Rise in import-export, revenue, remittance propels Bangladesh growth

15 Feb '22

2 min read

Pic: Mamunur Rashid / Shutterstock.com

Bangladesh has reached close to last fiscal’s economic growth target due to a significant rise in import-export, revenue collection, remittance inflows and other economic indicators, according to finance minister AHM Mustafa Kamal, who recently explained the reason behind the rise. In fiscal 2020-21, GDP grew by 6.94 per cent against the target of 8.2 per cent.

Kamal was briefing reporters after a meeting of the cabinet committee on public procurement.

The finance minister said the Bangladesh Bureau of Statistics (BBS) assesses GDP in accordance with the System of National Accounts 2008 of the International Monetary Fund, and the whole world follows this method.

"Whichever way you calculate, you will find the same data on GDP and per capita income. This has been possible due to our expansion of monetary policy," he was quoted as saying by Bangladeshi media reports.

Kamal said while the global economy was heading for negative growth due to the coronavirus pandemic, Bangladesh's economy was still on a positive trend.

"Our economy has never been down. Our inflation did not increase, the interbank exchange rate was also stable. Revenue collection is the most difficult task, but there has also been a 15 per cent growth," he said.

"In the last financial year, exports rose 30 per cent and imports also increased. Remittances were also on the upward trajectory. Although remittances are not included in GDP, they contributed to the increase in per capita income," he added.

Citing BBD data, he said at the end of the last fiscal, the country’s per capita income stood at $2,591.

ALCHEMPro News Desk (DS)

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