World Bank Chief Economist Kaushik Basu has underscored the need for a combination between public and private sector for ensuring stability in Bangladesh’s economy.
“Bangladesh needs to make a combination between private sector and the state for bring stability in country’s economy,’’ said Basu while delivering a speech at an International Workshop on ‘Macroeconomic Stability, Private Sector Development, and Economic Growth’ held in the capital yesterday.
Speaking as Chief Guest, World Bank Topmost Economist, he said: In Bangladesh’s banking sector, I feel that private banks are playing very important role but the country also need active role of the state-owned banks.
Bangladesh has taken many important steps to create a stable monitoring system and Bangladesh is doing much better than most other countries in the world in terms of some stability indicators, he added.
He recommended Bangladesh for engaging the country’s private sector with the government activities.
In this regard, citing an example, he said, “If a poor country wants to provide food to the poor directly through government entire system, there will be some leakages as it is difficult for any government organisation to reach all the households and farmers across the country.”
He also suggested the government to build private sector for taking entire responsibilities for going to the farmers, buying the foods and carrying the foods to poor.
World Bank has now adopted a new goal of shared prosperity while Bangladesh has taken policy of inclusive growth, he mentioned.
He hoped that the agenda of inclusive growth and adoption of shared prosperity goal would open up a new window of partnership between Bangladesh and World Bank.
Speaking as special guest, Bangladesh Bank Governor Atiur Rahman said, “Private sector will take the leading role in reaching the expected 8% GDP growth target as per 7th five year plan.”
Bangladesh is an attractive destination for foreign direct investment in terms of geographical locations and demographic dividend of the low-cost labor force, said the BB governor.
