The performance of the economy in the fiscal year 2013 will critically hinge on how the political challenges are addressed, International Chamber of Commerce, Bangladesh (ICC,B) observed in its 18th annual council held here on Saturday.
Overall, there is a sense that Bangladesh has potential to flourish but the overall economic management will be challenging in the year 2013 as there will be a number of tensions in economic management, said a ICCB release on the council.
Another challenge will be to stimulate agricultural production and find a balance in protecting the interests of crop producers and consumers, it said.
Higher level of investment is a binding constraint for higher economic growth and to achieve the Sixth Five Year Plan (SFYP) target, share of total investment to GDP needs to be 29.6 percent of GDP in FY2013.
In other words, it will need an additional Tk 75,460 crore of investment; of which more than 81 per cent should come from the private sector. Certainly, this will be a challenging target to chase when the private sector investment is stuck at around 19 percent of GDP over the past few years.
The council session began with a one-minute silence to pay respect to those who died during the tragic building collapse at Savar.
Despite significant odds, according to the Executive Board Report Bangladesh has maintained a reasonable macroeconomic stability and a good growth momentum. Fiscal discipline has improved and a robust growth in remittances despite slow export growth has ensured a comfortable foreign exchange reserves.
The current economic trends thus bring both opportunities and challenges for the Bangladesh economy for the remaining period of FY2013.
Among others, ICCB vice presidents Latifur Rahman and Rokia Afzal Rahman; ICCB Board Members ASM Quasem; Mahbub Jamil; R Maksud Khan; Aftabul Islam; AK Azad; Prof Mamun Rashid; Muhammed Hatem; Syed Ershad Ahmed; Sheikh Kabir Hossain; CCCI President Mahbubul Alam; Bangladesh Employer’s Federation President Fazlul Haque; Association of Bankers Bangladesh President and NCC Bank MD/CEO M Nurul Amin; Dr M. Zahir, Senior Advocate, Bangladesh Supreme Court; Tapan Chowdhury, Managing Director, Square Group; Nasir A Choudhury, Managing Director & CEO, Green Delta Insurance Co Ltd; Ragib Ali, Managing Director, The Sylhet Tea Company Limited; M Ghaziul Haque, Chairman, Transmarine Logistics Ltd; as well as MDs/CEOs and senior officials of banks, insurance companies, national and multinational companies also attended the Council.
Source: UNBConnect
