Seventy percent of the economic development or economic growth in independent Bangladesh has been achieved over the last 15 years thanks to the socio-economic and political stability of the Awami League government under the dynamic leadership of Prime Minister Sheikh Hasina.
During this period, the gross domestic product (GDP) of the country increased
to $465 billion from $90 billion. Over this 15-year period, a massive transformation has taken place in the country’s economy, said speakers at a discussion meeting today.
They said to take ahead this prosperity further, the post national election
government would have to implement a good number of bold reforms to
strengthen discipline in the financial sector, which includes controlling inflation and reducing income inequality.
The speakers came up with the remarks at a discussion meeting titled “Inclusive Development in Bangladesh: Challenges and Prospects” held at the capital’s Jatiya Press Club today.
Economic daily ‘The Business Eye’ organized the discussion.
Presided over by Farida Yasmin, the editor of The Business Eye and President
of Jatiya Press Club, former chairman of Palli Karma-Sahayak Foundation
(PKSF) and prominent economist Dr. Qazi Kholiquzzaman Ahmad, former State Minister for Planning Dr Shamsul Alam, former governor of Bangladesh Bank Dr Atiur Rahman, President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Faruque Hassan, senior vice president of Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Amin Helali, Economist Dr. Jahangir Alam, Journalist Ajit Sarkar spoke, among others, at the discussion.
The program was moderated by Global TV CEO journalist Syed Ishtiaque Reza.
Highlighting the progress of Bangladesh in different socio-economic indicators over the last 15 years, former central bank Governor Dr Atiur Rahman said, “Almost 70 percent of the growth in the country’s economy in its over 50-year journey has been achieved over the last 15 years. During this time, the GDP of Bangladesh increased to $465 billion from $90 billion. Apart from this, there has been unprecedented development in economy and social indicators including reduction of poverty, increase in per capita income, reaching electricity in every households, and in employments of women.”
He said that the main reason behind this social and economic development was
social and political stability. He commented that it has been possible to
implement mega projects in the country due to the stability of the macro
economy.
The former Bangladesh Bank Governor thinks that a structure of inclusive
economy has already been established in the country which the post-election
government should have to carry forward.
The eminent economist said that the current challenges of the economy have
been highlighted largely in the election manifesto of the Awami League while
Prime Minister Sheikh Hasina has made it clear what can be done to face those
challenges.
For example, he mentioned steps to control inflation including lowering
interest rates, increasing supply of goods, making market-based foreign
exchange rates, and strengthening further social security programs.
In addition to this, he referred to the announcement of taking tough steps to
strengthen discipline in the financial and banking sector.
