Global economy delivering lower social outcome: ICCB president

Despite its $75 trillion output in 2016 and $100 trillion promise by 2021, the global economy's outmoded operating system is constrained in delivering adequately a fair social outcome and protecting the planet, said Mahbubur Rahman, ICCB president. 

He was addressing a three-day workshop on international trade finance for over 50 Bangladeshi bankers in Thailand inaugurated by Saida Muna Tasneem, Bangladesh ambassador to Thailand, on Wednesday.

The International Chamber of Commerce Bangladesh (ICCB) organised the workshop jointly with the United Nations Economic and Social Commission for Asia and the Pacific, and ICC Thailand.

“We need a new global economic architecture to overcome these structural challenges. This is an era where Asia has emerged as the powerhouse of the world economy,” he added.

“The continent accounts for 4.44 billion people or about 60 percent of the world population inhabiting 30 percent of the world's landmass,” said Rahman.

“The small and medium enterprises (SMEs) will be the key player in the future and for that they need credit facilities from the commercial banks or financial institutions,” said Tasneem.

“We have to support our private sector, in particular SMEs, to be part of the global value chains to promote their products both at home and abroad,” she said.