Credit management, Rohingya, floods to upend economy: FBCCI

Irregularities in credit management in the banking sector, Rohingya influx and the floods in 2017 will continue to keep overall economy under pressure this year, says the president of the country's apex trade body, reports UNB.
But at the same time, the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President Md Shafiul Islam Mohiuddin considers that in spite of all odds, the country's GDP will continue to grow in 2018.
"We have witnessed continued growth and there have been success in achieving the targets of Gross Domestic Product (GDP). This growth trend will continue this year, too," the FBCCI president told the news agency.
He said the internal economy was under pressure due to floods in different parts of the country and Rohingya influx in 2017.
Nearly one million Rohingyas are now living in Bangladesh with 655,000 new arrivals since August 25, 2017.
"We, apart from that, have seen irregularities in credit management in the banking sector, which is not good for economy. These issues will keep overall economy under pressure," he said.
The apex trade body leader, however, said the work of the mega projects taken by the government are gaining momentum.
"If these mega projects in infrastructure sector are implemented, these will be a shining example of Bangladesh's development. We are satisfied with the government activities."
Mohiuddin said many new entrepreneurs have emerged and there is "visible progress" over the establishment of special economic zones.
"These are good signs. But we need energy supply and improved transportation system. These areas need to be addressed this year."
Referring to the construction work of Padma Multipurpose Bridge, now progressing fast, the FBCCI President expressed the hope, "A new horizon in communication system will be opened up through formal inauguration of the bridge."
Responding to a question on port facilities, Mohiuddin said the businesspeople are dependent on a single port heavily.
"Businesspeople remain in touch with the government for the development and modernisation of Chittagong Port."
He said developing an alternative port or augmenting the main port's efficiency and activities is a "big challenge".
On prices of essentials, Mohiuddin said they witnessed instability in terms of prices of a number of products including rice, which created problem for consumers in 2017.
The FBCCI thinks the market got overheated sometimes due to middlemen. "The government needs to take effective steps to keep the market stable this year."