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Sloppy economic management snowballs into big troubles: CPD

Star Business Report
The Centre for Policy Dialogue (CPD) yesterday blamed sloppy macroeconomic management for the recent economic woes, including falling investment and soaring public expenditure.
“From economic perspective, the outgoing fiscal year was the weakest one among the three years of the present government," said the private think tank in a review report.
It also said the coming year will be more challenging in the wake of declining investment and rising political instability.
“The single most important objective for the next fiscal year should be reverting the investment situation to attain the targeted GDP (gross domestic
product) growth,” it said.
The CPD's observation came at an analytical review report on Bangladesh's macroeconomic performance for fiscal 2011-12 and challenges for the next year at its office in Dhaka.
Generally, the think-tank reviews the economy twice a year, but did it for a third time this year considering the present economic situation, said Dr Debapriya Bhattacharya, a distinguished fellow of the CPD, while presenting the report before journalists.
The first review was published in November last year and the second one in March.
The CPD said fiscal management in 2011-12 was put under serious pressure in view of the soaring revenue expenditure
(32.5 percent in seven months) and a mounting subsidy demand (Tk 40,000 crore).
A lack of support from foreign and non-bank sources of financing also made the economic
situation further critical.
The latest review focused on four major issues -- investment situation, employment generation, reform initiatives and crop production and food security --to understand the present economic conditions.
“A stagnating, if not faltering, investment is holding back the economy from achieving higher levelsofgrowth,” said Bhattacharya.
Private investment came down to 19.1 percent of GDP this year from 19.5 percent in 2010-11, which was also focused in the World Bank's economic outlook report released on Sunday.
CPD Executive Director Prof Mustafizur Rahman also spoke, while Research Director Dr Fahmida Khatun was present among others.