UN-DESA describes Bangladesh as ‘rising star’ of economic growth
Reported by: UNBConnect
Reported on: Feb 15, 2012 02:49 pm
Reported in: National
Dhaka, Feb 15 (UNB) - Director of UN Department of Economy and Social Affairs (UN-DESA) Dr Rob Vos has described Bangladesh as ‘a rising star’ of economic growth and fiscal discipline.
“Among the least developed countries (LDCs), Bangladesh economy is maintaining a high growth rate of over 6 percent and expected to maintain its high growth rate in 2012 despite the global slowdown. It is a ‘rising star’ of economic growth and fiscal discipline,” he said while presenting the annual report on world economic situation.
The report has been posted on the website of the permanent mission of Bangladesh to the United Nations, www.un.int/bangladesh.
The report stated that while economies of the developed countries of Euro zone and North America are teetering on the brink of another major downturn, few developing economies like that of China and India and low income countries like Bangladesh are maintaining high growth rates and higher per capita income growth. “Their growth is expected to remain robust.”
It said the LDCs that maintained an average 7 percent GDP growth rate in 2006 which went down to 5.3 percent on average in 2009 and further declined to 5 percent in 2011 may maintain 5.2 percent in 2012 and 5.4 percent in 2013.
“However, Bangladesh economy which had 6.4 percent GDP growth rate in 2006 that went down to 5.7 percent in 2009 and then increased to 6.6 percent in 2011 and is expected to grow 6.7 percent and 7 percent in 2012 and 2013 respectively in spite of global financial challenges,” Dr Rob Vos said in his report.
He went on: “Thus comparative to rest of the economies, Bangladesh is doing very good in terms of economic management and growth.”
The report said the developing countries that had an average 7 percent GDP growth rate in 2006 went down to 3 percent in 2009 and bounced back to 6 percent in 2011 are likely to maintain 6 percent or slightly below 6 percent in 2012 and 2013.
It also stated that global job crisis, recovery of world trade, volatility of commodity prices, fragilities in the international financial markets and financing for development, uncertainties and risks, are the major challenges for the global policymakers.
The report identified inflation as a major concern for the developing countries.
The report recommended more stimulus financing, non-austerity programmes, redesigning macroeconomic policies for job growth and sustainable development, addressing international financial market, commodity price and exchange rate volatility.
It also recommended more development financing for achieving sustainable development.
The meeting was chaired by President of the ECOSOC United Ambassador Milos Koterec of Slovakia.