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Bangladesh can weather ongoing global recession

Finance minister says on Victory Day

Star Business Report
The Bangladesh economy is in an advantageous position to combat the global economic challenges posed by the US-China trade war thanks to the solid growth clocked in over the past decade, said Finance Minister AHM Mustafa Kamal.
The global economy is stressed due to the trade war, which can go on to become a recession, which would be the third in the past three
decades.
In the past two recessions - the one in 1997 and the other in 2008 - Bangladesh came out of them unscathed and this time too it will, he said at a rally on the occasion of victory day organised by Bangladesh Awami League, Cumilla South.
"The Bangladesh economy is passing through the most beautiful time."
The ongoing trade war has already
taken the momentum of many country's economy. For instance, China's growth has crashed from 14.4 percent to 7 percent.
"But Bangladesh's economy is forging ahead," he said, while citing the 8.15 percent GDP growth logged in in fiscal 2018-19 to further his point. It was the fastest in the Asia-Pacific region, according to the Asian Development Bank.
This fiscal year, the economy is expected to grow at 8.25-8.30 percent. The growth rate will accelerate to 10 percent by 2024 and go from strength to strength from then onwards. "Bangladesh is the best in the world in achieving growth targets," he said, attributing it to Prime Minister Sheikh Hasina's leadership.
The country is one of the few whose export earnings are increasing very fast, according to Kamal.
"Our average life expectancy has increased; hunger and poverty rates
have fallen more than ever before. This may seem like fiction, but this is the reality." And the biggest reason for this is Bangladesh's 16 million-strong population.
"We create our demand and supply. As a result, there is no threat to our economy at this moment."
The country also has a sizeable population of gifted youths, whose potential will be harnessed in future.
"The power of youth is on our side," he said, adding that by 2030 employment will be provided to 3 crore youths and there will be no shortage of jobs.