Economy

‘Achieving GDP target for FY 2020-21 almost impossible’

Achieving 8.2 percent GDP growth during this pandemic is almost impossible as GDP growth and revenue collection will be lower this year because of slow business, said AB Mirza Azizul Islam, an economist and a former adviser to the caretaker government.
Remittances, foreign reserves hit record highs

The country’s foreign currency reserve and inward remittances have hit new highs amid the coronavirus pandemic.
What balancing act is needed for FY2021 budget?

The budget for fiscal year (FY) 2021 is going to be presented in the backdrop of a situation which was previously not experienced in the history of Bangladesh.
Covid-19 fallout: India’s exports shrink by a record 60.28pc in April

India’s exports contracted by a record 60.28 percent to $10.36 billion in April amid the economic fallout from the coronavirus pandemic, official data shows.
Factories have to reopen gradually maintaining health protocols: Salman F Rahman

Prime Minister Sheikh Hasina’s private sector adviser Salman F Rahman says the country’s export-oriented factories must begin to open slowly and by maintaining necessary health protocols in order to save the economy.
BB extends banking operations nationwide

The Bangladesh Bank decides to extend the banking operation across the country during the ongoing shutdown.
Coronavirus fallout: South Asia’s regional growth likely to be under 3% this year, says WB

The regional economic growth in eight South Asian countries, including Bangladesh, is likely to be between 1.8 and 2.8 percent in 2020, down from 6.3 percent projected six months ago, amid the fallout triggered by the Covid-19 pandemic, the World Bank says in its twice-a-year-regional update.
No liquidity crisis in banking sector: Finance minister

Finance Minister AHM Mustafa Kamal tells parliament that while there are some liquidity crises in the stock market, there is no liquidity crisis in the banking sector.
PM expects banks to implement single digit interest rate from April

Prime Minister Sheikh Hasina expresses hope that the banks will implement the single digit interest rate from April for the sake of the speedy industrialisation and investment.
Bangladesh economy to outshine Malaysia, Singapore, Hong Kong by 2024: Cebr

Bangladesh’s economy will surpass that of Malaysia, Hong Kong and Singapore with its presence as the 30th largest economy in the world by 2024, says a global report released by the Centre for Economics and Business Research (Cebr).
Poverty rate comes down at 20.5%

The country’s poverty rate came down at 20.5 percent while the extreme poverty rate came down at 10.5 percent in June this year.
GDP for FY 2019-'20 will be 7.2%: WB

World Bank (WB) has forecasted the Gross Domestic Product (GDP) growth rate of Bangladesh at 7.2 per cent for the fiscal year 2019-20, while government’s projection for the same fiscal year in the national budget was 8.2 per cent.
Bangladesh slips to 105 in economic competitiveness ranking

Bangladesh has slipped two notches to 105th in economic competitiveness ranking in 2019, according to Global Competitiveness Index (GCI) 2019 released by World Economic Forum.
8m came out of poverty in 6yrs: WB

Around eight million people in Bangladesh have come out of poverty between 2010 and 2016, according to the latest poverty assessment report of World Bank.
Majority don’t pay income tax: NBR

About four crore people in the country have capacity to pay tax but majority of them do not pay tax on their income, National Board of Revenue (NBR) chairman says.
India to continue its support to BIMSTEC: Dr Jaishankar

Minister of External Affairs of India Dr S Jaishankar has reiterated India’s strong commitment to continue support to the BIMSTEC process.
‘Creation of new entrepreneurs must for sustainable economy’

Proper utilisation of the proposed fund of Tk 100 crore in the budget for fiscal 2019-2020 is necessary for creation of new entrepreneurs for sustainability of the economy, Bangladesh Chamber of Industries (BCI) President Anwar-Ul-Alam Chowdhury (Parvez) says.
‘ADB considers US$ 100m grant for Rohingyas in Bangladesh’

The Asian Development Bank is considering to provide a grant of US$ 100 million to Bangladesh specially for the Rohingya refugees, ADB President Takehiko Nakao says.
GDP growth 8.13%, breaks previous records: Minister

Bangladesh's economy has grown 8.13 per cent this fiscal year, the highest in its history, says Finance Minister AHM Mustafa Kamal while releasing a provisional estimate.
RMG exports to India can hit $2b in 2yrs

Bangladesh has the capability to export $2 billion worth of apparel to India in the next two years on the back of its duty-free access to the market and rising demand for garment items at competitive prices, said Commerce Minister Tipu Munshi yesterday.
Largest private economic zone to be ready this year

The country's largest private economic zone, Sirajganj Economic Zone Ltd (SEZL), may open for entrepreneurs within this year.
Apparel shipment to Europe quicker now

Bangladesh's garment shipment to Europe has expedited with the introduction of transshipment facility from Kolkata's Netaji International Airport on a pilot basis, exporters said.
Stocks hit 8-month high

The stockmarket has continued to maintain its post-election rally, reaching an eight-month high of 5,687 points yesterday.
I will not fail

The finance ministry will make a fresh start from today and will be beyond reproach, said AHM Mustafa Kamal after he was given charge of the ministry.
Japanese firm to invest $10m in Meghna economic zone

Japanese Sakata Inx is set to invest $10 million to establish a liquid ink manufacturing plant in the Meghna Industrial Economic Zone (MIEZ), a development that can reduce the country's import dependency of the product.
Japan’s Honda opens motorcycle plant

Japan automobile giant Honda yesterday inaugurated its motorcycles manufacturing plant in Bangladesh, in what can be viewed as a watershed moment for the country's industrial capabilities.
Indiscipline in economy to slow SDG progress

The rampant indiscipline in the economy would turn out to be a big impediment to achieving the Sustainable Development Goals, said a noted economist yesterday.
Bangladesh slips a notch

Bangladesh has come down one spot in the World Economic Forum's Global Competitiveness Index thanks to a change in methodology to better reflect today's rapidly changing, increasingly digitised world economy.
Ecnec’s flurry of project approval continues

The Ecnec yesterday approved 17 projects including one for land acquisition to elevate the Faridpur-Kuakata highway into a four lane one to establish smooth communication with the tourist spot.
WB projects 7% growth for Bangladesh in FY19

World Bank has projected a seven per cent growth rate for Bangladesh in the fiscal 2018-19. The report ‘Bangladesh Development Update: Powering the Economic Efficiency’ said Bangladesh’s economy is still one of the fastest growing economies in the developing world.