• Wednesday, September 17, 2014

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Economic Growth

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...

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...

Joseph E. Stiglitz Series

Democracy in the Twenty-First Century

THE reception in the United States, and in other advanced economies, of Thomas Piketty's recent book Capital in the Twenty-First Century attests to growing concern about rising inequality. His book lends further weight to the already overwhelming body of evidence concerning the soaring share of income and wealth at the very top. Piketty's book, moreover, provides a different perspective on the 30 or so years that followed the Great Depression and World War II, viewing this period as a historical...

Mozena urges American Bangladeshis to invest in their roots

Mozena urges American Bangladeshis to invest in their roots

US Ambassador to Bangladesh Dan Mozena yesterday called upon American Bangladeshis to invest more in the country in a bid to achieve higher economic growth. “Building of Sonar Bangla is just happening. American Bangladeshis can contribute with ideas and investment,” he said. Mozena's comments came at the inauguration of US-Bangla joint venture Solaric's new plant. Solaric...

Political stability key to higher growth: MCCI

Political stability key to higher growth: MCCI

Bangladesh needs to control inflation, keep the macro-economy stable and meet the export and revenue collection targets to achieve the desired economic growth this fiscal year, a leading chamber said yesterday. The overall economic condition was positive as indicated by steady improvements in the major economic indicators in the just concluded fiscal year, said...

BB aims to rein in inflation

BB aims to rein in inflation

The new monetary policy for the first half of the current fiscal year focuses on reining in inflation, keeping the key policy rates unchanged, the central bank said yesterday. Bangladesh Bank also forecast the country's economic growth will be between 6.2 percent and 6.5 percent in fiscal 2014-15 though the government in the new...

Growth and governance: Making the transition

ONE striking feature of the results of the last Secondary School Certificate examinations may have escaped our attention. Nearly 10% of more than a million successful candidates secured the highest grades, leaving no way of identifying the top 1% or even the top 5%. Evidently, a deliberate policy of grade inflation in public examinations is undermining the merit system. This phenomenon is perhaps symptomatic of a decline in meritocracy, with a concomitant rise of mediocrity, in all aspects of...

CROSS TALK

The bread crumbs theory of economic growth

THE leading lights of the country recently got together at a two-day colloquium starting last Saturday, and they discussed the wefts and warps of Bangladesh economy. Although some news reports claimed the participants had lauded the progress made so far, reading between the lines gave a different story. Each of the participants actually uttered cautionary words carefully couched in academic parlance. The only exception was our finance minister, whose null hypothesis gave away the dull state of his mind....

Infrastructure, political stability key to high growth: analysts

Adequate infrastructure, energy, skilled manpower, political stability and investment-friendly climate are the key factors for higher economic growth, economists said at a discussion yesterday. Bangladesh has achieved considerable success in gross domestic product but fell short of the growth numbers achieved by the other developing countries, they said. They were speaking at the discussion on “growth strategies and macroeconomic stability”, which was organised as part of a two-day long economic conference hosted by Bangladesh Economists' Forum (BEF), a non-political voluntary body...

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