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Export, remittance to help fight recession

Seminar told

Star Business Report
Competitiveness of local exports, strong inflow of remittances and terms-of-trade gains resulting from the collapse in global commodity price will help the country be resilient in the face of recession fallout, a seminar was told yesterday.
The seminar also suggested that the government should consider further development of the educational system and infrastructure to safeguard the country's economy.
"The resilience and competitiveness of local exports, strong inflow of remittances and terms-of-trade gains resulting from the collapse in commodity price have meant a better economic performance of Bangladesh. It would help the country to be resilient in overcoming the affects of the global recession," said Ifty Islam, managing partner of Asian Tiger Capital Partners, in his keynote
paper at the seminar.
He was speaking at the seminar styled The Global Financial Crisis: Implications for Bangladesh and Prospects for Global Economy in 2009, organised by IBA Alumni Association in Dhaka.
“Real GDP growth rate will be lower at 5.5 to 6 percent compared with 6.5 percent targeted under the budget. Despite this slowdown, Bangladesh's performance has been one of the best globally," Islam said.
“Although the global recession has affected the country, robust agricultural sector output and strong domestic demand, supported by continued strong inflow of remittances helped sustain domestic economic activity," he added.
Islam suggested that the government spend more GDP, as an investment to boost the country's infrastructure further and develop a public-private partnership in this regard, which would help achieve a
sustainable growth rate.
'Tn addition, we should diversify our export items to increase revenue. Simultaneously, the government should take necessary measures to improve the educational system to utilise our human resources,” he suggested.
Syed Nasim Manzur, managing director of Apex Adelchi Footwear, said the government should take initiatives to fast implement the policies that have been taken to safeguard the local economy and ensure good governance that would increase competitiveness of domestic products.
He said the government should also take measures to hold back the declining growth rate.
Abdul Mannan Khan, state minister for housing and public works, Khondkar Ibrahim Khaled, chairman of Bangladesh Krishi Bank, and Nazmul Hassan, presi-dent of IBA Alumni Association, among others, spoke at the seminar.