Using Population's Potential
Quantum leaps in growth possible
Says BB governor Atiur Rahman
Bangladesh can make quantum leaps in growth and poverty eradication if it can unlock and harnesses the potential of its vast population, said Bangladesh Bank Governor Atiur Rahman yesterday.
The country already positioned itself in the global community as a forward-looking nation with a firm footing on the path towards steady growth, he said.
Atiur was speaking at a discussion, “Quantum jump for Bangladesh”, on the sidelines of World Marketing Summit at Bangabandhu International Conference Centre in the city.
The summit is the global initiative of the world's most renowned marketer Prof Philip Kotler and is being co-hosted by Ministry of Foreign Affairs, Bangladesh.
Over the past 40 years, the country's Gross Domestic Product (GDP) increased by more than eighteen-fold while the population increased a little over two-fold, said Atiur.
GDP growth rate, which was only 1.1 percent and 3.2 percent during the 70s and 80s respectively, increased to 5.8 percent on an average from 2000 to 2010. In 2010-11 fiscal year, the rate was 6.7 percent and has been projected to grow by 6.5 to 7 percent in 2011-12 fiscal year, he added.
Trade openness integrated Bangladesh with the global economy, with trade to GDP ratio rising from around 20 percent of the 70s and 80s to 40.7 percent in 2010-11 fiscal year, said Atiur.
Poverty has come down as around 30 percent of the population is currently below the poverty line. It was around 57 percent in the 90s, he added.
At the event, Finance Minister AMA Muhith said the country witnessed a higher growth over the last couple of years, establishing sophisticated industries to attain the middle-income country status within 2021.
The government is working to solve the country's present infrastructure deficit, especially in the power and transportation sector, by undertaking public private partnership, he said.
Andrew Tilke, chief executive officer of HSBC Bangladesh, said the world will witness a change in the global trade pattern in the next couple of years due to the economic downturn.
He said intra-Asian trade will continue to grow further, fueled by the growth of the Chinese economy.
Nancy Lee, president of Social Marketing Services, said many foreign companies are relocating their operations in Bangladesh as the country can make quantum leaps in growth, which is currently positive and steady.
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