Limited progress in export diversification, job creation major challenge: WB

Staff Correspondent | Published: 22:29, Feb 15,2017

 
 

Limited progress in diversifying exports, low skill intensive exports, high cost of doing business and employment generation are the major challenges for development of Bangladesh and other South Asian countries, said World Bank lead economist Zahid Hossain on Wednesday.
At a media workshop on Development Progress and Challenges : A South Asia Perspective held at WB Dhaka office, he stressed on inclusive economic growth and equal sharing of prosperity for expediting poverty reduction and removal of inequality.
World Bank and Economic Reporters Forum jointly organised the workshop at WB headquarters in Dhaka.
He said that though Bangladesh progressed well in reduction of extreme poverty and shared prosperity index of World Bank, overall inequality escalated in the country to 32.1 per cent in 2013 from 28.9 per cent in 1990.
Bangladesh, however, is doing better in other development indicators like economic growth, life expectancy, primary enrollment and some others.
The country has the opportunity to do better using its two key assets—demography and geographical location in the region, he added.
Institute for Inclusive Finance and Development executive director Mustafa K Mujeri said that the government would have to emphasise on increasing income, and improving infrastructure and institutions to achieve the sustainable development goals.
World Bank country director Qimiao Fan inaugurated the workshop addressed, among others, by ERF president Saif Islam Dilal and secretary Ziaur Rahman.

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