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Economy performing reasonably well: Aziz

Star Business Report
Bangladesh economy is performing reasonably well compared to its neighbouring economies, despite facing several internal and external challenges over the last few * months, observed die finance adviser, at the monthly luncheon meeting of Foreign Investors' Chamber of Commerce and Industry (F1CCI) in Dhaka.
The domestic challenges arose from the two devastating floods, followed by a cyclone, and coupled with the global shoot up in prices of fuel, food and fertiliser, said Mirza Azizul Islam.
However he added, "Despite the challenge, the recent macro economy has been doing reasonably well, compared to the neighboring economies."
“I highly appreciate those who produce food and retain the supply and especially those
who helped bring about (tie bumper Boro’ production," he said at the luncheon meeting in a local hotel in Dhaka yesterday.
Wali Bhuiyan, president of FICCI stressed the need for proper implementation of the budget. He also said the high bank rate translates into high costs of doing business in Bangladesh.
Countries like China or India, that have emerged as giants in the global economy, will be experiencing more than 1 percent slow' down in the economic growth in the currentyear.
"So if you compare Bangladesh's performance with the neighboring economies, you will see that our performance is certainly not dismal. It is satisfactory, ’ Aziz said.
Regarding inflation, one of the major indicators of macro economic health, the adviser
said inflation has become a global phenomenon.
Bangladesh's current rate of inflation is over 10 percent. In India it was reported that on June 28, the Indian inflation reached 11.9 percent, which was 11.6 percent a couple of weeks ago.
Not only in India, for some other countries facing food surplus, like Vietnam and Pakistan, their inflation rate is 25 percent and around 9 percent respectively, he said.
“This is definitely a dark cloud for us although we are accustomed to see dark cloud in our country,” Aziz added.-
Referring to the social safety net programmes in the current budget for the poor people, he said, “I am fully conscious that inflation hurts the poor group."
The current year budget has taken massive safety net programmes. The intention is to generate purchasing capac-
ity and at the same time attempt to contain the inflation, he said.
Aziz said that he has heard that Bangladesh's budget is claimed to 'ambitious'. In economics related terms, he said Bangladesh budget of 2008-09 projects government expenditure of GDP ratio at about 16 percent, which is quite low by international standards. From that point of view, the national budget cannot be termed as ambitious, he claimed.
He however said there is not doubt that Bangladesh needs better governance. "But I do not agree with those who say that Bangladesh needs a smaller government. For better infrastructure and for better services you should have a bigger government".
"As a whole, I am optimistic about the economy and so we should look forward," the adviser said.