Crises in Libya, ME, Japan may affect BD economy
FE Report | Sunday, 20 March 2011
FE Report
Political instability in Libya and Middle-East countries and earthquake in Japan may affect Bangladesh's economy, said discussants at a roundtable held in the city Saturday. They stressed the need for political consensus between the two major parties on important issues and continuation of policies. The discussants also said attaining sufficiency in staple foods, combating challenges of climate change and corruption are also important factors to ensure a poverty and hunger-free Bangladesh. The country's leading academics, economists, businesspersons and journalists were addressing the discussion meeting on 'Forty Years of Bangladesh Economy: Triumphs and Perils' organised by Making Our Economy Right (MOER), a local free market think-tank. The speakers said the issue of Professor Yunus will affect Bangladesh's image abroad. Abul Hasan Chowdhury, former state minister for foreign affairs, was moderator in the meeting. Dr Mahbub Ullah, professor of development studies, presented the key-note paper in the roundtable. Speaking at the meeting, Abul Hasan Chowdhury said the present government has created some good fields in the international arena. "The government's role in Professor Yunus issue will affect Bangladesh's relations with western countries," he added. Abul Hasan said: "Both the parties in power and in the opposition should work together during critical periods of the country." He said in some cases both the parties can work together. Zillul Hye Razi, trade adviser, European Union Delegation to Bangladesh, said the country faces policy discontinuity that hurts growth. He said the government is interfering in different issues affecting the smooth operation of market forces. "We hear about the strengthening of state-owned Trading Corporation of Bangladesh. Will it be wise?" Mr Zillul asked. Journalist Mahfuz Ullah said: I don't understand why the country's poverty rate is not being reduced despite a sustained economic growth of 6.0 per cent on an average." He said there will be impact of climate change in the country adding: "What measures will be taken to deal with the climate change and its affects?" Zaglul Ahmed Chowdhury, consulting editor of the FE, said there will be immense impact of Libya, Middle East and Japan situations. Zaglul asked: "Could you comprehend what will be the impact, if all expatriates living in Libya return to Bangladesh?" He also said expatriates living in Japan send a considerable amount of money to the country adding: "If all of them return, this will affect the economic activities of the country." Syed Javen Ahsan, director of Arenco Ltd, said Bangladesh must come out of the suggestions of the World Bank and the IMF (International Monetary Fund). Mr Javed alleged that vested quarters were the gainers of changes in political power. He said the government should monitor work of non-government organisations (NGOs) as many of them are reportedly involved in creating anarchy in the industrial sector. Ahmed Masud Imran, a businessperson hailing from Chittagong, alleged that the same group which played a role in the collapse of the share market in 1996 is also responsible for this year's capital market failures. Speaking at the discussion, Chowdhury M Ashraf Hossain, another businessman, said independence and sovereignty of the country depend on the economic growth. He said Bangladesh has failed to improve the economic growth significantly over the past four decades. Mr Ashraf said rampant corruption and failures in leadership are the main reasons behind this situation. Md Zahid Hossain, a retired secretary in-charge, said the government should have at least 2.5 million tonnes inventory of main staples. Mr Zahid also said TCB should be strengthened so that it can play a role in stabilising the market during crisis period. Md Nizam Ahmed, another speaker, said the government moves relating to anti-hoarding acts would also affect the supply situation. Replying to a volley of questions Dr Mahbub Ullah said Bangladesh needs an enhanced growth rate for poverty eradication. He said there are 40 per cent people under the poverty line adding: "Currently inflationary pressures had created more poverty in the country." He said corruption must be stopped for a sustainable economic growth adding Bangladesh can take lessons from other countries which have combated this menace successfully. He said any coal-based power and industry will not be sustainable in the long run. "We must explore coal. We may take experiences from those nations which have ensured their national interest during coal explorations." Dr Mahbub Ullah said the government should provide required fund to conduct researches especially in agriculture sector to boost production. "We've to find a formula how to diversify crops in the same lands." Dr Mahbub Ullah in his paper said Bangladesh has achieved many successes including those in infrastructure and food production during the last 40 years amid some failures. The programme was held at the conference room of The Financial Express (FE) in the city. The FE was the media partner of the roundtable discussion.
Political instability in Libya and Middle-East countries and earthquake in Japan may affect Bangladesh's economy, said discussants at a roundtable held in the city Saturday. They stressed the need for political consensus between the two major parties on important issues and continuation of policies. The discussants also said attaining sufficiency in staple foods, combating challenges of climate change and corruption are also important factors to ensure a poverty and hunger-free Bangladesh. The country's leading academics, economists, businesspersons and journalists were addressing the discussion meeting on 'Forty Years of Bangladesh Economy: Triumphs and Perils' organised by Making Our Economy Right (MOER), a local free market think-tank. The speakers said the issue of Professor Yunus will affect Bangladesh's image abroad. Abul Hasan Chowdhury, former state minister for foreign affairs, was moderator in the meeting. Dr Mahbub Ullah, professor of development studies, presented the key-note paper in the roundtable. Speaking at the meeting, Abul Hasan Chowdhury said the present government has created some good fields in the international arena. "The government's role in Professor Yunus issue will affect Bangladesh's relations with western countries," he added. Abul Hasan said: "Both the parties in power and in the opposition should work together during critical periods of the country." He said in some cases both the parties can work together. Zillul Hye Razi, trade adviser, European Union Delegation to Bangladesh, said the country faces policy discontinuity that hurts growth. He said the government is interfering in different issues affecting the smooth operation of market forces. "We hear about the strengthening of state-owned Trading Corporation of Bangladesh. Will it be wise?" Mr Zillul asked. Journalist Mahfuz Ullah said: I don't understand why the country's poverty rate is not being reduced despite a sustained economic growth of 6.0 per cent on an average." He said there will be impact of climate change in the country adding: "What measures will be taken to deal with the climate change and its affects?" Zaglul Ahmed Chowdhury, consulting editor of the FE, said there will be immense impact of Libya, Middle East and Japan situations. Zaglul asked: "Could you comprehend what will be the impact, if all expatriates living in Libya return to Bangladesh?" He also said expatriates living in Japan send a considerable amount of money to the country adding: "If all of them return, this will affect the economic activities of the country." Syed Javen Ahsan, director of Arenco Ltd, said Bangladesh must come out of the suggestions of the World Bank and the IMF (International Monetary Fund). Mr Javed alleged that vested quarters were the gainers of changes in political power. He said the government should monitor work of non-government organisations (NGOs) as many of them are reportedly involved in creating anarchy in the industrial sector. Ahmed Masud Imran, a businessperson hailing from Chittagong, alleged that the same group which played a role in the collapse of the share market in 1996 is also responsible for this year's capital market failures. Speaking at the discussion, Chowdhury M Ashraf Hossain, another businessman, said independence and sovereignty of the country depend on the economic growth. He said Bangladesh has failed to improve the economic growth significantly over the past four decades. Mr Ashraf said rampant corruption and failures in leadership are the main reasons behind this situation. Md Zahid Hossain, a retired secretary in-charge, said the government should have at least 2.5 million tonnes inventory of main staples. Mr Zahid also said TCB should be strengthened so that it can play a role in stabilising the market during crisis period. Md Nizam Ahmed, another speaker, said the government moves relating to anti-hoarding acts would also affect the supply situation. Replying to a volley of questions Dr Mahbub Ullah said Bangladesh needs an enhanced growth rate for poverty eradication. He said there are 40 per cent people under the poverty line adding: "Currently inflationary pressures had created more poverty in the country." He said corruption must be stopped for a sustainable economic growth adding Bangladesh can take lessons from other countries which have combated this menace successfully. He said any coal-based power and industry will not be sustainable in the long run. "We must explore coal. We may take experiences from those nations which have ensured their national interest during coal explorations." Dr Mahbub Ullah said the government should provide required fund to conduct researches especially in agriculture sector to boost production. "We've to find a formula how to diversify crops in the same lands." Dr Mahbub Ullah in his paper said Bangladesh has achieved many successes including those in infrastructure and food production during the last 40 years amid some failures. The programme was held at the conference room of The Financial Express (FE) in the city. The FE was the media partner of the roundtable discussion.