• Friday, January 30, 2015

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Economic Growth

CROSS TALK

When income inequality hurts economic growth

BAD news for the advocates of spasmodic growth, an economy doesn't work like an inflated balloon. Pumping air stretches the balloon uniformly, but that's not exactly how prosperity gets distributed across the population in a country. This is the finding of Paris-based Organization of Economic Cooperation and Development. Its new study reveals that income inequality hurts economic growth. That's why making many people rich doesn't diminish poverty. Instead it promotes polarisation and concentration of wealth. Big businesses are built, luxuries...

The myth of self-reliant Bangladesh

SINCE independence in 1971, many economic growth oriented development models in Bangladesh, which create both gross and net happiness for the elite, have not yet brought happiness for the broad majority. That is why it seems necessary to build a self-reliant social development model for Bangladesh. Self-reliant development must be measured and indicated on the basis of social proficiency and happiness, not only on economic efficiency and productivity.    Among the prerequisites and aspects and prospects of development, population and...

LDCs must focus on higher productivity

LDCs must focus on higher productivity

Least-developed countries like Bangladesh will have to focus on structural transformation and human development to achieve the sustainable development goals in the post-2015 period, said an UN report. The countries need to go beyond economic growth to complete a virtuous circle of sustainable economic and human development, said the Least Developed Countries Report 2014...

G20 leaders make global growth pledge

G20 leaders make global growth pledge

Australian Prime Minister Tony Abbott has closed the G20 summit by detailing economic pledges agreed by world leaders. The leaders agreed to boost their economies by at least 2.1% by 2018, adding $2 trillion to global economies. Much of the summit focused on Russian President Vladimir Putin's position on the crisis in Ukraine. Putin faced fierce...

Better roads, sufficient energy to propel growth: ICCB

The government must prioritise the development of road networks and other infrastructure for higher economic growth, a leading international chamber said yesterday. “Proper infrastructure is a must to accelerate higher GDP growth. Good roads, power supply and sufficient energy sources generally lure investments,” said Mahbubur Rahman, president of International Chamber of Commerce Bangladesh. The country will have to invest $7-$10 billion by 2020 in infrastructure development, while maintaining political stability, to achieve higher economic growth, Rahman said at a briefing...

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THE NEW GLOBAL ECONOMY

China's vicious growth circle

China's vicious growth circle

MOST economists have a reason to be worried about China's economy -- whether it be low consumption and large external surpluses, industrial overcapacity, environmental degradation, or government interventions like capital controls or financial repression. What many fail to recognise is that these are merely the symptoms of a single underlying problem: China's skewed...

ADB lifts economic growth forecast for Bangladesh

ADB lifts economic growth forecast for Bangladesh

The Asian Development Bank has revised upwards its economic growth forecast for Bangladesh -- to 6.4 percent from 6.2 percent -- for the current fiscal year. The latest projection is still much lower than the government's 7.3 percent target. All major economic indicators of Bangladesh have been showing a sign of improvement for the past...

Next development plan targets growth, empowering citizens

Next development plan targets growth, empowering citizens

The next five-year plan aims to boost economic growth and empower citizens as part of the government's long-term vision of eliminating poverty and making Bangladesh a middle-income country. The theme -- Accelerating Growth: Empowering Every Citizen -- will be the cornerstone of the Seventh Five-Year Plan, said Prof Shamsul Alam, member of general economics division of the planning commission and key planner of the development strategy. "We will pay utmost attention to taking the GDP growth higher than the level achieved in the sixth plan and efforts will be made to improve income distribution." The economist, who prepared the Sixth Five-Year Plan, presented an outline of the upcoming plan for 2016-2020 at...

Remittance rises 16pc in Aug from year ago

Remittance rises 16pc in Aug from year ago

Inward remittances accelerated 16 percent to $1.16 billion in August, compared to the same month a year ago. However, remittances fell 22.14 percent in August from a record $1.49 billion in the previous month, data from Bangladesh Bank shows. The record remittance receipts in July prompted rating agency Moody's to raise its growth forecast for Bangladesh for this fiscal year to 6 percent from 5.8 percent. “The rebound in remittance inflows helps consumption and will enable Bangladesh to maintain its relatively strong economic growth performance this year,” Moody's said in a recent report. “The improvement is credit positive for Bangladesh (Ba3 stable) because it suggests a bolstering of the sovereign's external payments position,...

Dull investment takes toll on GDP growth

Dull investment takes toll on GDP growth

The country may not be able to achieve 7 percent average economic growth in the final two years of the Sixth Five Year Plan due to sluggish investment, a government review report said yesterday. Shamsul Alam, member of general economics division of the planning commission, presented the report on the country's achievements in the...

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