Bangladesh's economy
Sundarbans Day: World's largest mangrove forest draws growing number of tourists
The Sundarbans, the world's largest mangrove forest, has become a hub of activity, drawing nature enthusiasts from around the globe with its stunning landscapes and diverse wildlife. This natural wonder is not only a key tourist attraction but also plays a vital role in promoting environmental conservation and boosting local revenue.
During the prime visiting months from October to February, the Sundarbans offers visitors cool river waters and pleasant weather, making it an ideal destination for exploring its unique ecosystem. Recent statistics reveal a significant uptick in tourism, with 216,143 visitors, including 2,143 international guests, in the fiscal year 2022-2023, generating Tk 3.94 crore in revenue for the government. This marks a notable increase from previous years, highlighting the forest's growing appeal and importance to Bangladesh's economy.
According to data collected from the local forest office, the number of tourists was 1,89,570 in the fiscal year 2018-2019 and of them, 2,261 came from other countries. The government earned Tk 1.51 crore during this period.
Read: Sundarbans Day in southwestern region on Feb 14; a clarion call to love, save the forest
In the fiscal year, 2019-2020, the number of tourists was 1,72,979. Of them 2,317 came from overseas. A total of Tk 1.87 crore was collected as revenue during this period.
Awami League’s Manifesto: Mega Projects for Accelerating Economic Momentum
Awami League has pledged to undertake new projects to accelerate the pace of the country's economy.
The manifesto with the slogan ““Smart Bangladesh: Visible Development, Increased Employment” was announced by Awami League President and Prime Minister Sheikh Hasina today at the Pan Pacific Hotel Sonargaon in Dhaka ahead of the 12th National Parliamentary Election slated for January 7, 2024.
The manifesto of Awami League states that mega projects are crucial for achieving high growth rates. The biggest obstacles in the path of the country's development were the lack of necessary infrastructure in various economic sectors, including roads, electricity and energy, and ports. With this goal in mind, under the visionary leadership of Prime Minister Sheikh Hasina, the Awami League government has undertaken and implemented several major projects (mega projects) in three terms. It is hoped that these projects, including the Padma Bridge – a symbol of national pride and glory – will inject the expected momentum into development.
The manifesto mentions that during the tenure of the Awami League government, many significant projects have been initiated. On June 25, 2022, Prime Minister Sheikh Hasina inaugurated the Padma Multipurpose Bridge, the country's largest bridge, funded by own resources. The Padma Bridge has created a safe, reliable, sustainable, and integrated system for unhindered communication across the country. This bridge will be part of the Asian Highway, opening new horizons for communication among South Asian countries.
It is stated that the inauguration of the railway linked to the Padma Multipurpose Bridge on October 10, 2023, has brought many districts of the southern region under rail connectivity with Dhaka.
PM Hasina unveils AL election manifesto promising dev, peace, prosperity
The manifesto also says that the Dhaka Metro Rail is a step towards building a smart Bangladesh. It will not only free the citizens of Dhaka from unbearable traffic congestion but also reduce air and noise pollution in the capital. The ease of the transportation system will increase economic dynamism, and the metro rail will save working hours for people.
It is mentioned that the construction of a 3.32 km tunnel under the Karnaphuli River in Chattogram, connecting Patenga with Anwara, has transformed the Port City into a “One Way, Two Town” model.
The manifesto notes that the inauguration of the Third Terminal of Hazrat Shahjalal International Airport in Dhaka on October 7, 2023, has opened a new horizon in air communication.
On September 2, 2023, with the inauguration of the Kawla-Farmgate section of the Dhaka Elevated Expressway, Bangladesh entered the world of elevated expressways.
On November 11, 2023, the channel of the Matarbari deep-sea port and the foundation stone of the first terminal were inaugurated. Once operational, this port will allow both container and cargo ships to dock simultaneously.
Voter turnout will be satisfactory despite intimidation: Quader
The manifesto states that on November 11, 2023, the much-awaited 102 km railway line from Dohazari in Chattogram to Cox's Bazar was inaugurated. This railway line will connect Bangladesh with the Trans-Asian Railway corridor and transform Cox's Bazar into a smart city.
It was mentioned that on October 10, 2021, and October 18, 2022, the first and second units' nuclear reactor pressure vessels at the Rooppur Nuclear Power Plant were inaugurated, earning Bangladesh the honor of becoming the 33rd member of the nuclear club.
The manifesto notes that on September 6, 2022, Bangladesh Prime Minister Sheikh Hasina and Indian Prime Minister Narendra Modi jointly inaugurated the Rampal coal-based power plant, which has a production capacity of 1,320 megawatts.
In August 2018, Bangladesh began supplying gas to the national grid from the country's first LNG terminal, followed by the commencement of the second LNG terminal in April 2019. Each terminal at Maheshkhali's LNG floating storage has a daily regasification capacity of 50 crore cubic feet.
The manifesto states that Payra Seaport, the country's third port, has been established in Patuakhali. Due to infrastructural development, the first container ship anchored at the port on August 13, 2016.
The Awami League's manifesto promises that, considering financial management, some expensive projects have been suspended, which will be reconsidered and implemented as appropriate. The consideration and adoption of economically feasible new projects will continue.
Food for All: AL Manifesto Emphasizes Agricultural Development for a Hunger-Free Bangladesh
Food for All: AL Manifesto Emphasizes Agricultural Development for a Hunger-Free Bangladesh
"Food for All" is the core goal and commitment of the Awami League. The manifesto pledges to build a hunger-free Bangladesh. On Wednesday (December 27), the Awami League announced this manifesto for the 12th national parliamentary election.
Agriculture is a primary driving force of Bangladesh's economy and livelihoods. Agriculture plays a crucial role not only in fulfilling the food and nutritional needs of the population but also in providing employment in rural areas, supplying raw materials to industries, and increasing export earnings. Following independence, Father of the Nation Bangabandhu Sheikh Mujibur Rahman, initiated an agricultural revolution by taking ground-breaking steps to enhance production and ensure food security, giving utmost importance to the development of agriculture and farmers. Currently, under the leadership of Bangabandhu's daughter, Sheikh Hasina, the Awami League government also prioritizes agriculture in state governance. With the commitment of "Food for All," the party emphasizes agricultural development in its manifesto for the 12th national parliamentary election.
PM Hasina unveils AL election manifesto promising dev, peace, prosperity
In the fiscal year 2022-23, rice production surpassed all previous records. Currently, Bangladesh ranks third globally in the production of rice, vegetables, and onions. Additionally, it holds the second position in jute production, fourth in tea, and seventh in potato production. Significant progress has been made in cultivating both domestic and foreign fruits. Farmers are encouraged to cultivate profitable but unconventional crops like coffee, cashew nuts, black pepper, malta (a type of citrus), and dragon fruit. The per capita fruit consumption rate, which was 55 grams in 2006, increased to 85 grams in 2023. In the last 15 years, 699 new crop varieties resilient to adverse environments and 708 technologies have been developed. The mechanization of agriculture is underway to modernize it. From 2010 to 2023, nearly 133,000 agricultural machineries, including combine harvesters, reapers, seeders, and power tillers, have been distributed to farmers at subsidized prices. A 3,000 crore taka agricultural mechanization project is ongoing. Overall, the country's agricultural system is transitioning from subsistence farming to commercial agriculture.
AL to announce election manifesto Wednesday
To maintain this trend, the Awami League, led by Prime Minister Sheikh Hasina, pledges to follow sustainable development strategies based on planned initiatives. The strategy aims to meet the growing population's nutritional needs, ensure the supply and accessibility of nutritious food for all, develop commercial agriculture, expand agriculture-dependent industries, improve rural infrastructure, increase and diversify exports of agricultural and non-agricultural products, and enhance the quality of life in rural communities through poverty alleviation. The annual budget allocation will be increased, and private investment in the rural sector will be encouraged.
Awami League’s Commitment
"Food for All" remains the Awami League's primary goal and commitment. The trend of following sustainable development strategies, based on a contextualized plan for the development of agriculture, farmers, and the rural economy, will continue. The strategy includes ensuring nutrition for the growing population, supplying and accessing nutritious food for everyone, developing commercial agriculture, expanding agriculture-dependent industries, improving rural infrastructure, increasing and diversifying exports of agricultural and non-agricultural products, and enhancing the living standards of rural communities through poverty alleviation. The annual budget allocation will be increased, and private investment in the rural sector will be encouraged.
The daughter of Bangabandhu pledges to expand the initiatives already taken to increase agricultural production. The provision of agricultural loans at 4% concessional interest will continue; the central bank will refinance commercial banks at a 0.5% rate, encouraging them to distribute more agricultural loans. The Awami League will continue to provide assistance and subsidies for agricultural production and investment in agricultural inputs. Easy access to and availability of agricultural machinery will be ensured to alleviate labor shortages in agriculture and increase productivity. Subsidies on agricultural machinery will continue.
The Awami League government has already implemented a policy to bring all land under cultivation to further increase agricultural production. Sheikh Hasina's commitment is that no land will remain uncultivated. Emphasis will be placed on developing an integrated agricultural system.
Furthermore, to build a smart, agriculture-dependent Bangladesh, strategies will be adopted for commercial agriculture, biotechnology, genetic engineering, robotics, artificial intelligence, and nano-technologies, as well as for developing the rural non-agricultural sector and facing globalization challenges. The focus on modernizing agriculture, innovating technology, and increasing opportunities and facilities for agricultural research will continue. Environmental protection will also be seriously considered in the use of various products in agriculture.
Read more: Govt prepared to ensure food security into the future: Agriculture Minister
Not only agriculture, but also the fisheries and livestock sectors are immensely important for ensuring food security, meeting nutritional needs, creating employment, alleviating poverty, expanding export trade, and overall socio-economic development in Bangladesh. To meet the animal protein demand of the growing population, create entrepreneurs and employment, and keep the rural economy active, Sheikh Hasina's government is also giving equal importance to the fisheries and livestock sectors. The Awami League's commitments in this continuity are:
1. To increase the productivity of livestock by one and a half times by 2028.
2. To establish commercial dairy and poultry farms, increase self-employment, and alleviate poverty by providing loans on easy terms, necessary subsidies, technical advice, and policy support.
3. To increase the domestic production of quality animal feed ingredients, expand processing technology, and ensure reasonable prices.
4. To diversify, process, and expand export-oriented industries of animal products.
5. To expand farm mechanization and automated production systems in preparation for the Fourth Industrial Revolution.
6. To increase fish production from 4.915 million metric tons to 5.840 million metric tons and to raise the per capita fish consumption from 67.8 grams/day to 75 grams/day by ensuring sustainable fish production and achieving food security through maximum utilization of resources.
7. To strengthen sustainable management of marine fisheries resources and ensure responsible fishing for the development of the blue economy.
8. To adopt projects/programs based on delta hotspots for coping with the adverse effects of climate change, improving the quality of life of local communities, adaptation, and capacity building.
9. To reduce fish waste by 10% and create employment for about 600,000 people in the next five years by ensuring sustainable use of fish resources through value chain development and diversifying value-added fish and fishery products.
10. To encourage the private sector to increase fish and fishery product exports and expand new markets abroad by organizing Fish Expos and establishing exclusive economic zones for fishery product processing, aiming to increase export earnings from 4,790 crore to 15,000 crore taka.
11. To expand ongoing programs for increasing livestock production and to enhance opportunities and facilities for processing, marketing, and value addition of these products.
12. To continue fish farming in ponds and, where possible, in rice fields by providing quality fish fry, food, and disease treatment.
13. To provide easy access to capital, electricity connections, and other facilities for farmers.
Read more: Food security remains protected amid int’l crisis: PM Hasina tells Parliament
IMF lowers growth forecast for current fiscal to 6 percent
After the World Bank did it last week, the International Monetary Fund (IMF) today (October 11, 2023) revised downward its growth forecast for the Bangladesh economy in the 2023-24 fiscal.
The IMF lowered its projection to 6.0 percent from 6.5 percent. The World Bank last week projected its new growth figure for the Bangladesh economy in 2023-24 as 5.6 percent, down from its previous projection of 6.2 percent.
IMF outlook worsens for a 'limping' world economy. Mideast war poses new uncertainty
The IMF also said Bangladesh's economy grew 6 percent in the 2022-23 fiscal, in its flagship World Economic Outlook publication, released globally on Tuesday.
The global lender revised upward its projections for Bangladesh's growth to 6 percent for the fiscal year 2022-23 from its previous forecast of 5.5 percent.
IMF satisfied with BBS for efforts to meet conditions: Official
No pressure, no fear in Awami League’s dictionary: Shahriar Alam
Bangladesh's State Minister for Foreign Affairs Md Shahriar Alam today (June 25, 2023) said, the narrative of Bangladesh being a “small country” has changed globally with its growing economy, wider engagement with partners, and political stability.
“Bangladesh is seen as an example of good practice in multilateral forums,” he said while speaking at DCAB Talk.
Diplomatic Correspondents Association, Bangladesh (DCAB) hosted its flagship event at the Foreign Service Academy.
Also read: UN officials praise Bangladeshi peacekeepers during meeting with PM Hasina
DCAB President Rezaul Karim Lotus moderated the discussion. DCAB General Secretary Emrul Kayesh also spoke on the occasion.
The state minister said that Bangladesh’s importance has increased significantly and its level of cooperation internationally has also been enhanced.
He said Bangladesh has achieved continuity and stability, and this continuity will prevail.
Responding to a question, Alam said, the government is “not feeling any pressure” ahead of the national election as the Election Commission will proceed as per the constitution.
Also read: Discrimination, sexual abuse have no place in Peacekeeping Missions, Dhaka says
Referring to events over 10 years ago, the state minister said that there is no word like “fear” in the dictionary of Awami League and Prime Minister Sheikh Hasina.
He also mentioned a diplomatic call for a fresh election before monsoon in the past, saying, “That sounds too ambitious.”
The state minister said the government will not accept or welcome any interference in Bangladesh’s internal affairs but will welcome election observers.
He said there has been conspiracy against Bangladesh in the past.
Also read: Climate change: Foreign Minister highlights adaptation efforts
Alam said Prime Minister Sheikh Hasina will not take any step that goes against the interest of the people and the country.
Responding to a question, Alam said that there has been significant progress that leads to the need for withdrawing US sanctions on the elite force, RAB. "We will realise the demand (withdrawal of sanctions)."
In his remarks, DCAB President Rezaul Karim said they understand Bangladesh has emerged as an important country in geopolitics with its growing economy. He said Bangladesh’s extraordinary development, democratic stability, and geopolitical significance are undeniably matters of discussion at home and abroad.
Read more: UN officials praise Bangladeshi peacekeepers during meeting with PM Hasina
Budget sets 7.5 percent annual economic growth, inflation at 6 percent
The proposed budget of Bangladesh in the fiscal year 2023-24 has set an estimated Gross Domestic Product (GPD) worth of 50.06 lakh crore with a 7.5 percent annual growth.
The inflation target was set to 6 percent which is now 9.28 percent in the proposed budget.
The 7.5 percent growth projection could be deemed as ambitious given the uncertainties in the global economy and various other challenges at home.
Finance Minister AHM Mustafa Kamal explained his position on why he is expecting higher growth this time despite the economic pressures.
Read more: Finance Minister unveils Tk 761,785 crore national budget
“We expect to return to a higher growth trajectory and achieve a 7.5 percent GDP growth, by way of investing in the productive sectors and stimulating productivity and domestic demand,” he said.
Kamal focused on investment in the 100 special economic zones and completing ongoing mega-projects to achieve the GDP target.
In FY19, Bangladesh achieved a record 8.15 percent GDP growth. Then came the pandemic. The finance minister set a growth target of 8.2 percent in FY20, but the actual growth achieved was 3.45 percent, the lowest in several decades.
The growth rate increased to 6.94 percent in FY21 after recovering from pandemic effects. The GDP growth further increased to 7.1 percent in FY22.
Read more: Budget FY23-24: Focus should be on tackling macroeconomic challenges, says Dr Atiur Rahman
Govt’s efforts on to keep economy vibrant despite global recession: PM
Prime Minister Sheikh Hasina on Wednesday (May 31, 2023) said that the government is making every effort to keep Bangladesh's economy alive despite the global economic recession caused by the Covid-19 pandemic and the Ukraine-Russia war.
The prime minister said this while responding to a tabled question of Awami League MP elected from Chattogram MA Latif for PM’s question-answer session.
She said the government has been able to quickly bring the country's economy to the pre-Covid high growth trend dealing with the recession, inflation and instability in the global economy caused by the pandemic and the war.
Read more: President Erdogan and PM Hasina vow to take Dhaka-Ankara ties to new height
“Amid the crisis over Covid, our growth in the financial year 2019-20 was 3.45 percent which was one of the highest in the world for that period,” she claimed.
She said that due to the various steps taken by the government to boost the economy, the GDP growth in the financial year 2020-21 increased by 6.94 percent. “It further increased to 7.10 percent in FY 2021-22.”
Hasina also highlighted various measures taken by the government to keep the economy of the government alive.
Read more: PM calls for more Swedish investment as H&M boss calls on her
These included government expenditure rationalisation, social protection, subsidies in electricity, energy and agriculture sectors, export incentives, rise in remittance inflow, monetary policy etc, she said.
In response to the question of Jatiya Party MP elected from Dhaka Syed Abu Hossain, the prime minister highlighted the various steps taken by the government to control the prices of daily commodities and said as a result of the government's activities, it has been possible to control the prices of essentials and the poor people are benefiting from it.
In response to the question of Jatiya Party MP elected from Pirojpur Rustam Ali Farazi, the she said that it will be possible to start rail traffic on the Dhaka-Mawa-Bhanga section of the Padma Bridge Rail Link Project by September 2023 and the Jessore section from June 2024.
Read more: Work together to regain lost glory in science and technology: PM Hasina to Muslim community
In response to reserved seat MP Kha Mamata Lovely's question, the prime minister said that 555,134 families have been rehabilitated through the Ashrayan project.
PM Hasina credits peaceful democratic atmosphere for country's massive progress
Prime Minister Sheikh Hasina on Sunday (May 28, 2023) said Bangladesh has been able to achieve remarkable socioeconomic development in the last 14 years due to a peaceful democratic environment prevailing in the country since 2008 elections.
She gave the credit for the success to her party Awami League which formed the government in 2009 after winning the 2008 election.
The prime minister was speaking at a programme celebrating the golden jubilee of the conferment of the Joliot-Curie Peace Medal to Father of the Nation Bangabandhu Sheikh Mujibur Rahman.
Cabinet Division organised the programme at Bangabandhu International Conference Center (BICC) with the PM in the chair.
Read more: US visa policy will apply to BNP leaders who are making open declaration to obstruct upcoming polls
Hasina said after getting the people's mandate in 2008 her government has been working for the development of the country in a planned way.
“As a result we have been able to reduce the poverty rate and maternal mortality, increase literacy and life expectancy,” she said.
“So a peaceful sustainable environment is needed for the people to attain economic emancipation, and all have to remember that,” she said.
Denouncing global arms race she put emphasis on settling all disputes through dialogue as Bangladesh did with India and Myanmar.
“Why this arms race (going on) now, why will not the money that is being used for arms competition be used for hungry children and humans. For this arms competition thousands of children and women are leading inhuman lives around the globe,” she said.
Read more: Bangladesh's upcoming national polls will be under AL govt: PM Hasina
In this connection, she mentioned that Bangladesh has given shelter to more than one million forcibly displaced Myanmar nationals, Rohingyas, who faced oppression her 1971. In this regard she recalled the genocide Bengalis suffered in 1971.
“We want that peace returns to the world. There shall be no types of unrest (in the world),” she said.
PM Hasina said that those who did not want the Independence of the country had killed Father of the Nation Bangabandhu Sheikh Mujibur Rahman.
“Every moment we have to overcome their (anti-Liberation forces) barriers,” she said.
The prime minister firmly said Bangladesh does not want any unrest and confrontation in the world.
Read more: How Bangladesh became a role model for dev: PM Hasina tells Qatar University students in Doha
“We want development in people’s lives, and we always want that for every one” she said.
She also announced introduction of ‘Bangabandhu Sheikh Mujib Peace Prize’ to recognise those who are working for establishing peace at home and abroad.
“Because we want peace we will surely advance towards the path of peace,” she said.
Eminent researcher Monayem Sarker delivered his keynote speech at the programme.
Eminent novelist Anwara Syed Haq, former Dhaka University Vice-Chancellor Dr AAMS Arefin Siddique, former principal secretary and chief coordinator of the Father of the Nation Bangabandhu Sheikh Mujibur Rahman Birth Centenary Celebration National Implementation Committee Kamal Abdul Naser Chowdhury took part in discussion on the keynote.
Read more: Mirza Fakhrul, Rajshahi BNP leader sued for 'death threat against PM'
President of Bangladesh Peace Council Mozaffar Hossain Paltu and Cabinet Secretary Md Mahbub Hossain also spoke.
The PM also released a first day cover and commemorative stamp and unveiled a souvenir publication on this occasion.
A documentary on Bangabandhu Sheikh Mujibur Rahman‘s JulioCurie Peace Prize award was screened at the programme.
Later, the prime minister witnessed a colourful cultural programme organised by Bangladesh Shilpakala Academy.
Bangabandhu Sheikh Mujibur Rahman, the founder of the Bengali nation-state and the architect of independence, the forerunner of democracy and peace movement, was awarded the JulioCurie Peace Prize by the World Peace Council on May 23, 1973.
Read more: PM’s 2nd visit to Qatar in 3 months bears sign of Bangladesh's visible presence in int’l arena: Momen
To commemorate the contributions of world-renowned scientists Marie Curie and Pierre Curie to the struggle for world peace, the World Peace Council introduced Joliot-Curie Peace Prize for distinguished individuals and organisations in 1950 for outstanding contribution to the fight against fascism, anti-imperialism, humanitarian welfare and peace.
Among the award winners were World leaders like Fidel Castro, Ho Chi Minh, Yasser Arafat, Salvador Allende, Nelson Mandela, Indira Gandhi, Mother Teresa, poet and politician Pablo Neruda, Jawaharlal Nehru, Martin Luther King and Leonid Brezhnev.
Inflation, revenue shortfall, dollar crisis the major challenges for economy ahead of election-year budget
Preparations for Bangladesh's national budget for the 2023-24 fiscal must balance expectations in an election year with the conditions of the International Monetary Fund (IMF), and tackle inflation, foreign exchange crisis and revenue shortfall.
Balancing public satisfaction and protecting the economy is a major issue. Economists say it has been seen in the past that election year budgets often prioritise public satisfaction over the improvement of the economy.
As such, the opportunity to deliver a budget that is satisfactory is very limited, said macroeconomist and public policy analyst Dr Debapriya Bhattacharya, who is also a Distinguished Fellow at the Centre for Policy Dialogue (CPD).
Read more: Safeguards are needed to protect vulnerable people under IMF-backed reforms: Debapriya
He told UNB, "Before the election, all governments want to give a budget that satisfies the people. But due to the financial situation, fiscal deficit, and trade deficit, the opportunity is very limited for the government. If such a big effort is made, it will have a negative impact on the overall economy."
"It is important to remember that this budget will be implemented by two governments. In this budget, flexibility must also be preserved. Because, if the government makes any big promises, there is doubt as to how much they can implement," he pointed out.
Dr Debapriya said that the budget is coming at a time of political uncertainty in the country. Plus exit from LDC, and the Covid-19 response revival are issues hanging over the budget.
Also read: 11pc of Bangladesh budget allocated for disaster risk reduction: State Minister
“Compared to any other year, this year's budget has to be prepared in a very complicated situation. Because earlier, there would be a deficit in terms of income and expenditure in the country, but there would be comparative relief in terms of foreign transactions. But this time it is not,” he opined.
Dr Debapriya said, "There has been a major disruption in the growth rate. It is going down further because there is no money, no dollar. There is a huge deficit in both areas to be dealt with together.”
So the government has to control imports and limit its investment program. As a result, next year's growth target should also be moderated.
Read more: Despite many challenges, Bangladesh remains one of the fastest growing economies in Asia-Pacific: Visiting IMF team
"The financial structure has actually weakened," he said.
Executive Director of the South Asian Network on Economic Modeling (SANEM) Salim Raihan, also a professor of economics at Dhaka University (DU), said that in the previous election years, the economy was not in such a crisis as this time.
"As a result, no new major pressure was created in the economy despite budgeting for public satisfaction at that time. But this time, if the budget is made considering only public satisfaction in view of the election, it will create new pressure on the economy," Professor Raihan said.
Read more: Bangladesh’s GDP growth rate will overtake China’s in current fiscal year, IMF predicts
No reason to worry; Bangladesh's economy on right track: Shamsul Alam
The whole world is now facing economic stress, inflation, fuel price hikes and supply chain disruptions and Bangladesh is not an exception, State Minister for Planning Shamsul Alam said Sunday.
"Facts and figures show that Bangladesh's economy is on the right track and there is no reason to panic," he added.
Shamsul Alam was speaking at the seminar "Bi-annual Economic State and Future Outlook of Bangladesh Economy: Private Sector Perspective" organised by the Dhaka Chamber of Commerce and Industry (DCCI).
Bangladesh's manufacturing sector saw a 23 percent growth in the last fiscal year, the state minister said.
"Last year Bangladesh sent about one million workers abroad and its positive impact on remittance inflow will be visible soon. Also, the full automation of the taxation system will reduce harassment as well as boost revenue," he added.
Read: Bachelet assures UN’s continued efforts to ensure safe Rohingyas to Myanmar
Shafiul Islam Mohiuddin, member of parliament and also a former president of the Federation of Bangladesh Chambers of Commerce and Industries, said despite global economic volatility, Bangladesh's reserve is adequate to cover import bills for the next five and half months. "And the ongoing crisis is temporary."
Bangladesh Bank Chief Economist Habibur Rahman said they always consider the best balancing of policy guidelines to control the money circulation in the market.
"We are also thinking of options for currency swap with a few countries like India and China," he added.
Mohammad Hatem, executive president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), said the government needs to adjust fuel prices quarterly in line with the global rates.
DCCI President Rizwan Rahman suggested expediting bilateral and multilateral comprehensive economic partnership agreements with selective countries and revising the import tariff structure.
He also called for ensuring a flexible interest rate regime to reduce inflationary pressure and stabilise forex reserves.