The Unnayan Onneshan (UO), a research organisation, has called for a thorough reexamination of the current trade and industrial policies of the country to address the structural bottlenecks.
In its September issue, Bangladesh Economic Update 2014, the UO stated that the external sector of the economy is not performing well due to recent decrease in surplus in the country's current account, reports UNB.
In the issue, it showed that the current account balance stood at US$2,388 million in fiscal year (FY), 2012-13, while the balance declined by 35.22 per cent to $1,547 million in FY 2013-14.
Meanwhile, the total import declined by 11.36 per cent and stood at $2,770 million in July of the FY 2014-15 compared to $3,125 million during the corresponding months of the FY 2013-14.
Pointing to trade deficit, the research organisation evinces that the deficit in trade balance is high and stands at $6,806 million in FY 2013-14.
The UO economic update also noted that there has been a decline in the rate of growth of the remittance inflow over the last few fiscals, implying lax diplomatic initiatives, administrative complexity and irregularities in manpower recruiting agencies.
Referring to the recent decline in the inflow of Foreign Direct Investment (FDI), the UO observed that inadequate inflows of FDI in Bangladesh in comparison with other countries of same economic characteristics can largely be ascribed to the lack of infrastructural facilities and recent political uncertainties in the country.
UO for review of current trade, industrial policies
FE Team | Published: September 28, 2014 00:00:00 | Updated: November 30, 2026 06:01:00
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