Washington, Oct 7 (AP/UNB) — The nation's business economists think President Donald Trump's trade war with China will contribute to a sharp slowdown in economic growth this year and next, raising concerns about a possible recession starting late next year.
The latest survey by a panel of 51 forecasters with the National Association for Business Economics shows they expect growth, as measured by the gross domestic product, to slow to 2.3% this year from 2.9% in 2018. The new forecast marks a downgrade from the 2.6% estimate for 2019 economic growth that the NABE panel had made in June.
For 2020, the forecasters expect GDP growth to fall to 1.8%. They see little likelihood of a recession over the next 12 months but expect the risk to increase by late next year.
Gregory Daco, chief U.S. economist at Oxford Economics, said the forecasting panel turned more pessimistic over the summer, with 80% of the economists now saying the risks are pointed to the downside.
"The rise in protectionism, pervasive trade policy uncertainty and slower global growth are considered key downside risks," Daco said.
Trade conflicts are perceived as the leading risk, with 53% of the panelists identifying it as such, while 12% saying they think weaker global growth is the biggest threat.
The forecasters estimate just a 7% likelihood of a recession starting this year, a 24% likelihood by mid-2020 and 47% by the end of 2020. They foresee a 69% chance of a recession beginning by mid-2021.
The economy is in its 11th year of expansion, the longest on record in the United States. To help avoid a recession, the Federal Reserve has cut its benchmark interest rate twice this year. Among the NABE panelists, about half foresee no further rate cuts this year; 43% envision at least one further cut. By the end of 2020, 69% expect the Fed to have cut its benchmark rate from where it is now.
The NABE is the professional organization made up of 2,800 members who use economics in their work. The group is holding its annual convention in Denver and is to hear from Fed Chairman Jerome Powell on Tuesday.
Dhaka, Oct 5 (UNB) - Islami Bank Bangladesh Limited (IBBL) Pabna Branch organised a conference of the Center Leaders and Deputy Center Leaders of Rural Development Scheme of the Bank recently.
Md Shahabuddin, Vice Chairman of the Bank addressed the programme as the chief guest.
Md Kawsar-ul-Alam, head of Rajshahi zone presided over the programme where Md Khalilur Rahman, head of Pabna branch, Shibjit Nag, president of Pabna Press Club and Dr Jannatul Ferdaus were also present among others.
Dhaka, Oct 6 (UNB)- Robi high value customers can now enjoy 55% special discount from Grand Sultan Tea Resort and Golf as part of Robi’s Dhonnobad programme.
In this regard, Robi’s Executive Vice President, Customer Life Cycle Management and International Business, Barna Ahmad and Grand Sultan’s Head of Sales and Marketing Md Sayedul Islam Bhuiyan (Romel) have recently signed an agreement on behalf of their respective organisations at the Robi’s corporate office.
Under the agreement, Robi users will be able to enjoy flat 55% discount on room rack rent and will also enjoy special package benefit from Grand Sultan in Sreemangal of Sylhet.
Robi’s General Manager, Loyalty and Winback, Tawfique Imam, Manager, Loyalty & Winback, Shahadat Mazumder and Ahmed U Chowdhury, Grand Sultan Tea Resort and Golf’s s Manager, Sales and Marketing, Fakrul Islam Chowdhury were also present on the occasion.
Dhaka, Oct 6 (UNB) - Youth Entrepreneurship Bootcamp, organised by Bangladesh Youth Leadership Center (BYLC), concluded on Sunday at the Tea Resort and Museum in Sreemangal of Sylhet.
Around 200 participants participated in the bootcamp organized in two rounds- first from September 26–29 and the other from October 3–6.
After a rigorous assessment process, top five business ideas will receive seed funding of BDT 800,000 each, co-working space for a year, incubation training for six months, and mentorship and networking opportunities.
At the end of the incubation phase, the top two business ideas with potential for scale-up and impact will each receive additional funding of BDT 1,500,000.
The four-day-long residential entrepreneurship bootcamp was a part of BYLC’s Youth Entrepreneurship Challenge, supported by United Kingdom aid and ManusherJonno Foundation (MJF), aiming to empower the youth to design unique revenue generating business models.
Speaking as the chief guest in the graduation ceremony of the first bootcamp, Kanbar Hossein-Bor, Deputy High Commissioner of British High Commission in Bangladesh, said that BYLC’s Youth Entrepreneurship Bootcamp is an ideal platform which provides budding entrepreneurs the necessary skills to launch their own business and provide livelihood opportunities to many others, thereby tackling the challenge of rising youth unemployment in the country.
“Young entrepreneurs often launch their business with limited hands-on knowledge or skills on how to run an organisation. BYLC’s Youth Entrepreneurship Bootcamp provides promising entrepreneurs a learning platform through which they can develop tangible skills to champion their startups,” he said.
The graduation ceremony of the first Youth Entrepreneurship Bootcamp was also attended by Md Anwar Hossain, Deputy Director, NGO Affairs Bureau, Prime Minister's Office, and Mridu lChowdhury, Founder and CEO of mPower Social Enterprises Ltd.
Akhter Matin Chaudhury, chairperson of the Governing Board of BYLC and former MD and Chairman of Nuvista Pharma Ltd, and Moshiur Rahman, Managing Director of Paragon Group, also attended the graduation ceremony of the second bootcamp.
Beijing, Oct. 5 (Xinhua/UNB) -- German auto brand BMW will recall 45 cars in the Chinese market due to problems in engine control modules, according to China's market regulator.
The recall, starting Oct. 25, will involve a component of imported i3 electric cars manufactured between Jan. 9 and Feb. 21, 2019, according to a statement by the State Administration for Market Regulation.
The defect may cause the module to shut off high-voltage power to the drive system and result in a loss of propulsion, posing safety risks, the statement said.
BMW China Automotive Trading Ltd. will replace the defective parts of the affected vehicles free of charge. Enditem