Business Desk :
Bangladesh needs to embark on a new round of reforms to strengthen and modernise its private sector in a bid to unleash the country’s potential to drive diversified, export-led growth and create jobs, according to a new World Bank Group report.
The Bangladesh Country Private Sector Diagnostic (CPSD) report, prepared by the International Finance Corporation (IFC) and the World Bank, says while Bangladesh has been one of the biggest development success stories in recent decades, it’s now time to switch gears to meet ambitions to transform into an upper-middle-income country in the next decade.
“The pandemic has hit Bangladesh hard and as the country recovers from Covid-19, the need for reforms will become even more compelling. Finding new sources of income and growth will be an urgent priority,” said Alfonso Garcia Mora, IFC’s Vice President Asia and Pacific, reads a press release issued Wednesday.
“The private sector, which already accounts for more than 70 per cent of all investment in Bangladesh, supported by a strong financial sector, will need to play an important role in spurring the recovery so the country can grow, export and create quality jobs,” he added.
The report says the successful development of the ready-made garment (RMG) sector, which alone created more than 4 million jobs, along with the strong inflow of remittances, supported by prudent government policy choices, have been the key growth engines of Bangladesh’s strong and resilient growth, even during the pandemic outbreak.
