Bangladesh’s GDP growth to reach 8.25pc in FY19, says minister

Planning minister AHM Mustafa Kamal on Thursday expressed his high hope that the GDP growth rate in the current fiscal year (FY19) would reach 8.25 per cent surpassing the fiscal target of 7.8 per cent, BSS reported.

‘As per the preliminary estimation, the GDP growth rate in the last fiscal year (FY18) reached 7.65 per cent and it will further increase when the final estimation will be made soon. We expect that the GDP growth in the current fiscal year will reach 8.25 per cent,’ he said while addressing a ‘Meet the Press’ held at the NEC Conference Room in the city’s Sher-e-Bangla Nagar area.

The minister also expressed his high optimism that the GDP growth rate in the country would reach 9 per cent by 2025 while it would reach 10 per cent by the year 2030.

‘We’ll attain this growth as the government has taken necessary measures and there will be millions of employment generated in the countrywide SEZs,’ he added.

He also reiterated that the poverty level in the country would come down into zero level by the year 2030.

Citing a world GDP ranking, AHM Mustafa Kamal, said that in terms of purchasing power parity, Bangladesh now stands at the 31st place with a GDP size of $751 billion and the country is poised to move one step ahead (30th place) by the year 2023 when its GDP size would increase by 50 per cent to around $1159 billion.

He said that by 2023, many countries in the world like South Africa, Colombia, UAE, Vietnam, Iraq and Singapore will remain below Bangladesh in terms of PPP.

Turning to the recently approved Delta Plan 2100 by the National Economic Council, Kamal said that the government would give its all-out efforts to successfully implement the Delta Plan 2100 that aims to tap the huge potentials of Bangladesh as a Delta country through water resources management, ensuring food and water security and tackling disasters.

‘Through the implementation of the Delta Plan 2100, a revolution will take place in the agriculture sector like in the Netherlands,’ he said adding that the country needs to have the capacity of facing the internal and external vulnerabilities.

He also opined that if a permanent system is not developed on river training and management in the country, then it would not be possible to get sustained results and in this case, implementation of the Delta Plan will help a lot.

He said as per the Plan, the rivers of the country would undergo capital dredging and maintenance dredging wherever necessary to maintain the navigability of those rivers as internal transportation on riverways will be much more economical than the other mode of transport.

Answering a question, Kamal said that the development activities in the country would not be hampered due to the upcoming general election in December.

He also told a questioner that a new design will be framed for the Ganges Barrage project as the government will implement it.