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BB forecasts 6pc GDP growth on strong economic upturn

Star Business Report
Country's GDP (gross domestic product) is set to grow between 6 percent and 6.2 percent on a strong economic upturn in the current fiscal that ends in June, the Bangladesh Bank (BB) has forecast.
The BB attributed the success to the resilience and capacity of the people for quick recovery and timely support from the government as well.
"Disbursement of agricultural and industrial credit, import of industrial raw materials and intermediate goods, increase in manufacturing production, exports and workers' remittances indicate that the economy is bouncing back to its trend growth path," a BB quarterly report on January-March that was released yesterday said.
"The economic indicators have regained their momentum," Habibullah Bahar, economic adviser at the BB, told reporters during the release of the quarterly. "Economic indicators were down at the beginning of the current fiscal consequential of the twin floods and the cyclone Sidr," he said, adding that now the future of the economy looks bright.
According to quarterly data, the disbursement of agricultural credit rose 73.1 percent in the third quarter of the 2007-08 fiscal compared to the same period of the previous fiscal year. The production of boro rice is likely to surpass its target of 17.5 million tonnes.
Mustafa K Mujeri, chief economist of the BB. said the private sector credit growth stood at 17.6 percent in the third quarter of the current
fiscal with improvements in the agriculture, manufacturing and service sectors.
However, the BB report said the degree of economic performance would ultimately be determined by a host of indicators of economic and noneconomic development, which include timely and successful completion of the ongoing rehabilitation programmes and rehabilitation of the calamity-affected people.
The report further said that it is important for the government to act quickly to address electricity, gas and other energy constraints so that production in different sectors can go unhindered.
An important perquisite for sustaining the ongoing efforts to raise production in the agri - • culture sector is the successful
implementation of the boro rice procurement programme to ensure fair price to the farmers so that they have the incentives to invest and produce more in the following seasons, the quarterly said.
This positive outlook is, however, dependent upon several key factors, such as supportive macro-economic policies, steady growth in private sector credit, timely implementation of public sector policies and institutional and structural reforms.
There are some internal hurdles to overcome, especially that of inflationary pressure and lack of business confidence, for achieving the desired outcomes, the report mentioned. Of the external challenges, the report said, rising oil and food grains prices are the two major ones.