BD retains healthy growth despite global crisis

Our Correspondent | Published: December 20, 2014 00:00:00 | Updated: November 30, 2026 06:01:00

CHITTAGONG, Dec 19: Housing and Public Works Minister Engineer Mosharraf Hossain said on Friday that despite global financial crisis Bangladesh's economy maintained its healthy GDP (gross domestic product) growth at an average rate of 6 per cent and secured its position among the 25 largest developing countries based on GDP.
The steady growth had been possible due to a number of factors, including population control, macro-economic stability, rapid development of financial sector, and openness in the economy, he added.
He made the observation while inaugurating a seminar at the conference hall of the Asian University for Women (AUW) in the port-city as chief guest.
The Institute of Cost and Management Accountants of Bangladesh's (ICMAB) Chittagong branch council (CBC) organised a daylong seminar on 'Revival of Global Economy: Challenges and Opportunities for Bangladesh.' Chittagong Chamber of Commerce and Industry (CCCI) president Mahbubul Alam, AUW vice-chancellor Dr Fahima Aziz, and ICMAB president Mohammed Salim were present as special guests.
Md Monoarul Hoque, chairman of ICMAB CBC, welcomed the guests, and Imtiaz Alam, chairman of the seminar and conference committee, also spoke on the occasion.
The CCCI president said Bangladesh needed to do more to achieve the middle-income country status by 2021. Forward-looking steps, such as institutional reforms for private sector growth, would be essential in this regard.
Higher GDP growth can be sustained only if the urban spaces are well connected, liveable and innovative, which can be achieved by focusing on infrastructure, institutions and incentives, he opined.
The AUW VC told the seminar that growth is accompanied by impressive progress in human development. Yet after 40 years of the independence Bangladesh remains a low-income country with its nearly 50 million people still impoverished and economic growth potentials unexplored.
It is therefore important to understand the drivers underpinning the country's economic progress, she concluded.
After the inaugural session two technical papers were presented in the seminar. Asian Development Bank (ADB) senior financial sector specialist Bidyut Kumar Saha presented a technical paper titled 'Economic Development in the age of Post Financial Crisis: Prospective Bangladesh' with East Delta University vice-chancellor Md Sekandar Khan in the chair.
Muzaffar Ahmed, president and CEO of Credit Rating Information and Services Ltd (CRISL), presented another technical paper on 'Basel II & III - Changing the Landscape of Banking: Perspective Bangladesh', where Obayed Ullah al Masud, managing director of Karmasangsthan Bank, was in the chair.
ICMAB CBC secretary Golam Kibria thanked everyone for joining the seminar. A number of fellow and associate members of the institute as well as entrepreneurs were present in the programme.