DHAKA, MAY 4, 2019 (BSS) – The Global Economist Forum (GEF) today stated the demands of the implementation of ‘3-zero’ agenda in Bangladesh for becoming one of the developed countries by the year 2030.
The Bangladesh wing of the GEF led by its president and CEO of Exim Bank, Dr Mohammad Haider Ali Miah, secretary general and CEO of Standard Bank, Dr Mamun-Ur Rashid and advisor and CEO of Padma Bank, Md Ehsan Khasru unveiled the new development plan in presence of its central president Dr Enayet Karim, said a press release.
The GEF board led by its President Dr Enayet Karim approved the recommendation for the government plan budgets targeting to make 0% poverty, 0% unemployment and 0% carbon emission, in other words the ‘3-zero’ agenda, the release added.
It was stated in the meeting that, to achieve its growth aspiration of becoming an upper-middle income country by its 50th anniversary in 2021, the country needs urgently to implement structural reforms, expand investments in human capital, increase female labor force participation, and raise productivity through increased global value chain integration.
The GEF research found that Bangladesh has made remarkable progress in reducing poverty, supported by sustained economic growth. Based on the international poverty line of $1.90 per person per day, poverty declined from 44.2 percent in 1991 to 13.8 percent in 2016.
Rapid growth enabled Bangladesh to reach the lower middle-income country status in 2015. In 2018, Bangladesh met the eligibility criteria for graduation from the United Nation’s Least Developed Countries (LDC) list, and is on track to graduate in 2024.
Improving infrastructure as well as the business climate would allow new productive sectors to develop and generate jobs.
Also, it was stated in the meeting that, Bangladesh’s unemployment rate increased to 4.38% in Dec 2018, from the previously reported number of 4.37% in Dec 2017, according to a statistic report by the GEF.
The GEF recommended a pro-employment budget for the FY 2020 which will help to create more employments for both the educated and uneducated youths. The employment rate could be increased by strengthening private sector credit growth, lowering borrowings by the government.
Also, the GEF identified improving transportation sector energy consumption as a priority since its share of emissions is growing faster than any other sector; although the agriculture industry is the leading emitter of greenhouse gases.
The GEF recommended not increasing the use of fossil fuel in power plants, rather putting emphasis on solar and air resources for power generation. The budget should formulate guidelines for reducing Carbon emission.
It was also stated in the meeting that, Bangladesh aims to develop from a low income economy to the first stages of a middle income economy by 2021.