Dhaka – Bangladesh still faces challenges in creating enough productive jobs to reduce poverty and unlock the country’s development potential.
Asian Development Bank (ADB) said it its -said Development Effectiveness Brief: Bangladesh 2017 released on Sunday.“Easing infrastructure constraints is an important priority. Enhancing the quality of the
Workforce is another. Other priorities and challenges include improving the business climate and reducing the costs of doing business,” ADB said.
Mobilizing the large amounts of financing needed for physical and social infrastructure, including through private investments and public–private partnerships is also a priority.
However it said ensuring environmental sustainability and climate resilience is a major challenge as well.
Under the CPS 2016–2020, ADB will finance priority investments in energy, transport, and urban infrastructure and in human capital development to diversify the economy and release long-term growth potential.
Such support will also help make growth more inclusive by accelerating rural and regional development, the report said.
ADB will advance industrial diversification by promoting the development of economic corridors, which will create opportunities to set up urban growth centers linked to national, regional, and global markets and supply chains.
ADB will contribute to improving rural livelihoods by increasing agricultural roductivity, encouraging diversification into high-value-added products, and developing access to markets.
Finally, ADB will continue to put in place climate resilient infrastructure and services to sustain development achievements and reduce the adverse impact of climate change, especially on the poor.
About the country partnership strategy (CPS) 2016–2020 the ADB said it will also help speed up private sector development, develop capacity and improve governance, deepen regional cooperation and integration, and promote gender equality for inclusive growth.
Bangladesh reached lower-middle-income status in July 2015, on the strength of an annual economic growth rate of 6 per cent and above during FY2011 to FY2015.
Growth was fueled mainly by a rise in readymade garment exports, overseas workers’ remittances, and domestic consumption.
In the past two decades, growth was steady and inclusive, creating jobs for low-skilled workers and women. A large increase in food production together with a sharp decline in population growth led to higher food availability per capita. – Staff Reporter
