Bangladesh Insight

Jan 23, 2016 | Issue 144

Bangladesh Insight

HPM Sheikh Hasina urges global businesses to negate climate change impacts

Honorable Prime Minister Sheikh Hasina has sought concerted global supports to five key areas to minimize the risk of lives and livelihoods of farmers, fishers, artisans and women particularly calling upon the businesses to play their role to negate the climate change impacts. The call was placed when the Premier was addressing at the plenary session of the World Economic Forum. Being the first statesman from Bangladesh to rise to that stature to attend the forum, HPM Sheikh Hasina also attended a host of bilateral talks with a number of global leaders and spoke at a good number of events on the sideline of this meeting.

Bangladesh firm to ensure RMG compliance: HPM Sheikh Hasina

HPM Sheikh Hasina has reiterated her government's commitment to ensuring compliance with regard to labour rights, workplace safety and environmental standard in the readymade garment (RMG) industry. The Bangladesh Premier was replying to questions at a workshop titled “Shaping a New Water Economy” at the 47th Annual Meeting of the World Economic Forum at Congress Centre. According to her statement, Bangladesh's RMG industry achieved higher compliance standards in terms of wages, workplace safety, norms, practices and harmonious industrial relations. 77% increase is marked in basic wage while assessment of all the 3,780 factories as recommended by global brands and retailers has been completed.

HPM Sheikh Hasina highlights AL Govt’s successes in last three years

In an address to the nation marking the third year completion of the Awami League led Grand Alliance government, HPM Sheikh Hasina pointed out a raft of accomplishments the country has set out under her government in last three years. According to this address, a good number of development indices, spanning from social to economic and health, have set out new milestones, reaching newer heights. She also warned of dire consequences against the spread of virulent ideologies and reaffirmed her commitment to keep the country free from terrorism.

Stellar successes by the Awami League Govt in three years

Since being voted back to power on January 5, HPM Sheikh Hasina led Awami League government has seen an impressive record of successes. Prudent leadership has resulted in stunning economic growth, increase in national income and allocation of national budget and attained status of a lower middle income country from a low income one. Besides, progress has been achieved in different sectors including agriculture, education and health. Growing international recognition stands testimony to the country’s global significance too.

Bangladesh among most optimistic countries in 2017 outlook: Gallup survey

According to a survey, conducted by WIN/Gallup International, Bangladesh steps into 2017 as one of the most optimistic countries in the world as regards hope for economic prosperity. 81% of the countrymen pinned their hopes centering the rise of the economy, giving Bangladesh a net economic optimism score of 67%, which is second only to Ghana (68%) among the 66 countries surveyed as part of the research. The country's GDP growth rate reached a record 7.1% in the fiscal year 2015-16, which, according to the IMF, is the second-highest among world's major economies.

Bangladesh ahead of India, Pakistan in inclusive development: WEF report

Bangladesh has been ranked 36th out of 79 developing economies with 4.03 points on the Inclusive Development Index (IDI), outshining neighbouring India and Pakistan, a World Economic Forum (WEF) report revealed last week. The framework indicates that one of Bangladesh's strengths is better access to finance from the banks and the equity market than most other countries at the same income level, it said. Moreover, a marked progress has been vindicated in improving its GDP (Gross Domestic Product) per capita and reducing public debt over the last five years.

Bangladesh among top five optimistic markets in Asia: Mastercard

Bangladesh's consumers are among the most optimistic in Asia Pacific thanks to their bullish outlook on the country's economy, quality of life and stockmarket, according to a survey by Mastercard. The country recorded the largest gain of 11.2 points to hit 82.8 points in Mastercard Index of Consumer Confidence in the second half of 2016 – a significant improvement in the overall consumer confidence. In addition, the country recorded the largest improvement among the 17 Asia Pacific markets with increases across all five components and a more than 10 points gain in outlook on stockmarket (+24.6), quality of life (+12.0) and economy (+11.7).

Fitch affirms Bangladesh at ‘BB-’; Outlook stable

Fitch, a leading global credit rating agency, has maintained its 'BB-' rating for Bangladesh, due to its foreign currency earnings and high and stable real economic growth. Bangladesh's ratings balance strong foreign-currency earnings and high and stable real GDP growth while external finances are supported by comfortable and gradually rising foreign-exchange reserves, amounting to US$32.1billion in December 2016. The ready-made garment exports continued to be strong, accounting for 81% of total exports and earning the country US$26.1 billion in the first 11 months of 2016.

Economic indicators rose in 2016

Throughout 2016, all the key economic indicators set new milestones resulting in a sound macro-economic health and a better economic outlook for this year. Poverty level has been reduced to less than half at 23%, forex reserves stood at $32 billion, export earnings have risen to $34 billion and inflation came down to 5.38%. Electricity production was 4000 megawatt (MW) in 2010 which has now increased to 15000 MW while annual per capita income has soared to $1465 last year from $559 in 2006.

Indian PM upbeat on ties with Bangladesh

Indian Prime Minister Narendra Modi pitched for a thriving, well-connected and integrated neighbourhood as his dream and said New Delhi has achieved greater political understanding with Dhaka through connectivity and infrastructure projects and settlement of land and maritime boundaries. Inaugurating the second edition of Raisina Dialogue, the flagship conference of Indian external affairs ministry the Indian Premier lent out high optimism in boosting up ties with his Bangladesh counterpart to achieve greater convergence and political understanding through connectivity and infrastructure projects.

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