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Kamal: 2% extra GDP annually from public investments in infrastructure, education

  • Published at 08:29 pm September 30th, 2019
AHM Mustafa Kamal
File photo of Finance Minister AHM Mustafa Kamal Courtesy

'Surely, our GDP growth will be double-digit by the next five years'

Finance Minister AHM Mustafa Kamal said on Monday that the country would start getting the benefit of huge public investments in infrastructure and education from next year, aiding gross domestic product (GDP) to grow by an additional 2% annually.

Of the projected two percent, Padma bridge would generate 1% alone, he said.

The finance minister said the country's GDP growth in the current financial year will be 8.3%.

"Surely, our GDP growth will be double-digit by the next five years," he said.

Kamal was briefing reporters after a meeting with head of EU delegation to Bangladesh Rensje Teerink at his Agargaon office on Monday.

The finance minister said he told the head of the EU delegation that Bangladesh would achieve double-digit GDP growth by the next five years. 

He also replied to reporters' questions with regard to misuse of public resources, poured into development schemes, as stated by Prime Minister Sheikh Hasina at a reception by US Awami League at Hotel Marriot Marquis in the New York city on Sunday.    

The finance minister stated that misuse of development funds was nothing unusual in a country like Bangladesh.

He said that misuse of public resources was due to not having technical skills and experience in implementing large infrastructure projects as the country had no ready manpower to effectively execute development plans. 

The finance minister said his government involved contractors from developed economies in building infrastructures in the country to improve skills of local manpower and a smooth transfer of technology.

The finance minister said the head of EU delegation told him that Bangladesh's biggest challenge in the coming days was to fight climate change impacts.

"This (Climate change) is a problem for us. Regarding this, I told her that we have nothing to do as we are not a carbon producing country. We are being hardly struck by the climate change impacts. yet, we are fighting and trying to develop coastal areas."

The finance minister said the EU head of delegation also expressed concern over the quality of education and urged the government to take a precautionary measure.