Kamal points to impressive economic growth at 6.12pc

FE Report | Published: May 22, 2014 00:00:00 | Updated: November 30, 2026 06:01:00

Planning Minister AHM Mustafa Kamal said Wednesday Bangladesh's economic growth has been estimated to be impressive at 6.12 per cent in the current financial year (FY) 2013-14 despite having some internal and external shocks.
The per capita income (Gross National Income) of the country has also risen remarkably to US$ 1190 in the current fiscal year, he told journalists after a meeting of the Executive Committee of the National Economic Council (ECNEC).
"The Bangladesh's economy is growing at more than 6.0 per cent rate in last five years. The GDP (gross domestic product) growth in Bangladesh is one of the highest in the world," he said.
Despite lower projections by major donors and by some of the local think tanks, the GDP growth in the current fiscal year is satisfactory, Mr Kamal added.
The World Bank in its latest economic review forecast Bangladesh's economic growth at only 5.4 per cent, while the Asian Development Bank at 5.5 per cent and the International Monetary Fund 5.5 per cent in the current fiscal year.
Officials said taking the latest macroeconomic scenario into consideration, the Bangladesh Bureau of Statistics (BBS) has recently estimated the Bangladesh's GDP growth at 6.12 per cent, 1.08 percentage points lower than the initial estimate of the government.
The country's statistical department has also recorded the per capita GNI at $1190 in the current FY 2013-14.
The country's per capita GNI was $1044 in the last FY 2012-13, BBS data showed.
Meanwhile, Dr Hassan Zaman, Chief Economist of Bangladesh Bank, told the FE: "This provisional figure is within the range, which Bangladesh Bank has predicted."
"However it would not surprise me if the magnitude of the downward adjustment BBS has made for FY `13, between the provisional and final growth numbers, is repeated in the FY `14, especially once the final crop output numbers emerge," he added.
The planning minister said the development projects' implementation under the current year's Tk 658.72 billion original Annual Development Programme (ADP) has also been recorded at 55 per cent in July-April period.
"The implementation rate of the ADP in the current fiscal year is satisfactory despite political turmoil in the second quarter of the year," he added.
Presided over by Prime Minister Sheikh Hasina, the ECNEC meeting, held at the NEC conference room in the city, approved four development projects at a combined cost of Tk 63.86 billion.
At the briefing, the planning minister said the government would supply Tk 18.43 billion from its own resources, while the remaining Tk 43.17 billion will come from the external resources as project aid.
The ECNEC approved Tk 51.98-billion for expansion of the capacity of the rural electrification distribution system, Tk 9.57-billion for setting up of wireless broadband network for Digital Bangladesh, Tk 1.94-billion for setting up of divisional and district Shilpakala Academy and Tk 370-million for Uttara lake development project.