said while briefing journalists at his office in the NEC in the city on Tuesday.
“The growth was picked up from 6.5 per cent in the last financial year, reaching an all-time high on improved performance in manufacturing sector,” he added.
He said that manufacturing sector was the largest contributor to the GDP during the fiscal 2015-16, growing by 11.09 per cent and the service sector by 6.25 per cent.
Growth in the agriculture sector was recorded at 2.79 per cent, the minister said referring to the final figure of the Bangladesh Bureau of Statistics (BBS).
The per capita income increased to $1,465 during the fiscal.
Mustafa Kamal said, “It’s a positive story as the economy is steadily entering into a higher growth trajectory breaking the 6 per cent growth trap. It’s a matter of complacent that Bangladesh broke the growth trap for the first time since independence.”
The Minister said this was happened due to policy and reform measures taken by the government to boost both public and private investment.
“Political stability also helped Bangladesh to achieve the 7 per cent GDP growth,” he said, adding Bangladesh economy grew over 6 per cent on an average during the last one decade.
Terming the growth as a ‘milestone’ for the country, former Bangladesh Bank (BB) Deputy Governor Dr Khandoker Ibrahim Khaled said, this is one step forward to take the nation in
the global arena as the economy grew by over 7 per cent, the fastest pace in more than one decade beating the official target.
He said the economy was able to ride on the momentum taking advantage of political stability coupled with gains in the industry and service sectors.
Ibrahim Khaled noted that the 7 per cent growth is ‘excellent’ for Bangladesh as the country remains the top performer among emerging Asian economies, and probably the whole of Asia.
“If we look at their (Asian economics) growth performances, Bangladesh beats many of them capitalizing a consistent macroeconomic policy and infrastructure development,” he added.
The government has set a 7.5 per cent GDP growth target for the current fiscal (2016-17).
Bangladesh’s gross domestic product (GDP) grew 7.11 per cent in the financial year 2015-16, retaining its place as one of the fastest growing economy in the world.
The country’s GDP expanded at a faster pace during the last financial year, growing 7.11 per cent year-on-year, Planning Minister Mustafa Kamal said while briefing journalists at his office in the NEC in the city on Tuesday.
“The growth was picked up from 6.5 per cent in the last financial year, reaching an all-time high on improved performance in manufacturing sector,” he added.
He said that manufacturing sector was the largest contributor to the GDP during the fiscal 2015-16, growing by 11.09 per cent and the service sector by 6.25 per cent.
Growth in the agriculture sector was recorded at 2.79 per cent, the minister said referring to the final figure of the Bangladesh Bureau of Statistics (BBS).
The per capita income increased to $1,465 during the fiscal.
Mustafa Kamal said, “It’s a positive story as the economy is steadily entering into a higher growth trajectory breaking the 6 per cent growth trap. It’s a matter of complacent that Bangladesh broke the growth trap for the first time since independence.”
The Minister said this was happened due to policy and reform measures taken by the government to boost both public and private investment.
“Political stability also helped Bangladesh to achieve the 7 per cent GDP growth,” he said, adding Bangladesh economy grew over 6 per cent on an average during the last one decade.
Terming the growth as a ‘milestone’ for the country, former Bangladesh Bank (BB) Deputy Governor Dr Khandoker Ibrahim Khaled said, this is one step forward to take the nation in
the global arena as the economy grew by over 7 per cent, the fastest pace in more than one decade beating the official target.
He said the economy was able to ride on the momentum taking advantage of political stability coupled with gains in the industry and service sectors.
Ibrahim Khaled noted that the 7 per cent growth is ‘excellent’ for Bangladesh as the country remains the top performer among emerging Asian economies, and probably the whole of Asia.
“If we look at their (Asian economics) growth performances, Bangladesh beats many of them capitalizing a consistent macroeconomic policy and infrastructure development,” he added.
The government has set a 7.5 per cent GDP growth target for the current fiscal (2016-17).
