Basu upbeat on prospects for Bangladesh economy

Chief Economist and Senior Vice President of the World Bank (WB)  Kaushik Basu has said the reason behind the economic success of Bangladesh is strong monetary policy of the central bank, reports UNB.
“Bangladesh has made mentionable economic growth despite global economic meltdown,” said Basu , while inaugurating an international workshop on ‘macroeconomic stability, private sector development and economic growth’ at the Bangabandhu International Conference Center (BICC) in the capital yesterday.
The workshop is being jointly organised by Bangladesh Bank and United Nations Department of Economic and Social Affairs (UNDESA).
Praising the role of Bangladesh Bank, the WB chief economist said the economic situation of Bangladesh is now stable due to the strong policies of the central bank.
However he did also mention a good policy alone can’t lift an economy. Improving monitoring systems in line with policy formulation is also vital.
At the same time, the economy of the country will stand on a strong footing if the social, political and psychological transformations happen,  Basu added.
Mentioning Bangladesh as one of the economic leaders of Asia now, he said the economy of Bangladesh is improving rapidly which can be an example for other countries.
Speaking at the prog-ramme as special guest, Bangladesh Bank Governor  Atiur Rahman said at least two crore (20 million) low-income people will enter the middle-income group in the next 10 years.
He also added that  Bangladesh has taken strategic plans 2015-19 to ensure sustainable economic growth to meet the economic challenges of 21st century.
Bangladesh Bank has initiated socially responsible, inclusive and environment-friendly investment, increasing resilience in the financial sector and financial negotiation policies to tackle the risks of instability and imbalance of financial system.
UNDESA Development Policy and Analysis Division director Dr Pingfan Hong, Bangladesh Bank Deputy Governor Md Abul Quasem and Bangladesh Bank Chief Economist Biru Paksha Paul also spoke at the programme.

Basu upbeat on prospects for Bangladesh economy

Chief Economist and Senior Vice President of the World Bank (WB) Kaushik Basu has said the reason behind the economic success of Bangladesh is strong monetary policy of the central bank, reports UNB. Bangladesh has made mentionable economic growth despite global economic meltdown, said Basu , while inaugurating an international workshop on macroeconomic stability, private sector development and economic growth at the Bangabandhu International Conference Center (BICC) in the capital yesterday. The workshop is being jointly organised by Bangladesh Bank and United Nations Department of Economic and Social Affairs (UNDESA). Praising the role of Bangladesh Bank, the WB chief economist said the economic situation of Bangladesh is now stable due to the strong policies of the central bank. However he did also mention a good policy alone cant lift an economy. Improving monitoring systems in line with policy formulation is also vital. At the same time, the economy of the country will stand on a strong footing if the social, political and psychological transformations happen, Basu added. Mentioning Bangladesh as one of the economic leaders of Asia now, he said the economy of Bangladesh is improving rapidly which can be an example for other countries. Speaking at the prog-ramme as special guest, Bangladesh Bank Governor Atiur Rahman said at least two crore (20 million) low-income people will enter the middle-income group in the next 10 years. He also added that Bangladesh has taken strategic plans 2015-19 to ensure sustainable economic growth to meet the economic challenges of 21st century. Bangladesh Bank has initiated socially responsible, inclusive and environment-friendly investment, increasing resilience in the financial sector and financial negotiation policies to tackle the risks of instability and imbalance of financial system. UNDESA Development Policy and Analysis Division director Dr Pingfan Hong, Bangladesh Bank Deputy Governor Md Abul Quasem and Bangladesh Bank Chief Economist Biru Paksha Paul also spoke at the programme.