GDP growth 8.4pc likely by 2020 | The Daily Star
12:00 AM, November 26, 2010 / LAST MODIFIED: 12:00 AM, November 26, 2010

GDP growth 8.4pc likely by 2020

UNCTAD launches LDC report

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The Least Developed Countries (LDC) Report 2010 has predicted that annual growth of Bangladesh would be 8.4 percent by 2020 and income per capita under PPP (purchasing power parity) method would rise to $2,776 from the present $1,361.
“The prediction of the LDC report is close to the national perspective plan which reclaimed that Bangladesh would enter into middle income countries group within 10 years," eminent economist Prof Wahiduddin Mahmud said at a report dissemination function at the Cirdap auditorium here yesterday.
United Nations Conference on Trade and Development (UNCTAD) prepared the report that was disseminated simultaneously across the globe by the UN Information Centre.
Prof Mahmud said Bangladesh would be able to achieve its goal of attaining the status of middle-income country, if no major political turmoil takes place.
“The per capita income would be increased by seven percent and we can maintain GDP growth more than 8.5 percent within 2021, if the infrastructure problems including power crisis are solved,” he added.
Criticising the role of developed countries in the name of providing aid, the leading economist said the donor countries are not transferring their technology truly rather they are taking their money back through sending huge number of consultants in the name of technology transfer scheme.
LDC countries should create pressure on the forums of developed countries like G7 and G20 to provide true assistance for the development of the LDCs, Prof Mahmud said.
In the perspective of Bangladesh economy, he suggested imposing tax on holding assets as some are making huge money just through buying and selling of lands.
“If we are not able to check this land business then people would not invest in the industry sector,” he added.
The report stated that during the period 2002 to 2007, the real GDP of the LDCs as a group grew by more than seven percent per annum. This was the strongest and longest growth acceleration achieved by the LDCs since 1970 and a much better overall macroeconomic performance than that in the 1990s.
However, not all LDCs experienced boom, a little over a quarter of the LDCs, 14 countries saw GDP per capita decline or grow sluggishly, it said.
The report observed that the economic boom of the LDCs was driven by record levels of export, foreign direct investment inflows and migrant's remittance.
However, the report said progress towards achieving Millennium Development Goals has been slow in the LDC countries.
This is basically because the LDCs have not been able to generate sufficient productive jobs and livelihoods for its growing number of population.
Former adviser to a caretaker government Mirza Azizul Islam, former ambassador Waliur Rahman, Prof Shamsul Alam also spoke on the occasion. Officer-in-charge of UNIC Kazi Ali Reza moderated the discussion.

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