Business Desk :
The country has plenty of opportunities to achieve a better economic growth in the current fiscal year (2017-18) as the agricultural, industrial and service sectors are performing positively, according to the Metropolitan Chamber of Commerce and Industry (MCCI).
“The overall economic situation in the country was positive in July-December of FY18 as indicated by steady improvements in the major economic indicators,” said the trade body in its “Review of Economic Situation in Bangladesh”. It said economy is progressing well, despite the presence of some risk factors-marginal growth in remittances, slower growth in the export receipts, and a higher rate of inflation. The country, however, experienced a stable economic growth.
Inflation, though a bit higher, was under control; the exchange rate remained almost stable; and foreign exchange reserves rose to a comfortable level, the MCCI said.
In order to achieve the target of becoming a middle-income country (MIC) by 2021, the government will need to increase the rate of economic growth, accelerate export, and attract more investments.
Also, to attain faster economic growth, the government will need to improve the country’s road and rail infrastructure, develop port facilities, increase power and gas production, and remove other infrastructure bottlenecks, said the leading chamber.
At the same time, it said impediments such as the delay in execution of development projects, lack of skilled manpower and insufficiency of industrial land must be removed to restore the confidence of the country’s business and investor community.
There are also the challenges of rising geo-political tensions and the Rohingya refugee crisis that will need to be met. During July-December of FY18, the agriculture sector performed well, but continuous government support with inputs and finance will be needed to sustain the sector’s growth.
The country has plenty of opportunities to achieve a better economic growth in the current fiscal year (2017-18) as the agricultural, industrial and service sectors are performing positively, according to the Metropolitan Chamber of Commerce and Industry (MCCI).
“The overall economic situation in the country was positive in July-December of FY18 as indicated by steady improvements in the major economic indicators,” said the trade body in its “Review of Economic Situation in Bangladesh”. It said economy is progressing well, despite the presence of some risk factors-marginal growth in remittances, slower growth in the export receipts, and a higher rate of inflation. The country, however, experienced a stable economic growth.
Inflation, though a bit higher, was under control; the exchange rate remained almost stable; and foreign exchange reserves rose to a comfortable level, the MCCI said.
In order to achieve the target of becoming a middle-income country (MIC) by 2021, the government will need to increase the rate of economic growth, accelerate export, and attract more investments.
Also, to attain faster economic growth, the government will need to improve the country’s road and rail infrastructure, develop port facilities, increase power and gas production, and remove other infrastructure bottlenecks, said the leading chamber.
At the same time, it said impediments such as the delay in execution of development projects, lack of skilled manpower and insufficiency of industrial land must be removed to restore the confidence of the country’s business and investor community.
There are also the challenges of rising geo-political tensions and the Rohingya refugee crisis that will need to be met. During July-December of FY18, the agriculture sector performed well, but continuous government support with inputs and finance will be needed to sustain the sector’s growth.
