Perplexing mismatch between WB and government information

The contradictory claims of GDP growth stated by the government as opposed to international financial institutions are confusing – which reports should we believe in? The government has claimed a record 7.24 percent GDP growth rate. However, as per the logical explanation of the World Bank, the GDP growth of Bangladesh depends on export growth, inflow of remittances and import of industrial raw materials among others. We have every reason to believe that the outgoing year is not going well in the aforementioned areas due to decreasing oil prices in the international market, falling value of the pound because of Brexit, chaos in the Middle East and the increasing protectionist policies by the US as well as some European countries. WB data shows that our export growth has come down to 3.9 percent from 9.2 percent, remittances went down 16 percent and import growth of industrial raw material is down to 2 percent. Almost all economies rely on information provided by the WB, ADB and IMF because of their transparent and evidence-based data collection. But if we are to believe in the World Bank figures, then that would mean that we shouldn't believe in our own government. 

It is the responsibility of the government to look into these discrepancies if they are to stand by their claim of a 7.24 percent growth in GDP in the outgoing year.  

Md. Jonny Hossain

University of Dhaka