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Finance Minister AHM Mustafa Kamal has said that the World Bank forecast for the growth rate of Bangladesh’s gross domestic product (GDP) is inconsistent with the current state of the country’s economy.
The finance minister was responding to the World Bank’s report on the fall 2020 South Asia economic approach released yesterday.
The World Bank’s South Asia Economic Focus report predicts that Bangladesh’s GDP will grow by 1.6 percent in the current fiscal year 2020-21. In fiscal year 2021-22, GDP growth in Bangladesh may be 3.4 percent. The report also said that South Asia was heading for an unprecedented economic recession due to the Corona epidemic.
However, the government has set a GDP target of 7.2 percent for the current fiscal year.
“The figures they have said about our GDP have been saying since the beginning of the economic slowdown due to the Corona effect and they remain in the same place,” he said. It’s been three months into our fiscal year and we still have nine months. The slow economy created by the Corona effect is now much more normal. Economic incentives from the government and the social security system have integrated the economy, ensuring basic services and products for the poor and vulnerable. Almost all sectors of the economy, including domestic, private and government spending, investment, exports, and remittances, are in a strong position.
“We all know that his projection is characterized by a very conservative approach,” he said. A list of all the World Bank projections so far shows that the projections they make are far from reality! We believe that this time they have issued a statement in the traditional style.
“We set goals and we achieve them in terms of our capabilities,” he said. We have to prove over and over that we are right. Once again, we will achieve the desired growth and demonstrate that our objectives are correct. Although remittances have increased in recent times, many people think it is temporary. When we provided incentives to encourage remittances legally, many said it would have no effect on remittances. But the reality is that the inflow of remittances has increased thanks to incentives.
“When there was no crown since the beginning of fiscal year 2019-20, there was an increase in the flow of remittances, so it is not logical to think that this trend will not continue in the future,” he said.
Addressing the people of the country, the Minister of Finance said: “We have repeatedly said that the people of this country are the lifeblood of the economy of this country. They will again show that the projection made by the World Bank is inconsistent. We all know that We are building the Padma Bridge with our own hard-earned money ignoring all obstacles, We believe that the Prime Minister has projected or outlined the growth of the budget for the people of the country by believing in the people of the country, we believe that together we can achieve it.
AHM Mustafa Kamal said: “Bangladesh has been at the forefront of GDP growth for the past 10 years. We are confident that we will continue to do so in the future.”
