Uncertainty looms, despite crisis weathering: Faruk
Thursday, 24 December 2009
FE Report
The country's economy, despite its strong resilience to the first-round effects of the global economic crisis, is still in the grip of a severe uncertainty due to contraction of export demands and employment opportunities abroad, Commerce Minister Faruk Khan said Wednesday.
"All this, coupled with declining external financing for development projects, has posed a potent threat to our economy," he said while addressing a conference in the capital.
The minister was speaking at the concluding ceremony of the second international conference of Global Business Management Forum (GBMF). The meet was titled 'World Financial Crisis and Global Business Challenges'. It was held at the University of Dhaka.
Department of Finance at Dhaka University and GBMF jointly organised the two-day conference.
Faruk Khan said the country's exports, particularly from the textile sector, have declined. Official development assistance has started to dry up and the number of workers going abroad is coming down, he added.
"Years of development gains in terms of achieving higher gross domestic product and reducing poverty are now under threat. All these point to gloomy prospects for the future," the minister said.
The country's economy, despite its strong resilience to the first-round effects of the global economic crisis, is still in the grip of a severe uncertainty due to contraction of export demands and employment opportunities abroad, Commerce Minister Faruk Khan said Wednesday.
"All this, coupled with declining external financing for development projects, has posed a potent threat to our economy," he said while addressing a conference in the capital.
The minister was speaking at the concluding ceremony of the second international conference of Global Business Management Forum (GBMF). The meet was titled 'World Financial Crisis and Global Business Challenges'. It was held at the University of Dhaka.
Department of Finance at Dhaka University and GBMF jointly organised the two-day conference.
Faruk Khan said the country's exports, particularly from the textile sector, have declined. Official development assistance has started to dry up and the number of workers going abroad is coming down, he added.
"Years of development gains in terms of achieving higher gross domestic product and reducing poverty are now under threat. All these point to gloomy prospects for the future," the minister said.