Bangladesh has failed to manage a place on the list of eight Asian countries, which will drive the growth of the continent in the next four decades.
India, Indonesia, Japan, Malaysia, China, South Korea, Thailand and Vietnam are projected to account for 95 percent of Asia’s growth between 2010 and 2050, said Asian Development Bank (ADB) yesterday.
The projection is part of the Manila-based development lender’s efforts to take stocks of where the world’s most populous continent would stand in 2050, and how an individual country is planning to sketch its outlook four decades latter.
ADB disclosed the projection at a meeting at The Westin in the city, where policymakers, representatives of development partners, former government advisers and members of civil society were present.
Finance Minister AMA Muhith, however, contested the projection. “In their projections, they have brought forward eight countries in view of 2050. Bangladesh is not included in the list. I contested their projections.”
“It is true that our condition was bad. Our growth is not significant, but I think this year we should be going for 7 percent growth.”
He said the development partners are making projections about Asia in 2050, thinking that Asia will transform into a new outlook.
“They have highlighted a number of important things such as inequity in income, corruption, governance, infrastructure, transport, regional cooperation, connectivity, and strategic growth.”
He however said: “This is not the end. The discussion will continue.”
Muhith also said his government would prioritise both export-led and domestic market-led growth for economic development.
“We also target export-led growth. Even today we should have exports worth $20 billion. In two to three years, we will have significant exports. We still have that chance. Unlike Korea, Japan and China, we still have the chance to grow our exports.”
“Our domestic demand strategy is good. Besides, we have overcome the global economic crisis relying on the domestic demand.”
The minister also sought for outside investment for fostering economic growth of Bangladesh. He also said foreign investment could come to various public-private partnership projects.
Muhith said the private sectors of India and Bangladesh are the main impediments to establishing connectivity between the two countries. “Private sectors are a bit insular.”
Former Finance Minister M Syeduzzaman, Prime Minister’s Economic Affairs Adviser Mashiur Rahman, former caretaker government adviser Hossain Zillur Rahman, ADB Managing Director General Rajat Nag and Country Director Thevakumar Kandiah, Bangladesh Bank Governor Atiur Rahman, Palli Karma-Sahayak Foundation Chairman Qazi Kholiquzzaman Ahmad, Policy Research Institute of Bangladesh Chairman Zaidi Sattar and Executive Director Ahsan H Mansur and Economic Relations Division Secretary M Musharraf Hossain Bhuiyan were also present on the occasion.
Courtesy of The Daily Star
