They opined that there are some rooms for further private sector centric economic development and both public and private sectors can go hand in hand in the days to come towards the road to recovery and achieve the game-changing economic transformation of Bangladesh by 2041.
They made the opinion at the webinar on webinar on “current state and future outlook of Bangladesh’s economy: private sector perspective – July-
December FY2020-21” organized by Dhaka Chamber of Commerce and Industry (DCCI) in the city, said a press release.
Dr Mashiur Rahman, Adviser to the Prime Minister on Economic Affairs joined the webinar as the chief guest while Dr Atiur Rahman, former Governor
of Bangladesh Bank, Dr Ahsan H Mansur, Executive Director of the Policy Research Institute (PRI) and Dr M Masrur Reaz, Chairman of the Policy
Exchange were also participated as special discussants.
DCCI President Rizwan Rahman delivered a power point presentation.
Mashiur Rahman said Bangladesh needs to be concerned more on how to mobilize the savings which the country has.
“The government is focusing on the rural economy and the agriculture sector. Government has successfully managed Covid-led crisis. Policies are on
the right track and the growth momentum is sustained,” he added.
He said demand is little bit subdued however the private sector needs to raise their productivity now.
Bangladesh experienced reasonably well in export despite covid as well as remittance has also increased, he added.
“But we need to be more careful about the NRBs returning home from the covid-hit labour market,” he said.
He suggested all to be optimistic as the government has come up with various policy support for the private sector and he urged the private sector
to utilize this policy regime.
Atiur Rahman said that Bangladesh has to have sufficient liquidity in the banks and the liquidity should go to the productive sector.
Meanwhile, he said, the government has eased some policy measures to ensure liquidity available which is a good sign.
Moreover, policies need to be sustainable without frequent changes, he added.
He said CMSMEs and the agriculture sector should get more priority as these are the lifeline of the country’s economy.
He urged for long-term inclusive development despite our tax-GDP ratio is quite low.
Rizwan Rahman highlighted that the Covid impacted the manifold on the economy of Bangladesh.
He said, GDP value reduced to USD330 billion against the target of US$ 343.55 billion with 8.20 percent growth in FY2019-20.
Rizwan Rahman recommended the automation of taxation system. Considering the impact of Covid- 19, he said, the budget needs to be
reviewed quarterly and based on this priority and allocation need to be re-considered.
Private investment to GDP ratio declined to 12.72 percent while local and foreign investment declined by 72.16 percent in the July-September period
of FY’21, he added.
DCCI Senior Vice President NKA Mobin gave vote of thanks while Vice President Monowar Hossain and members of the board of directors took part.
[BSS]
