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GDP growth rate to be calculated quarterly

STAFF CORRESPONDENT
The government yesterday formed two high-profile committees to monitor and update GDP (gross
domestic product) growth rate, indicators and related data on a quarterly basis as well as to compile employment data across the country.
The decision was taken at an
expert-level consultation meeting on 're-basing and revision of national accounting system and its related indices,' chaired by Finance
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Minister M Saifur Rahman at the Planning Commission.
The move follows the government's conviction that the country's economic growth, inflation and unemployment are not being properly monitored. As a result, it is unable to take right decisions at right times, said a meeting participant.
The meeting was also of the opinion that financial year 1995-96, the current base year for compilation of growth rates, is by now a decade old and outdated, and so decided to re-base the data compilation. "Rebasing would relate to refixing a new base year for computing constant price GDP," said a meeting source.
The two committees will have separate mandates. One of them will be the steering committee and decide the action plans to be implemented by the second one.
Eminent economist Prof Wahiduddin Mahmud will head the steering committee, which will also comprise Bangladesh Bank (BB) Governor Dr Fakhruddin Ahmed, former secretary Dr Golam Rabbani and a few others of similar stature.
The member of the General Economic Division of the Planning Commission will head the implementation committee, which will also have the director generals of Bangladesh Institute of Development Studies (BIDS) and Bangladesh Bureau of Statistics (BBS).
It was decided that the committees will plan and conduct countrywide economic surveys with the help of local consultants.
"One cannot take realistic economic decisions without having correct statistics," Saifur told the press following the meeting. "For instance, if we cannot figure out whether the cost of living has gone up by 6 percent or by 8 percent, we cannot take the measures appropriate for the situation."
"Once upon a time, jute was an important sector. Now it's not. Now textiles, pharmaceuticals, food and beverage, and construction sectors are growing fast and contributing more to the GDP," he noted, "That's why we should give appropriate focus on them in the annual national accounts compilation process."
The minister said, "We hear a lot about unemployment. But in reality we see people working everywhere. This calls for getting a true picture of the employment scenario."
Besides the secretaries of the planning and finance divisions, and BB governor, officials of leading donors, Planning Commission, BIDS, BBS, economists and university teachers participated in the meeting.