• Thursday, Dec 02, 2021
  • Last Update : 01:15 am

StanChart: Bangladesh economy shows signs of positive growth despite global recession

  • Published at 06:55 pm August 13th, 2020
web-bangladesh-economy-readymade-garmnets-industry-mehedi-hasan-edited-08-07-2018-1531071816089.jpg
Mehedi Hasan/Dhaka Tribune

Edward Lee mentioned that lower growth will partly be driven by slowdown in key trading partners, with the Eurozone, US and Middle East likely to contract sharply in FY20 and FY21.

Bangladesh might be one of only two Asean and South Asian economies to register positive growth in 2020 when the world is almost certainly bound to a devastating recession caused by the coronavirus pandemic

Chief Economist, Asean and South Asia at Standard Chartered Edward Lee said while speaking at a media session held following the 2020 Bangladesh session of the Bank’s Global Research Briefing series.

Over 300 of the bank’s clients joined via videoconferencing during the event to participate in a unique digital experience, according to a press release.

Edward Lee mentioned that lower growth will partly be driven by slowdown in key trading partners, with the Eurozone, US and Middle East likely to contract sharply in FY20 and FY21.

While uncertainties remain, the worst is most likely over, said Standard Chartered’s leading economists recently.

“We remain cautiously positive on Bangladesh’s growth prospects given economic resilience as well as fiscal and monetary room available to support growth. The balance of payments has improved in the last six months while debt levels are low. Key risks could emerge from continued disruption in economic activities from the spread of Covid-19 infections both locally as well as key international markets which could severely impact exports and remittances,” Saurav Anand, the Bank’s South Asia economist, said during his presentation.

Prof Shibli Rubayat-Ul-Islam, chairman of Bangladesh Securities and Exchange Commission, joined the event as the chief guest.

He said the people of Bangladesh, the government and the business community have always shown resilience to overcome various natural calamities and economic downturns through hard work.

"We’re very hopeful that this time we’ll also demonstrate even stronger resilience and it’s already being reflected. We expect Bangladesh to have V-shaped recovery post-Covid reaching back to more than 8% GDP growth trajectory within 2021,” he said.

The Standard Chartered Bangladesh CEO said Bangladesh entered these turbulent times on a much stronger footing compared to many of its peers, due to low external debt, low overall public debt and comfortable debt service capability in view of its healthy foreign exchange reserve.

“By working together across the board, we can leverage our solid economic fundamentals and the innate resilience of our communities to quickly regain lost ground, and achieve all our ambitions and aspirations for our nation,” Naser said.

56
Facebook 54
blogger sharing button blogger
buffer sharing button buffer
diaspora sharing button diaspora
digg sharing button digg
douban sharing button douban
email sharing button email
evernote sharing button evernote
flipboard sharing button flipboard
pocket sharing button getpocket
github sharing button github
gmail sharing button gmail
googlebookmarks sharing button googlebookmarks
hackernews sharing button hackernews
instapaper sharing button instapaper
line sharing button line
linkedin sharing button linkedin
livejournal sharing button livejournal
mailru sharing button mailru
medium sharing button medium
meneame sharing button meneame
messenger sharing button messenger
odnoklassniki sharing button odnoklassniki
pinterest sharing button pinterest
print sharing button print
qzone sharing button qzone
reddit sharing button reddit
refind sharing button refind
renren sharing button renren
skype sharing button skype
snapchat sharing button snapchat
surfingbird sharing button surfingbird
telegram sharing button telegram
tumblr sharing button tumblr
twitter sharing button twitter
vk sharing button vk
wechat sharing button wechat
weibo sharing button weibo
whatsapp sharing button whatsapp
wordpress sharing button wordpress
xing sharing button xing
yahoomail sharing button yahoomail