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** US, Indonesia, Australia hold drills amid China concerns ** Hubby ‘confesses’ to killing female doctor in a hotel ** Cox's Bazar, the world's longest sea beach is under threat of erosion due to abnormal rise in water level during tidal surge. ** People in Bangladesh are living in heaven: FM ** Low-lying areas of 15 coastal districts face flood risk ** Govt takes austerity measures to save more electricity ** BD reports two more Covid deaths, 218 cases ** Dhaka, Delhi agree to strengthen defence coop ** Where BPC's Tk 46,858cr profits went? Experts and stakeholders ask government ** Govt fixes different weekly holidays for industrial belts ** BNP stages massive demo protesting fuel price hike ** HC wants to know authenticity of Swiss ambassador's statement over govt's step seeking info from Swiss banks ** Cabinet directs energy division to explain fuel price hike ** Weak fiscal situation is main villain of our economy: Debapriya ** Female doctor's throat-slit body found in capital ** Children aged 5-11 get Covid jabs on trial basis ** Swiss envoys tells a lie on bank info: Foreign Minister ** Orientation for new students at USTC ** Excessive fuel price hike causing terrible hardship yet govt admits no regret ** Bangladesh received $732m loan from IMF as balance-of-payment aid for Covid ** A group of students holds a sit-in programme by tying black clothes over their faces in front of the Petrobangla building at Karwan Bazar on Wednesday to protest against the fuel price hike and demand the resignation of Bangladesh Petroleum Corporation (BPC) Chairman ABM Azad. NN photo ** ‘Hike in fuel price could have been avoided’ ** Finance minister warns on BRI loans from China ** The major rivers in Barishal division flow over the danger level that causes inundation in most of the areas of Barishal city. The photo was taken from Vola Kheyaghat area of Tetulia River on Wednesday. NN photo ** BD did not ask Swiss banks for its citizens' deposited money : Swiss envoy **

Challenging situation ahead to attain economic goal

Opinion

17 March 2022
Challenging situation ahead to attain economic goal


Mozidur Rahman Biswas :
Number of analysts and financial experts of varied areas appreciated the role and contribution of the EU in the socio-economic development of Bangladesh categorically highlighting that the benefits received by Bangladesh through the EU's  remained positive to help ensure encouraging the development initiatives carried out by the concerned functionaries of the government. Many such programmes had significantly helped the country like Bangladesh to reduce poverty to some extent, specially strengthening women empowerment and making visible progress in the arena of socioeconomic transformation leading to development.
Speaking in a discussion, the MCCI president and Ambassador highlighted the potentials and challenges of the LDC graduation, adding certain visionary comments that marked switching over to future growth and development initiatives. Though MCCI President, in otherworld's expressed his concern over the probable tariff escalation of EU countries for Bangladesh and requested the envoy for the continuation of the EBA for a reasonable period to attain a sustainable graduation by the country like Bangladesh which crossed several hardships during last half a century of i her independence through war of liberation for nine months. Saiful Islam, Senior Vice-President Kamran T Rahman, Vice-President Habibullah N Karim, and other senior office-bearers were  of the view that  most  of the comments  are marked by positive indications since those were seemed  on-topic and not abusive as  certain moderation decisions are in many ways  subjective.
Of course, the  main focus of the  entire deliberations were based on the facts that Bangladesh will face the inflationary effect of US sanction on Russian oil as the effects will trickle down to the internal economy of countries concerned. Freight costs will go up as well as raw materials in industries where petro products are used. Fertiliser costs will go up that in other words will force the government to give further subsidies. Otherwise, the spiralling prices of food items and vegetables will skyrocket, speakers maintained in their deliberations.
Analysts also believed that industries that use electricity and gas will also suffer because of the same issue as cost of production will significantly go up. All these will, in many ways, hurt the exports as such it may be a barrier to build a competitive industry due to graduating from LDC status. That is why, in the practical sense of the term, it will make it harder to have a smooth transition to march ahead in the path of the middle income group within the stipulated period of time. On the other hand, mega projects may also get affected, as the government will have to provide more support to the ongoing schemes. Meanwhile, country's market peers deemed that Bangladesh in terms of competitiveness has to move in line with countries like Turkey, Pakistan and India as they have devalued local currencies against US dollar significantly. In view of many such seen and unseen menaces during the coming years might have to face crucial challenges. In all those perspectives, a country like Bangladesh will have to maintain a steady growth rate despite many such challenging situations at this time of pandemic across the world.

(The writer is a Senior Journalist).

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