More diversified economy to help boost growth: ADB

Improved infrastructure and a more diversified economy can help Bangladesh increase economic growth, create meaningful jobs, and enhance the country’s structural transformation as a thriving middle-income economy, say two new Asian Development Bank (ADB) reports released yesterday.  

According to the study, the economy should grow at over 8 per cent per year, to create enough productive jobs and reduce surplus labour. 
“We need more research to ensure sustainable development,” said member of General Economic Division (GED) Professor Dr Shamsul Alam.
He was addressing at programme on releasing two report “Country diagonostic: Consolidating export led growth” and “Employment diagnostic study: looking beyond garments” at a city hotel.
Among others secretary for Ministry of Expatriates Welafare and overseas employment Begum Shamun Nahar, country director of ADB, Kazuhiko Higuchi, programme coordinator, Bangladesh Let’s Work Programme, World Bank, Mrinal Sircar, lead economist, social protection and labour, World Bank, Thomas Farole, joint secretary of economis relations division Begum Fatima Yasmin, and country director of International Labour Organisation Srinivas Reddy Baki addressed the programme.
Director, economic analysis and operational support division, ADB, Edimon Ginting, senior economist, economic research and regional cooperation department, ADB, Valerie Mercer-Blackman, and lead consultant of Bangladesh Employment Diagnostic Study Rizwanul Islam made presentation on the study.           
Prof Shamsul Alam urged the private sector to invest in research.
GED member acknowledged that there was huge constraint of infrastructure in Bangladesh which hinders the economic growth.  
“The ready-made garments sector and overseas remittances have fuelled strong growth of over 6 per cent in the past decade, allowing the economy to recently graduate to middle income status,” said Edimon Ginting, director in ADB’s Economic Research and Regional Cooperation Department. 
“Moving forward, the country can sustain higher growth through investment in sectors such as light engineering, machinery repair, and agricultural cold chains. Better infrastructure and policy reforms can help the country capture these opportunities.”
The first study, Bangladesh: Consolidating Export-led Growth, uses economic diagnostic tools to identify critical constraints to growth and sets out policy recommendations to help tackle them. 
Public-private partnerships can contribute to infrastructure upgrades in some of the country’s most successful economic sectors, while secured land ownership and improved urban planning and development will help attract more foreign investment, the report said. Reliable electricity, efficient urban transport systems, and measures to support new industries and economic activities are also important.

More diversified economy to help boost growth: ADB

Improved infrastructure and a more diversified economy can help Bangladesh increase economic growth, create meaningful jobs, and enhance the countrys structural transformation as a thriving middle-income economy, say two newAsian Development Bank (ADB) reports released yesterday. According to the study, the economy should grow at over 8 per cent per year, to create enough productive jobs and reduce surplus labour. We need more research to ensure sustainable development, said member of General Economic Division (GED) Professor Dr Shamsul Alam. He was addressing at programme on releasing two report Country diagonostic: Consolidating export led growth and Employment diagnostic study: looking beyond garments at a city hotel. Among others secretary for Ministry of Expatriates Welafare and overseas employment Begum Shamun Nahar, country director of ADB, Kazuhiko Higuchi, programme coordinator, Bangladesh Lets Work Programme, World Bank, Mrinal Sircar, lead economist, social protection and labour, World Bank, Thomas Farole, joint secretary of economis relations division Begum Fatima Yasmin, and country director of International Labour Organisation Srinivas Reddy Baki addressed the programme. Director, economic analysis and operational support division, ADB, Edimon Ginting, senior economist, economic research and regional cooperation department, ADB, Valerie Mercer-Blackman, and lead consultant of Bangladesh Employment Diagnostic Study Rizwanul Islam made presentation on the study. Prof Shamsul Alam urged the private sector to invest in research. GED member acknowledged that there was huge constraint of infrastructure in Bangladesh which hinders the economic growth. The ready-made garments sector and overseas remittances have fuelled strong growth of over 6 per cent in the past decade, allowing the economy to recently graduate to middle income status, said Edimon Ginting, director in ADBs Economic Research and Regional Cooperation Department. Moving forward, the country can sustain higher growth through investment in sectors such as light engineering, machinery repair, and agricultural cold chains. Better infrastructure and policy reforms can help the country capture these opportunities. The first study, Bangladesh: Consolidating Export-led Growth, uses economic diagnostic tools to identify critical constraints to growth and sets out policy recommendations to help tackle them. Public-private partnerships can contribute to infrastructure upgrades in some of the countrys most successful economic sectors, while secured land ownership and improved urban planning and development will help attract more foreign investment, the report said. Reliable electricity, efficient urban transport systems, and measures to support new industries and economic activities are also important.