Bangladesh ‘almost free of global recession’

DHAKA - Bangladesh says it is almost out of the impact of the global economic recession with every economic index looking positive.

In the outgoing year, our exports, imports of capital machineries were on the rise, foreign exchange reserves and remittance were also satisfactory. In fact, we are almost out of the impact of global economic recession,” Finance Minister A.M.A. Muhith said.

Maintaining that each economic index of the country is now positive, Muhith, however, admitted that there were some problems related to both domestic and foreign investment.

There is no reason to be complacent,” he was quoted as saying by the United News of Bangladesh (UNB) news agency.

He specified power and energy as the two sectors that needed to be expanded.

Bangladesh has been importing electricity from India for which an agreement is likely to be signed later this month when Prime Minister Sheikh Hasina visits New Delhi.

Muhith said Bangladesh needs to expand the public expenditure and also mobilise resources, New Age newspaper said.

He also spoke of the need for good governance as a challenge if the country is to emerge as an intermediate economy.

The Daily Star, in a look-back at 2009, credited the economic recovery to the performance of the farmers, workers and the migrant workers abroad who send remittances back home. Kudos goes to farmers, workers and migrant labourers this year. Without them, Bangladesh could face different music in the year that rolled by.”

Good agricultural production supported by sufficient injection of farm credit boosted domestic demand. A surprising spurt in remittance flow by a dwindling number of migrant workers also helped the cause. And garment workers chipped in with cheap labour to keep the country’s apparels floating in harsh times, the newspaper said.