Asian Development Bank has said that Bangladesh achieved the fastest growth in the Asia-Pacific economies comprised of 45 countries.
The bank in its Asian Development Outlook (ADO), which was handed over to prime minister Sheikh Hasina on Wednesday, also said that in the FY 2018, the country attained 7.9 percent growth, the fastest expansion since 1974.
ADB country director for its Bangladesh resident mission Manmohan Parkash handed over the ADO to the prime minister at her Sangsad Bhaban office in Dhaka in the evening.
PM’s press secretary Ihsanul Karim briefed reporters after the meeting.
The bank in the ADO predicted that in the FY2019 and FY2020, the growth will be 8 percent, which the organisation termed as new record.
‘Bangladesh will continue to be the fastest in Asia-Pacific,’ hoped the ADO.
The ADO, the annual publication of the ADB, evaluates and forecasts economic performance of 45 Asian and Pacific countries.
It said that growth will moderate across most of developing Asia- achieve 5.7 percent in 2019 and 5.6 percent in 2020 from 6.2 percent in 2017 and 5.9 percent in 2018.
South Asia will buck trend of slowing growth in Asia- achieve 6.8 percent in 2019 and 6.9 percent in 2020.
The ADO said that the key attributes of this growth are strong leadership, good governance, stable government and continued political calm, sound macroeconomic policy and right development priorities.
The drivers of the growth have been identified as higher public investment, stronger consumption demand, revival in exports, improved power supply and higher growth in private sector credit.
The ADO pointed that Bangladesh has favourable trade prospects despite a weaker global growth while exports and remittances likely to increase further.
It also mentioned that strong public investment due to continued policy environment and expeditious implementation of large infrastructure projects and higher tax collection with expanded tax base will move Bangladesh economy further.
It said that Bangladesh banking system reforms will attract higher private investment which will support growth.
Sheikh Hasina told the ADB country director that her government is gradually advancing the economy in a well-planned manner. ‘We have done our analysis before formulating the budget this year also,’‘ she said.
In this connection, the premier mentioned that when Awami League was in the opposition, her party also took various types of economic programmes for the sake of the country.
‘Father of the Nation Bangabandhu Sheikh Mujibur Rahman had a vision for developing the country in totality and reducing the gap between rich and poor and urban and rural areas … we’re working towards that direction,’ she said.
The prime minister said that the government is setting up 100 economic zones where investors from across the globe can set up their industries in Bangladesh.
Manmohan Parkash highly appreciated the economic plan of the government under the leadership of prime minister Sheikh Hasina.
He said that all the development programmes of the government are people-centric.
PM’s principal secretary Md Nojibur Rahman and finance secretary Abdur Rouf Talukder were present at the meeting.
Want stories like this in your inbox?
Sign up to exclusive daily email
More Stories from Foreign affairs