insight

Oct 16, 2019 | Issue 233

NEWSLETTER

Bangladesh second in South Asia in GDP growth: WB

The Bangladesh economy is forecast to achieve the second highest growth rate this fiscal year in South Asia, the World Bank said in its biennial regional economic update released this week. The report points out that its economy is likely to maintain a stable growth, supported by a robust macroeconomic framework, political stability, and strong public investments. Bangladesh has reduced the current account deficit due to rising export and remittances which was above dollar 15.5 billion in 2018. Bangladesh will also clock the highest growth in fiscal 2020-21 too, according to the report.

HPM Sheikh Hasina’s visit to India takes bilateral ties to new heights

Bilateral ties between Bangladesh and India received a major boost as Honourable Prime Minister (HPM) of Bangladesh Sheikh Hasina made an official visit in India last week. During her stay, seven bilateral documents were signed, aiming to further strengthen the relations between the two countries. The two premiers also jointly inaugurated three bilateral development partnership projects -- import of bulk LPG from Bangladesh, Vivekananda Bhaban (student hostel) at Ramakrishna Mission in Dhaka and Bangladesh-India Professional Skill Development Institute in Bangladesh.

HPM receives ‘Tagore Peace Award 2018’

HPM Sheikh Hasina received ‘Tagore Peace Award 2018’ in New Delhi in recognition of her contribution to maintaining regional peace and prosperity. The Asiatic Society, Kolkata conferred the award on the prime minister, during her stay in India, at a function at the Taj Mahal Hotel in New Delhi. In the past, noted world leader Nelson Mandela and eminent economist Amarta Sen, among others, received the award. A citation was read out at the function in honour of the prime minister. “The Asiatic Society is honoured to confer the ‘Tagore Peace Award” 2018” to Prime Minister Sheikh Hasina... ,” the citation said.

8 million Bangladeshis freed from poverty in 6 yrs: Poverty reduction rate slows: WB

Some eight million people were freed from poverty in six years from 2010 to 2016, according to a World Bank report. Since 2010, while the pace of economic growth increased, the rate of poverty reduction declined, it said. During the period, 90 per cent of the poverty reduction happened in rural areas whereas urban areas saw the little impact of the drastic fall in poverty. The number of urban extreme poor remained the same, which slowed the national progress in poverty reduction, it said. Importantly, the government this year increased the coverage of the social safety net programmes and targeting specific groups and classes of people so that they could come out of poverty.

Government to pay tuition fees for class VI students

The government will pay the tuition fees of class VI students from next academic year like that for primary schools in the country. At present, the primary education up to the fifth grade is mandatory and free of tuition fees. Like them, the government will pay the monthly tuition fees of six graders from next academic year. Besides, a decision has been taken to increase the number of stipend receivers of secondary-level students from 45% to 60% next year. At present, 30% female students and 10% male students are getting the stipend facilities in 187 upazilas across the country in the secondary level. But the government will increase the number from 45% to 60% from next year.

Bangladesh, Thailand to sign MoU for cooperation in fisheries

Bangladesh and Thailand are set to sign a memorandum of understating (MoU) for cooperation in the fisheries sector for mutual benefits of the two countries. The MoU, once signed, would help the two countries to cooperate each other on training and sharing of knowledge on fisheries and maritime sector and mutual visits by the government officials of the two countries. Trade volume between the two countries has steadily increased over the last few years. Bangladesh mainly exports frozen food, chemical products, leather, raw jute and jute goods, woven garments and imports mainly sulphur, earth and stone etc.

RMG export to US grows 11.8% in Jan-Aug period

The country's readymade garment (RMG) export to the US during first eight months of 2019 registered 11.81% growth to $4.08 billion compared to that of 2018, according to official data. Bangladesh fetched $3.65 billion during January-August period of 2018, according to data of the Office of Textiles and Apparel under the US Department of Commerce. Experts and exporters have attributed the growth to shifting work orders from China due to the rising cost there and ongoing trade war between the US and China.

BANGLADESH AWAMI LEAGUE
23, Bangabandhu Avenue, Dhaka-1000. Bangladesh.

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