Such growth numbers are a very encouraging sign that we are on the right track
Bangladesh’s economic growth in these past few years has been nothing if not admirable.
According to the Asian Development Bank, the country posted its highest ever GDP growth rate of 7.9% in FY18, and is projected to hit 7.5% in FY19 -- a cause for much jubilation.
The growth rate, slightly higher than the government’s own estimate of 7.86%, is a testament to the strides the country has made, and continues to make.
ADB presented its outlook 2018 report on September 26, and highlighted the acceleration in private consumption, continued growth in public infrastructure, and major gains in agriculture and industry as the primary drivers of the GDP growth.
As a country with aspirations of attaining middle-income status very soon, such growth numbers are a very encouraging sign that we are on the right track.
ADB Bangladesh Country Director Manmohan Prakash praised the country’s strong economic foundation, and predicted the possibility of exceeding the 8% GDP growth threshold, although he noted the need for more private investment.
However, it is important for the country to not lose sight of priorities, and refrain from becoming complacent -- effective management of microeconomic policies, investment, human capital, and technology needs to continue to expand, for this impressive growth to continue.
Given the trajectory of the economy, despite the challenges it has faced in recent times, we have full confidence that the authorities will continue to make the right decisions, and propel Bangladesh towards greater heights.