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Bangladesh on the up

  • Published at 05:27 pm October 3rd, 2018
Growth
Photo:BIGSTOCK

Removing institutional barriers to doing business would free up the private sector

The economic growth of Bangladesh in recent years has been nothing but exemplary, and it seems that we will continue to enjoy this remarkable progress.

The World Bank has projected a GDP growth of 7% for the fiscal year 2018-2019, and World Bank Country Director for Bangladesh Qimiao Fan has lauded the development and growth the country has achieved, confirming that it is among the 10 fastest growing economies in the world.

As a country with tremendous growth ambition, on track to reach middle income status, these numbers are greatly promising, and encouraging.

With a plethora of public projects in the pipeline, the country should continue to see significant and increasing public investment, and the authorities deserve kudos for taking on these challenges head on.

Yet, we could do much better in terms of private investment, as well as reducing unemployment, alleviating poverty, and creating greater opportunities for all citizens, and for that there needs to be greater urgency from the government to match the long-term vision of its people.

Removing institutional barriers to business would free up the private sector, and unleash the entrepreneurial instincts of our people fully, and then there will be no holding us back.

We have come a long way, and we have full faith that the authorities will not lose sight of the goals that lie ahead -- this is not a time for complacency, but a time to effectively manage macroeconomic policies, investment, human capital, and technology.

As the global economy changes, we need to keep up.