Double digit growth is possible

Says Asian multilateral lender’s country director

Asian Development Bank (ADB) Country Director Manmohan Parkash yesterday said it is possible for Bangladesh to attain double digit growth by improving infrastructures, bringing in more investments, and developing human capital and a robust financial sector.

“It’s quite possible for Bangladesh to attain growth rates from 8 percent to 10 per cent, but for that there is a need to do some other things,” Manmohan said when his comment was sought about the country’s possibility of gaining double digit growth by FY2024.

The ADB Country Director said this replying to a question while releasing the “Asian Development Outlook 2019 Update: Fostering growth and inclusion in Asia’s Cities” held at its office in the capital Agargaon area.

Senior Economist of ADB Soon Chan Hong made a power-point presentation on the occasion.

The ADB in its latest update projected a GDP growth rate of 8 percent for Bangladesh in the current fiscal year (FY2020) slightly short of the fiscal target of 8.2 per cent.

Manmohan said firstly Bangladesh’s infrastructures need to be improved as investment in infrastructures like in ports, roads, railways and in ICD can facilitate more investment.

“The countrywide 100 special economic zones and the Padma Bridge are also going to help Bangladesh,” he said adding that the country also needs to make development in the human capital as there is a need for proper skilled workforce in the low and in also in the higher end.

Underscoring the need for having a robust financial sector, Manmohan said any investor before making investment would like to know how he or she would be able to make profit where cost of doing business is very important.

“As long as Bangladesh is able to make progress in these areas, certainly it is possible (attaining double digit growth),” he added.

When asked to comment on the ongoing drive against the wrongdoers in the country, the ADB country Director termed it as a ‘welcome step’ adding, “It’s a good thing to do. It will help to get better results and it will also help getting more investors, better value for money. Good governance is a win-win situation for the country and its people.”

Replying to another question, he said Bangladesh can further enhance its ADP implementation rate through strict monitoring as well as using a time-series data so that the projections are more realistic.

The ADB Country Director told another questioner that the private sector investment must grow since it has to be an important part of the growth story.

 

Double digit growth is possible

Says Asian multilateral lenders country director

Asian Development Bank (ADB) Country Director Manmohan Parkash yesterday said it is possible for Bangladesh to attain double digit growth by improving infrastructures, bringing in more investments, and developing human capital and a robust financial sector. Its quite possible for Bangladesh to attain growth rates from 8 percent to 10 per cent, but for that there is a need to do some other things, Manmohan said when his comment was sought about the countrys possibility of gaining double digit growth by FY2024. The ADB Country Director said this replying to a question while releasing the Asian Development Outlook 2019 Update: Fostering growth and inclusion in Asias Cities held at its office in the capital Agargaon area. Senior Economist of ADB Soon Chan Hong made a power-point presentation on the occasion. The ADB in its latest update projected a GDP growth rate of 8 percent for Bangladesh in the current fiscal year (FY2020) slightly short of the fiscal target of 8.2 per cent. Manmohan said firstly Bangladeshs infrastructures need to be improved as investment in infrastructures like in ports, roads, railways and in ICD can facilitate more investment. The countrywide 100 special economic zones and the Padma Bridge are also going to help Bangladesh, he said adding that the country also needs to make development in the human capital as there is a need for proper skilled workforce in the low and in also in the higher end. Underscoring the need for having a robust financial sector, Manmohan said any investor before making investment would like to know how he or she would be able to make profit where cost of doing business is very important. As long as Bangladesh is able to make progress in these areas, certainly it is possible (attaining double digit growth), he added. When asked to comment on the ongoing drive against the wrongdoers in the country, the ADB country Director termed it as a welcome step adding, Its a good thing to do. It will help to get better results and it will also help getting more investors, better value for money. Good governance is a win-win situation for the country and its people. Replying to another question, he said Bangladesh can further enhance its ADP implementation rate through strict monitoring as well as using a time-series data so that the projections are more realistic. The ADB Country Director told another questioner that the private sector investment must grow since it has to be an important part of the growth story.