Dhaka – Bangladesh is set to overcome its six percent GDP growth ‘trap’ as its economy will grow by 7.05 percent at the end of the current fiscal year as per a provisional estimate.
“This is a matter of pride for the whole nation as we’re going to achieve 7.05 percent GDP growth rate for the first time,” said Planning Minister AHM Mustafa Kamal while briefing reporters after a meeting of National Economic Council (NEC) held with Prime Minister Sheikh Hasina in the chair.Terming it a glorious milestone for the nation, he said this is one step forward to take the nation to a dignified position on the global stage as the GDP growth rate is going to exceed the government target
of 7 percent.
The Planning Minister said Bangladesh has long been ‘chained’ in the six percent growth ‘trap’ and through attaining the 7.05 percent growth the country will be able to overcome this ‘trap’.
Apart from the excellent growth, he said the per capita income is also going to rise to $ 1466 from the previous $ 1316 in the current year.
The Planning Minister said this, to the best of his knowledge, will be the highest GDP growth rate the country has so far achieved after its independence. “Not only 7 percent, we’ve to achieve over 7
percent growth in the coming years as the economy of Bangladesh is performing consistently.”
Bangladesh has consistently been attaining over 6 percent GDP growth rate for the last couple of years as it reached 6.55 percent in FY15, up from 6.06 percent in FY14, 6.01 percent in FY13 and 6.52 percent
in FY12.
Considering the sectoral growth rate of GDP at constant prices, Mustafa Kamal said, the provisional data of BBS also show that the agriculture sector will witness a 2.60 percent growth in the current year which was 3.33 percent in the previous year, while the industrial sector a 10.10 percent growth against 9.67 percent in the previous fiscal year and the services sector a 6.70 percent growth in the current year against 5.80 percent in the previous year.
The GDP growth rate of the fisheries sector in FY16 will be 6.19 percent, while in mining and quarrying 12.06 percent, manufacturing 10.30 percent, in electricity, gas and water supply, 11.15 percent
and in construction 8.87 percent.
Asked about the main reasons for the higher growth, the minister attributed the achievement to the persisting political stability in the country.
Referring to a recent survey, he said around 73 percent of the country’s people now think that the nation is heading towards the right direction.
In most of the sectors, he noted, Bangladesh is doing better in the current year which is also one of the main reasons for higher GDP growth. He also hinted that the growth might increase further later
in this year after the final estimation with the inclusion of growth in some other sectors.
He said Prime Minister Sheikh Hasina at the NEC meeting gave credit for attaining the 7.05 percent growth to the people of the country.
The overall size of the GDP at constant market price for the FY16 stood at Tk 8,830,544 million which was Tk 8,248,624 million in the FY15.
Besides, the provisional BBS figures also show that the GDP at current prices in FY16 will be Tk 17,295,665 million, the GNI Tk 18,314,994 million and per capita GDP $ 1384, the UNB news agency reported.
