Premature to project growth now

Finance Minister AHM Mustafa Kamal yesterday said it was premature to project what will be the country's economic growth in the current fiscal.

"Our economy saw the usual growth in nine months," he said, adding it is unlikely to see the "imbalance" projected by the World Bank (WB) even if the country's economy experiences zero growth in the next three months.

He made the comments after the WB yesterday said that the regional economic growth in eight South Asian countries, including Bangladesh, is likely to be between 1.8 and 2.8 percent this year.

It is down from 6.3 percent projected six months ago, amid the fallout triggered by the Covid-19 pandemic.

According to the WB projection, Bangladesh is likely to see 2.0 to 3.0 percent economic growth in the 2019-2020 fiscal, down from 8.2 percent in previous fiscals.

The minister said the country's export-oriented sectors are currently facing some downturns while domestic economy and consumptions are also likely to face challenges.

"However, it is not the right time to say what will be the extent of the challenge," he told The Daily Star over phone, adding a projection of the current coronavirus situation could only be made after seeing how long it lasts.

He said his ministry will be able to assess the current pressure on the economy only when the situation is normal.

About the government's measures for the country's underprivileged, Kamal said Prime Minister Sheikh Hasina has already taken various measures for all countrymen whenever the premier deemed necessary.

If required, the government will take additional measures, he said.

"The PM is well aware of the current situation. She is taking measures ... ," he added.

Asked about what is being done for the ultra-poor living in urban areas, he said none of those affected by the pandemic will be left out of government initiatives.

It has already taken various measures including for those living in mega cities and other areas. More of such measures will be visible soon, the minister added.

He also said the government announced stimuli for people belonging to all classes.

No other South Asian country has done what the Bangladesh government has done so far to tackle the situation, he said.