Political turmoil costs economy Tk 110b: WB

Polls-related political turmoil has cost Bangladesh’s economy a total value added loss of $1.4 billion in the 2013-14 fiscal, the World Bank (WB) has said. It has also projected a 5.4-per cent GDP growth rate in FY 2014, but says this rate is more than those of the neighbouring countries. The Washington-based lender’s Dhaka office launched ‘The Bangladesh Development Update’ at a press briefing on Wednesday. Its Lead Economist Dr Zahid Hussain said the current fiscal saw 45 days of nation-wide general strikes and blockades, costing Bangladesh an estimated $1.4 billion, or Tk 110 billion in losses. “This is only in production loss including the losses of all sectors. Of the total, 86 per cent was in services sector, 11 per cent in industry and 3 per cent in agriculture,” he said. The Centre for Policy Dialogue (CPD) in December last year said that Bangladesh had lost around Tk 490 billion to political turmoil, according to a news agency.