Political turmoil stood in way of 7pc GDP growth: ICCB

Bangladesh could have easily achieved over 7 per cent GDP growth in the current fiscal year had there been no political confrontations that caused huge losses to the national economy. The observation was made in the executive board report of the International Chamber of Commerce, Bangladesh (ICC,B) released on Saturday at its 19th annual council. The year 2013 has been one of the most challenging years for the country's economy in recent times, it says. Failure to implement the Padma Bridge project, collapse of a garment factory killing over 1,100 people, US suspension of GSP facilities, large scale financial scams and unprecedented political violence have been very damaging to the country’s image. According to the report, Bangladesh has been able to attain a GDP growth of 6.03 per cent in FY13 despite all odds. The drop in the GDP growth rate from 6.23 per cent in FY12 is mainly attributed to slowdowns in agriculture and service sectors, according to a news agency.