Monthly Archives: May 2011

Bangladesh economy growth ‘best in decades’- The economy expanded by 6.66 percent

Bangladesh’s economy has grown at its highest rate in decades, driven by resurgent exports and a strong performance by the usually sluggish farm sector, officials said Tuesday.
The economy expanded by 6.66 percent in the 12 months to June, the fastest pace since the early 1970s when it was boosted by recovery following Bangladesh’s victory in its war of independence with Pakistan.
The Bangladesh Bureau of Statistics, which announces annual growth figures a month before the country’s financial year ends in June, also revised its figures for 2009-10 growth upwards to 6.07 percent from a provisional estimate of 5.54 percent.
“The 6.66 percent growth is the highest in recent decades,” BBS chief Shahjahan Ali Molla .
An official at the Bangladesh Bureau of Statistics said it was the fastest rate of growth for Bangladesh since 1973-74 when the economy grew by 9.59 percent.
Bangladesh has targeted growth of seven percent for the next financial year beginning on July 1.
Last year’s growth was powered by the country’s resurgent manufacturing sector and higher crop yields, the secretary of the government’s general economic division, Shamsul Alam, told AFP.
“Manufacturing was driven by an impressive 42 percent export growth in garment products. Agriculture also shone because of record outputs of rice, wheat and some other crops, thanks to favourable weather,” he said.
The World Bank had projected a 6.3 percent growth rate for Bangladesh, with a population of 150 million people, which is still one of the world’s most impoverished nations, with nearly 40 percent of people living below the poverty line.
According to the statistics bureau, manufacturing expanded by 9.51 percent overall with major industries clocking 10.41 percent growth as garment shipments soared following a dramatic surge in orders diverted from an increasingly costly China.
The country has been benefited from rising wages in China that prompted many of the world’s top retailers such as Wal-Mart to go bargain-hunting in Bangladesh, analysts said.
Garment export growth was just three percent in the 2009-2010 as demand for low-cost Bangladeshi goods fell sharply in the wake of the global financial crisis.
But the country’s total foreign trade is now expected to grow 40 percent to a record $50 billion dollars in this financial year.
“Manufacturing and agriculture have done tremendously well this year,” said Ahsan H. Mansur, a former senior official of the International Monetary Fund and the head of local think-tank Policy Research Institute.
“Garments, which account for 40 percent of our industrial activities, alone added two percentage points to growth,” he said, adding the country’s overall growth target of seven percent for the next financial year was reasonable.
At the weekend, the government unveiled a record $6.4 billion development spending for the next year to boost the economy. Power generation got the highest allocation of $1.2 billion in a bid to ease crippling electricity cuts, which have for years taken a toll on manufacturing growth.

Entry of toxic ship banned

The government has directed all concerned to ban the toxic ship Probo Koala renamed Gulf Jash from entering Bangladeshi territorial waters, Department of Environment officials say. The move came after The Daily Star on Friday published an exclusive report that … read more

Bangladesh poses ambitious plan to halt childhood blindness

Bangladesh, in an ambitious plan, will dispense doses of Vitamin A to nearly 19 million children below the age of 5 beginning Sunday. In a nationwide campaign, thousands of volunteers will provide life-saving Vitamin A supplements to combat chronic deficiency, … read more

Google’s Street View to map Bangalore

Google on Thursday said it will offer Street View of Bangalore city on its maps platform. In a statement Google said,” It will begin imagery collection in Bangalore for the Street View feature in Google Maps”. The Internet search engine … read more

Mamata Banerjee the new West Bengal chief minister: Getting the vision going

Mamata Banerjee ,no doubt a symbol of political leadership for development . Becharam Manna gives up on his nap. He is being repeatedly disturbed by congratulatory telephone calls. It is the day after his party, the All India Trinamool Congress … read more

Ashok Leyland bags $23m order from Bangladesh

Hinduja Group flagship, Ashok Leyland has received a $23.3m order from Bangladesh Road Transport Corporation (BRTC) to supply 290 double decker buses. The company said that the recent order represents its largest single order for double decker buses from Bangladesh. … read more

BANGLADESH: Clean brick kiln projects limit deadly emissions

The number of deaths caused by respiratory illnesses linked to air pollution, the leading cause of premature mortality and morbidity in Bangladesh, could be halved if existing forms of brick kiln technology are replaced by cleaner alternatives, according to the … read more

Oil imports have risen as Bangladeshi farms and industry turn to diesel to replace unreliable mains electricity

Energy-starved Bangladesh’s fuel import bill will rise by a third in the next financial year to a record $6 billion as domestic gas supplies fail to keep pace with demand. Energy-starved Bangladesh’s fuel import bill will rise by a third … read more

Islamic Development Bank to help $140 Million loan for Padma Multipurpose Bridge

Islamic Development Bank, the Jeddah- based multilateral lender, will lend $140 million to Bangladesh to build a bridge connecting the country’s southwest region with the capital, Dhaka. The government has signed the loan agreement with the Islamic Development Bank to … read more

Bangladesh – Home schooling

Sources : This year, like in the previous years, thousands of students from different secondary schools have passed their SSC examinations with stupendous results. It has been reported that the percentage of students who have passed in this year’s SSC … read more

ADB to provide $23m for transportation Development project as technical assistance loan

The Asian Development Bank has made a pledge of $23 million to Bangladesh as technical assistance loan for a series of regional transport projects. Under the proposed Sub-regional Transport Project Preparatory Facility, the loan will facilitate the scheme for cross-border … read more

Government of Bangladesh, US commemorate operation

Members of the Government of Bangladesh, the U.S. Embassy in Dhaka and Marines with the III Marine Expeditionary Force, participated in the 20th anniversary commemoration of Operation Sea Angel here May 12. On the evening of April 29, 1991, Cyclone … read more