• Wednesday, July 30, 2014

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GDP Growth

Jobs for 19 lakh in next fiscal yr

Around 19 lakh people are likely to get new jobs in the next fiscal year, as the government has set a target of employment generation based on GDP growth and manpower export, according to a planning ministry estimate. “Higher GDP growth generates higher employment for the people,” Planning Minister AHM Mustafa Kamal said yesterday at a press briefing, organised for the first time to highlight his ministry's activities before the media. Explaining the employment generation calculation method based on GDP (gross...

Private investment the key

Private investment the key

The economy faces an impossible task of raising private investment by Tk 75,000 crore in fiscal 2014-15 to achieve the desired 7.3 percent GDP growth, the Centre for Policy Dialogue said yesterday. To that end, private investment needs to rise to 25 percent of gross domestic product from the present 21 percent, an increase...

Present predicaments and the way out ...

For some inexplicable reasons, there appears to be a strange sense of complacency in the government. It could be because the government-party leaders do not quite know as to what to do, and how to act. They know that they have managed to land in a situation, and it is in their selfish interest to try and continue to be there, by hook or by crook, for as long as they can. And they perhaps know that under such...

A number game for FY 15 budget

A number game for FY 15 budget

ACCORDING to media reports the finance minister has indicated that the size of FY 15 budget is going to be Tk. 2,50,000 crore. In a country like Bangladesh, characterised by one of the lowest government expenditure as proportion of gross domestic product (GDP), the desire to increase it is understandable. However, such desire...

Editorial

Political instability hampers growth

THE World Bank through a recent study has taken stock of reasons why our GDP growth rate has lost a full one per cent in the last fiscal. The violent political agitation campaign waged last year has been identified as one of the key reasons for this downturn. The economic blockade and 85 days of hartal over a six-month period helped cause a US$1.4billion loss for the national economy. These shutdowns caused not only immense human suffering but resulted...

INNOVATION & TECHNOLOGY

The innovation enigma

AROUND the world, there is enormous enthusiasm for the type of technological innovation symbolised by Silicon Valley. In this view, America's ingenuity represents its true comparative advantage, which others strive to imitate. But there is a puzzle: it is difficult to detect the benefits of this innovation in GDP statistics. What is happening today is analogous to developments a few decades ago, early in the era of personal computers. In 1987, economist Robert Solow -- awarded the Nobel Prize for...

Letters To The Editor

Fall in GDP growth

Bangladesh has lost thousands of crores of taka owing to political turmoil in the last few months. The government was trying to increase GDP growth but all went in vain. Now the central bank will have to face daunting challenges for maintaining a healthy GDP growth rate. The central bank hoped the private sector credit growth would be 15.5 percent by the end of the year. But the growth was 11.13 percent till November. Inflation has been rising by leaps...

Bank reform for competition and economic growth

Bank reform for competition and economic growth

BANGLADESH has seen unprecedented growth of banks in private and public sectors to serve certain interested and purposeful politicians and bureaucratic persons. Based on capital surplus of 38 private banks reported in The Daily Star on November 24, 2013, these Banks can be categorized into following categories: Bangladesh Bank may conduct a proper investigation into the profitability, liquidity, capital surplus and other tests about the survival of the above banks in the competitive world of free market economy. The same test may be applied to all government banks. According to our above categorization eight banks in the First Category are commercially fit to run and operate banking business. Bangladesh bank may ask...

Govt's bank borrowing drops 18pc

The government's bank borrowing dropped 18 percent in the first half of the fiscal year due to low development spending and high sales of national savings certificates. Between July 1 and January 6, bank borrowing stood at Tk 5,931 crore, which was Tk 7,213 crore in the same period a year ago, according to central bank statistics. In the first six months of fiscal 2013-14, the government received Tk 3,857 crore from net sale of national savings certificate, which was only...

Editorial

Half-yearly monetary policy unveiled

THE half-yearly monetary policy statement (MPS) has been unveiled by the central bank. The governor hopes the framework will seek to reduce inflation and provide sufficient space in lending to achieve broad-based investment. Keeping inflation within the 7 per cent mark however will be challenging as banks cut interest rates to make available more funds. The danger of cheaper funds made available to clients by banks could trigger greater borrowing and utilisation in unproductive sectors like the stock market...

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