Last year ‘challenging’ for Bangladesh, says ICCB

Calling 2013 one of the most "challenging" years for the economy in recent times, the Bangladesh chapter of ICC said on Saturday the Padma bridge project failure, factory disaster, financial scams, US suspension of trade preferences and political unrest damaged the country's image.
Despite the odds, the International Chamber of Commerce Bangladesh (ICCB), in its 19th annual council, said the country has been able to attain a GDP growth of 6.03 per cent in 2013 fiscal year.
"Political confrontation during the third-quarter of 2013 resulted in tragic loss of lives of innocent people in addition to huge economic losses. Otherwise, the country could have easily achieved more than 7.0 per cent GDP growth," the chamber said in a statement.  
Although this marks a drop in GDP growth rate for two consecutive years, growth of over 6.0 per cent is quite respectable where the projected growth of developing countries is around 5.0 per cent in 2013, the ICCB said referring to the annual market update of Citibank NA Bangladesh.
The drop in GDP growth rate from 6.23 per cent in FY12 is mainly attributed to slowdowns in agriculture and service sector.
The slowdown in agriculture sector from 3.11 per cent in FY12 to 2.17 per cent in FY13 is largely due to the base effect of two consecutive years of record growth and lower output due to the falling prices along with weather-related disruptions.
However, Bangladesh has successfully coped with the global challenges.
Economic growth has also been largely inclusive and broad based, with food production keeping pace with the population growth, significant increase of per capita income  in real terms, poverty fell sharply to less than 31.5 per cent coupled with improved life expectancy, higher literacy rate and lower mortality.
Population control programmes have also helped in slowing down population growth.  
The executive board mentioned that Bangladesh has the potential to create at least 15 million jobs in the next ten years.
The productivity of Bangladeshi workers is on par with Chinese workers in well-managed firms, with their wages being one-fifth of their Chinese counterparts (half those in Vietnam), the board said mentioning a WB report.
The country's unique competitive position comes at a time when China is in the process of outsourcing 80 million jobs from labour-intensive industries.
BGMEA President Atiqul Islam thanked ICCB President Mahbubur Rahman and all the members of ICCB for their unqualified support to BGMEA after the Rana Plaza tragedy.
He requested ICCB chief to organise a roundtable and discuss the Plan of Action of BGMEA for workers' safety, the support extended by the BGMEA to Rana Plaza victims, compliance and how to become number one apparel exporter in the world.
The council adopted the Executive Board Report and Audited Financial Statements of ICC Bangladesh for the year ended 31st December.
Among others, ICCB Vice President Latifur Rahman; ICCB Board members A.S.M. Quasem, Mahbub Jamil; Aftab ul Islam; Muhammed Hatem; Waliur Rahman Bhuiyan, OBE; FBCCI Vice President Monowara Hakim Ali, DCCI President Mohammad Shahjahan Khan; BGMEA President Atiqul Islam; BIA Chairman, Sheikh Kabir Hossain; Former BKMEA President Fazlul Haque;  Former FICCI President Syed Ershad Ahmed, IIDFC Chairman Md. Motiul Islam; Mir Nasir Hossain Managing Director, Mir Akhter Hossain Ltd.; Imran Ahmed Managing Director, Duncan Brothers Bangladesh Ltd.; Dr. A.S.M. Akbar Managing Director, UAE-Bangladesh Investment Co. Ltd.; Indranil, Lahiri Managing Director, Siemens Bangladesh Ltd.; Ashraful H. Chowdhury CCAO, Airtel Bangladesh Ltd; Abu Alam Chowdhury CEO, CONEXPO Ltd.; Golam Rahman Executive Vice Chairman, Eastland Insurance Company Ltd.; AKM Nurul Fazal Bulbul of BAB as well as MDs/CEOs and senior officials of banks, insurance companies, national and multinational companies also attended the Council.