Muhith sees difficulties

Finance Minister AMA Muhith yesterday said again achieving 7 percent growth is "difficult" in an economy having various limitations.
"With the facts of Bangladesh economy like low domestic resource mobilisation, low foreign aid and foreign investment not coming in a big way, achieving 7 percent growth is difficult," he said while releasing the sixth five-year plan (SFYP) documents at the Planning Commission.
The minister made the remarks referring to recent media reports that he expressed doubt about 7 percent growth of GDP, targeted for the current fiscal year under the SFYP for 2011-15.
Muhith said some media outlets wrongly interpreted what he had said.
The plan targets an investment of Tk 13.5 trillion to achieve over 7 percent growth of the economy during the period ending in fiscal 2015.
Of the total investment, 77.2 percent is expected to come from private sector. The remaining Tk 3 trillion will come from public sector, which one may term ambitious.
"But we will be able to do it," said the finance minister.
Despite limitations, he said, Bangladesh is considered a potential economy and a model for many in the world. "Economy cannot be pushed down no matter how much you try."
Muhith said problems like high inflation that Bangladesh faces are not unique. "It is the problem of developing countries, of the world economy, not of Bangladesh alone. Such difficulty will remain. Despite that we will move forward," he added.
Referring to his meeting with the Spanish ambassador about the reaction of a business delegation from Spain, the minister said the delegation praised the vibrancy of Bangladesh economy.
"It's a booming economy," he said, recalling the reaction of the Spanish delegation that visited Dhaka earlier.