Kamal expects GDP growth to be around 8.25pc in FY19
Published : 27 Sep 2018, 19:58:40
Planning Minister AHM Mustafa Kamal on Thursday expressed his optimism that the GDP growth in the current fiscal year (FY19) would be around 8.25 percent, as all the major macroeconomic indicators were showing an upward trend.
“All the major macroeconomic indicators are now showing uptrend, the day to day life of common people is now very normal and the drought which was seen in the private investment is also going away,” he said while talking to BSS today.
Kamal went on saying, “Now there is no abnormality in our life and there is no disruption in our activities. Besides, some of the mega projects that we are attaching highest priority to will be visible this year. So, we don’t see any negative trend and we are expecting GDP growth to reach around 8.25 percent in this fiscal.”
He, however, added that attainment of this notable GDP growth at the end of current fiscal would largely depend on the normalcy centering on the next general election and continuation of the present Awami League government.
The minister said in terms of economic performance, the country is on the right track as it has witnessed a very good growth rate of 7.86 percent in the last fiscal year (FY18) based on the solid growth rate of 7.3 percent in FY17.
Asked about the recent observation of the Manila-based lending agency that the ‘The economy of Bangladesh is in a good shape’, Kamal said that their observation in this regard reflects the present sound economic scenario as the private sector is now coming up with more investment alongside the public sector.
Mentioning that the present investment ratio to GDP is still hovering at 32 percent, he hoped that this ratio would further enhance in the coming days due to the government’s various steps for investment-friendly environment.
He noted that the industries in the country are getting un-interrupted power supply and other facilities without facing any hassle.
Referring to a recent media report, the Planning Minister said that the Japanese investment in Bangladesh has witnessed an upward trend in the last five years with the number of Japanese enterprises working in Bangladesh reaching to 269 in 2017 against only 82 in 2009.
He also opined that Bangladesh is still in a comfortable position in terms of debt to GDP ratio as the current debt to GDP ratio of Bangladesh is 40 percent which is 260 percent for China and 420 percent for Japan.
Earlier on Wednesday while launching the Asian development Outlook 2018, Update, ADB Country Director Manmohan Parkash said the economy of Bangladesh is in a good shape and it is possible to attain 8 percent growth rate in the current fiscal since the country has a very strong foundation.
“Bangladesh economy is in a good shape and its growth momentum is likely to continue. It has recorded over 7 percent GDP growth for three consecutive years, reaching close to 8 percent now,” Parkash added.-BSS