Economist and Recent Bangladesh

By Professor Raihan Ahmed Topader ::

Bangladesh is a developing country that is classified as a next Eleven emerging market and one of the Frontier Five.According to a recent opinion poll,Bangladesh has the second most procapitalist population in the developing world.Between 2004 and 2014,Bangladesh averaged a GDP growth rate of 6%.The economy is increasingly led by export -oriented industrialization.The Bangladesh textile industry is the second largest in the world. Other key sectors include  pharmceuticals.shipbuilding,ceramics, leather goods and electronics.

Being situated in one of the most fertile regions on Earth, agriculture plays a crucial role, with the principal cash crops including rice, jut, tea, wheat, cotton and sugarcane.Bangla-desh ranks fifth in the global produ-ction of fish and seafood. Remittance from the Bangladeshi diaspora provi-de vital foreign excha-nge.But Bangla-desh only one big problem about politics.If Bangla-desh all political party work together then Bangladesh will become well establish country that is my thought.

There is no scarcity of knowledgeable qualified persons, social scientists and economists in Bangladesh.I don’t dare to say about the politics.There has been income of enormous foreign exchange by exporting products of garment industry or non-conventional products, jut and leather products manufacturing in cheap competitive price.Besides this, the international companies were investing their billion of dollars in Bangladesh.Because there is available cheap Labour has become a dependable country for them.

In 2006, there had been a forecast in the renowned magazine Economist of Britain about Bangladesh in the economic index of economic-devel-opment of the world as nearly equi-valent to China. In their report after 1987 they had published report story about the regional economy of differ-ent countries of the world including Bangladesh and India.

In the mid-1980s, there were encou-raging signs of progress. Economic policies aimed at encouraging private enterprise and investment,privatizing public industries,reinstating budgetary discipline,and liberalising the import regime were accelerated from 1991 to 1993, the government successfully followed an enhanced structural adju-stment facility with the international Monetary Fund but failed to follow through on reforms in large part because of preoccupation with the government’s domestic political trou-bles in the late 1990s the governme- nt’s economic policies became more entre-nched, and some of the Earle gains were lost,which was highlighted by a precipitous drop in foreign direct investment in 2000 and 2001in June 2003.

The IMF approved 3 years, $490 million plan as part of the Poverty Reduction and Growth Facility (PRGF) for Bangladesh that aimed to support the government’s economic reform program up to 2006.Seventy million dollars was made available immedi-ately.In the same vein the world bank approved  $536 million in interest free loans. In the year 2010 governm-ent of India extended a line of credit worth $1billion to counter-balance China’s close relationship with Bangladesh. thats happened as well political troubles.

Bangladesh as a rising power in the ready-made garments sector, a heart and soul effort was being carried out to reach Bangladesh to the equivalent stairs of China,which was forecasted in 2006.Their forecast of their data-information was based on Besides this,in 2006 the financial intelligence unit of economist and direct foreign investment(FDI) had let to here the words expectations inBangladesh.-And also had forecasted about Bangladesh that it would go ahead as a developing country in Micro-Credit Programmes providing facilities to the poor.

As the founder of this Micro-Credit system Dr.Yunus of Banglad-esh had been awar-ded Novel Prize.Besides this,many other honourable prizes of America had been awarded to him. what was the aim of Bangladesh,what was the destination of Bangladesh to reach to form 2006 to 2013 ? In no way it can be allowed to go in vain the fore-cast made by the Economist a world famous magazine of the world based on dependable data-informati-on.

Fernandez-Taranko, a special represe-ntative of United Nations recently visited Bangladesh in an effort to make our politics towards welfare-orientated, after baffling of his effort he left Bang-ladesh.The people of Bangladesh are much candid and easy and are much laborious.They want only work to do, want to live in peace-ful and secured condition.If the Fem-ale workers with their devoted labour could make garments products and if these could be sent to Europe-Ameri-ca in time without any interruption,

Bangladesh could make a go ahed of triumph. Today it isn’t known who from the hidden site wants to make stopp-age of the economic wheel.All upon a sudden may garments go on ablaze.If our future leadership can’t be led prop-erly which had been earma-rked to proceed in 2006 ? But the expec-tation already went fruitless though 2013 has been elapsed, how long will be survive in anticipation.

The current issue of the Bangladesh Economic Update focuses on the recently announced half-yearly Monetary Policy Statement  (MPS) for the period of January-June of FY 2014-2015 by the central bank, i mean Bangladesh Bank.The update examin-es the current MPS in the background of three major economic issues affec-ting the growth of the economyslug-gis-hness in investment due to infla-tion targeting policy formulation and current political uncertainty,crisis in banking sector due to increase in default loan, and huge capital flight due to slack surveillance and oversight.

Following the scrutiny.The update reveals the growth in private sector credit may fall short of target in view of the observed trends of unachieved targets in prev-ious occasion.I think it’s not new happend,whoever came in power at Bangladesh.If all politicians known about that crisis so why not they will stop it to eatch other fight-ing.Because they don’t love Bangla-desh also don’t love Bangladeshi General public,they love very much their own party’s poli-tics and that’s why Bangladesh economy going down.

Collapse has already been occurred in the flow of remittance, our skilled manpower can’t go on employment to Middle-East and Singapore.What’s the fault has done by Bangladesh.Now what’s the forecast, data-information are being made by the Economist like magazines about us, we don’t know. But about the coming election in Bangladesh the European Union comprising of 28 countries has been showing no interest at all.On the other hand,America wants Bangla-desh as a country of religious peace and harmo-ny,so let them live at their own will.In the world America is an immi-grant country, the people in the country and Congress in Obama administration are in thoughtful about Bangladesh.

The patriotic members of the Defense force joining to the Peace Mission of United Nations are performing their duties with fame brevity.But this country has fallen in to crisis for Political Reason.Besides the econo-mic factors, some non economic factors like-democratic crisis-induced current political uncertainty on the economy together with underdeve-loped infra-structure may badly affect production of the economy by creating risky investm-ent climate.Not only that it’s very bad and sad news

Major Macro Economic Backdrop.The current MPS has been taken by the Central Bank when the country’s economy is facing with major challen-ges such as increasing savings investment gap,unsatisfac-tory collection of revenue vis-a-vis target,disarray in external balance-infrastructural undevelopments, institutional weaknesses and political uncertainties.The entire Economy has come to a stand-still and in progress-ion of uncertainty.May the great almighty Allah be with us

raihan567@yahoo.co.uk