ZCZC
BSS-46
KAMAL-GDP GROWTH
Kamal differs with WB’s GDP growth projections
DHAKA, April 13, 2020 (BSS) – Finance Minister AHM Mustafa Kamal today differed with the latest GDP growth projections made by the World Bank saying that the lending agency’s projection do not have consistency.
“The projection made by the World Bank over Bangladesh’s GDP growth is not consistent and time has not come yet to say such thing, especially it’s not the high time to predict over GDP projection,” he said.
The World Bank in its latest ‘South Asia Economic Focus’ released yesterday said that the GDP growth of the country in the current fiscal year would come down at 2 to 3 percent.
The Finance Minister said the government already has its data and information of the last eight months and based on those, the Asian Development Bank (ADB) has recently projected the country’s GDP growth to reach 7.8 percent.
“So, I don’t consider the projection of the World Bank, neither it is time-befitting nor a matured one,” he said.
Mentioning that the GDP growth rate of the country would come down like other countries of the world, Kamal said, but for Bangladesh, the growth rate would not make a sharp fall, rather it would remain at least over 6 percent.
Clarifying this, he said the country had past eight months of the current fiscal year before the Novel Coronavirus made its strike and based on the performance of those eight months, the GDP growth rate would be over 6 percent. “Even if there is zero growth or negative growth in the next four months of this fiscal year, it won’t be a matter as the growth will still remain over 6 percent.”
The Finance Minister said the priority of the government is now to save the lives of country’s people from COVID-19 alongside ensuring their food and other amenities.
Noting that the three major sectors of the country are – agriculture, industry and services, he said there was no such impact on the country’s agriculture sector and it would be able to gain its full fiscal growth target if the crisis does not persist long.
He said the government has taken various initiatives to overcome the impact of the COVID-19 over the industry and the services sector.
“I accept the notion that the growth will be reduced. But, it won’t decline to such level,” he said hoping that the people of the country and also the world would be able to overcome this crisis by the grace of Almighty Allah.
BSS/GM/ARS/2030 hrs