Tag Archives: Economy

Flood & Covid-19: Economy needs diverse sectoral focus

flood

MNA Editorial Desk: Covid-19 has appeared and remained as a great threat for almost all economies of the world including that of Bangladesh. At the very beginning of this pandemic, Bangladesh was also hit by the deadly cyclone ‘Amphan’ and now is going through a lengthy flood. Though the economy is still holding up, the troubles are huge. We cannot accurately predict how the world economy will perform in the upcoming months and that requires us to safeguard our own economy focusing on internal factors mostly. Hence, we need to put emphasize on few areas immediately. In the current context, ...

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Economists suggest taking advice from health experts on reopening of different sectors

economy

MNA Business Desk: The first one month of the ongoing lockdown that ends today (Sunday) has already affected the country’s economy seriously. The Health Economics Department estimates the loss during the first one month at over Tk.1.0 trillion. However, relevant other government agencies are yet to make their assessment. Until Saturday, a total of 140 people died of coronavirus infection and 4,998 others tested positive in 60 districts, according to official estimate. And there are debates in different circles on the issue of reopening of different sectors to ‘save the economy’ from further damage. But when asked the billion-dollar question ...

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BD economy loses Tk 33b every day during shutdown: Study

economy

MNA Business Desk: The Bangladesh economy is losing Tk 33 billion every day from its service and agriculture sectors during the nationwide shutdown over the coronavirus outbreak, a new study says. Researchers from Dhaka University’s Institute of Health Economics released the finding after analysing the state of national economy from March 26 to April 25 in a study on the impact of the coronavirus on the economy. The country incurred losses totalling an estimated Tk 1 trillion in March, lead researcher Prof Syed Abdul Hamid said on Tuesday, reports bdnews24.com. The researchers attempted to calculate the temporary or current losses ...

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Covid-19 impact on BD economy & few underlying concerns

flood

MNA Editorial Desk: Just as we speak, the recent global crisis of COVID-19 virus outbreak has claimed over 70,000 lives while over 1.4 million are infected worldwide. With terrific modernization and development of technology such as artificial intelligence, we could not yet find out a solid tool to fight against this deadly nature-caused virus and has to only depend on symptomatic treatment till now. Moreover, an incredible economic depression seems to be arriving immediately with next few weeks. Till now 12 people died and 123 were infected in Bangladesh also and it is expected to dangerously increase within the next ...

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PM’s stimulus package to save economy, livelihood: FBCCI

FBCCI

MNA Business Desk: The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) on Sunday welcomed the stimulus package of Tk 72,750 crore, declared by Prime Minister Sheikh Hasina to help mitigate the impact of cronoavirus on the national economy. In a quick note to media after the package was announced, FBCCI President Sheikh Fazle Fahim said the package is “targeted and focused”. He said the stimulus package would help all the sectors. “This stimulus package will be utilized in a targeted and focused way in micro, small, medium and larger enterprises, and in agriculture, manufacturing and service sectors. Through ...

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Economy shows mix trend: ICCB

economy

MNA Business Desk: The performance of Bangladesh economy in 2019 with reference to global, macro and micro levels presents a mixed picture. Globally, the country did not suffer any major setback during the year, but some headwind stemmed from slowed-down export and import due to shrinking global economic growth. The country recoded an estimated 8.15 per cent GDP growth in FY19 – considered by Asian Development Bank (ADB) to be the fastest-growing economy in the Asia-Pacific region, according to an editorial of the quarterly news bulletin of International Chamber of Commerce Bangladesh’s (ICCB) released on Wednesday. Such growth was possible ...

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Sustaining Economic Growth: Inclusive development & spirited future generation remain key

flood

MNA Editorial Desk: Bangladesh has transformed into a role model of development during the last decade. Several infrastructural developments as well as improvement in human indices have led to this successful journey. This development has significantly reflected in economic progress also. We are performing well on different economic parameters as shown in different reports. Without economic growth, it is impossible for a country to move forward. Economic development is bound to be pursued on both short-term and long-term basis where sustainability becomes the most critical factor. Many countries of the world have experienced sharp economic incline on several occasions, but ...

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‘Govt working to make rural economy stronger’

rural

MNA National Desk: Putting emphasis on improving the lifestyle of villagers, Prime Minister Sheikh Hasina on Saturday said the government is working to make the country’s rural economy stronger. “We want to make the rural economy stronger so that people could earn enough living in their own villages and make the rural economy more vibrant. We’re taking our steps keeping that in our mind,” she said. Sheikh Hasina made the statement while addressing a function, marking the 48th National Cooperative Day and warding the recipient of the National Cooperative Award at Bangabandhu International Conference Centre (BICC) in the city. “People ...

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Bangladesh should further open up its economy: Joy

Joy

MNA National Desk: Prime Minister’s ICT Affairs Adviser Sajeeb Wazed Joy has said Bangladesh should further open up its economy for more foreign investments. “We are now living in an age of globalisation. We should further open up our economy for more foreign investments,” he said. He also underscored the need for changing the traditional laws and policies, including the telecommunication policy, to take the country ahead in a faster pace to cope with the changing world. Joy came up with the statement while addressing a workshop on “Digital Bangladesh: ICT in the Journey of Progress” on Wednesday, reports BSS. ...

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Road accidents: Fatal to the victims & economy of Bangladesh

flood

MNA Editorial Desk: Road traffic accidents and injuries are a global tragedy and now turned into a growing and serious problem worldwide and the safety situation is very severe in developing countries like Bangladesh. An alarming rise has been observed in the number of road accidents in Bangladesh during the last decade. Bangladesh is a developing fast and logically motorization is required at both urban and rural areas, which is very evident in Bangladesh. For an economy to prosper, communication and connectivity is very important–an area where Bangladesh developed a lot during the last few years. The whole country including ...

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BD likely to become 25th largest economy in 10 years: PM

economy

MNA Business Desk: Prime Minister Sheikh Hasina has said Bangladesh is likely to become 25th largest economy globally in 10 years. “Whatever gaps or limitations that we have, we are ready to correct those. So, we are for open regionalism,” the Prime Minister said. Sheikh Hasina made the remarks while addressing the World Economic Forum (WEF)’s Annual Meeting of the New Champions 2019 Meeting in Dalian city of China on Tuesday, reports BSS. The Prime Minister placed a five-point proposal to address the key concerns of smaller communities and weaker economies for their collective takeoff endeavors, which she felt crucial ...

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‘Insufficient’ growth rate to accommodate workforce

insufficient

MNA Business Desk: Bangladesh’s economy needs to grow at a rate of 8.0 per cent or more in the coming years to absorb the country’s growing labour force, a recent government report has suggested. At the same time, attracting more foreign direct investment along with other forms of foreign resources will be crucial for the country to attain the United Nations-mandated Sustainable Development Goals (SDGs), the report has said. Such views have emerged from the country’s first SDG progress report, which has been published recently. General Economics Division of the Planning Commission has carried out the study to evaluate the ...

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BD economy 41st largest in 2019

economy

MNA Business Desk: Bangladesh is the 41st largest economy in the world in 2019, according to a UK-based think tank. It is up by twp steps from last year, when the country was ranked 43rd largest economy, the Centre for Economics and Business Research (CEBR) said in a report. The report forecast that Bangladesh would emerge as 36th largest economy in 2023, 27th in 2028 and 24th in 2033. “We expect annual rates of GDP growth (in Bangladesh) to average 7.0% between 2018 and 2033. This will see the country climb 19 places in the World Economic League Table to ...

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US again most competitive economy: WEF

economy

MNA Business Desk: The US economy sits atop of the World Economic Forum’s annual global competitiveness survey for the first time since the 2007-2009 financial crisis, benefiting from a new ranking methodology this year, reported news agency. In its closely-watched annual Global Competitiveness Report, the WEF said the US is the country closest to the “frontier of competitiveness,” an indicator that ranks competitive productivity using a scale from zero to 100. The US beat off Singapore, Germany, Switzerland and Japan, the other top four markets, with a score of 85.6 out of 100, the report said, due to its “vibrant” ...

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BIMSTEC: Hopes & apprehensions for regional cooperation

flood

MNA Editorial Desk: Around the world, all the countries today are now bound by the concept of globalization. Trade, politics, economy and every other aspect is now being chased by this phenomenon. It is not possible to grow without the influence of external stakeholders. Hence, regional cooperation has become very vital and the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is a forum like such for seven South Asian and Southeast Asian countries. This regional forum in recent times received a lot of attention after cancellation of SAARC summit in 2016 due to conflicts between India ...

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BD economy may grow 6.4%: WB

create

MNA Business Desk: The World Bank has revised upwards its growth forecast for Bangladesh and said the economy is expected to attain a 6.4 percent growth in current fiscal. In last June, the bank predicted a 6 percent growth for the financial year. The revised growth forecast came at the global lender’s half-yearly report ‘Global Economic Prospect’ released on Wednesday. However, the government eyes an economic growth of 7.8 percent in the 2017-18 fiscal year. Earlier, the bank predicted a 6 percent GDP growth in the 2016-17 fiscal which has now been revised at 7.2 percent. According to the Bangladesh ...

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Country’s economy to grow 6.9pc this FY: ADB

microenterprise

MNA Business Desk: Bangladesh’s economy is expected to grow at 6.9 in the current FY (fiscal year) while the inflation will remain within 6 percent, according to latest report of the Asian Development Bank (ADB). Bangladesh attained 7.2 percent GDP growth in the last fiscal year despite ADB’s forecast of 6.9 percent growth while the country was able to contain inflation at 5.4 percent in the last financial year although the Manila-based lending agency earlier had forecast it at 6.1 percent. Asian Development Outlook (ADO) 2017 Update released by ADB also said the economies of Bhutan and Myanmar are poised ...

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9/11 Today: Its Impact and Aftermath

9/11

Kaushik Ahmed Sixteen years have passed but it is still fresh in our memory today – the attacks of 9/11. There was multiple airplane attacks on World Trade Center, the Pentagon and Pennsylvania. These attaacks led to the famous ‘War on Terror’ by the US government which changed the scenario of the world, specially the Muslim world. No single figure since the Second World War has made so weighty an impact on world events as Osama bin Laden. Had the world responded to his 9/11 attack on America with control he would probably have disappeared, expelled from Afghanistan or killed ...

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GSMA Reveals Economic Impact of Mobile in Bangladesh

GSMA

MNA Feature Desk: The GSMA today revealed the positive impact of mobile on the Bangladeshi economy and the potential for even further growth and innovation. According to GSMA Intelligence, mobile technologies and services generated 6.2 per cent of the country’s GDP in 2015, a contribution that amounted to around US$13 billion of economic value1. In the same year, mobile operators and the ecosystem provided employment to more than 760,000 people across Bangladesh2. Bangladesh performs close to the regional averages across metrics of mobile market development, despite a lower income than neighbouring countries. Bangladesh is above the Asian average in terms ...

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Algorithms could wipe out the global economy

algorithms

MNA Science & Tech: Used in almost every industry, algorithms have transformed the way we work – but they have the capacity to do immense damage. Experts have called on the Government to audit the algorithms used by technology and financial companies to avoid chaos, reported news agency. Professor Edward Tsang, director of the Centre for Computational Finance and Economic Agents at the University of Essex, said that algorithms should at least be “test-driven” by regulators to prevent “trillions” of pounds being lost and the global economy being wiped out. At their most basic, algorithm is a set of rules ...

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David Cameron resigns as prime minister after Brexit

Cameron

MNA International Desk: David Cameron resigns as prime minister after Britain votes Brexit as it was inevitable. David Cameron paid the price for his failure to secure Britain’s future in the European Union announcing his resignation and admitting the country now needed “fresh leadership”. Flanked by his wife and at one stage close to tears Mr. Cameron said it would be wrong for him “to be the captain that steers our country to its next destination.” He declared that he would stay on in a caretaker capacity but expected a new leader to be in place by the time of ...

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Brexit pitches world into uncharted terrain

Brexit

MNA Editorial Desk: UK leaving the EU as the decision became obvious, Brexit pitches the world as we know it into uncharted terrain. Decelerating growth, a return to protectionism, inquiring for free trade agreements and worries over the solidity of the EU – the global economy is ingoing an era of bottomless uncertainty following Brexit. “We are moving into completely uncharted territory where the only certainty will be uncertainty,” said Jean-Michel Six, chief economist for Europe at SP Global Ratings. Britain voted by 52% to 48% for their country to leave the EU in spite of dire warnings from world ...

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Bangladesh acquired the highest amount FDI

Bangladesh

MNA Business Desk: Bangladesh has acquired the highest amount of Foreign Direct Investment (FDI) in a year in 2015, according to an UNCTAD report. The report showed that the country engrossed $2.235 billion, registering a 44% growth, $684 million in value in FDI influx over the preceding year’s FDI. This was revealed in the World Investment Report 2016, released on Wednesday by the United Nations Conference on Trade and Development (UNCTAD). “Bangladesh has witnessed the highest growth among the South Asian countries due to stable and favorable investment atmosphere prevailed in the country last year,” executive chairman of Board of ...

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G20 advise growth opportunities beyond ultra-easy policy to spark global economy

On Saturday, the top economies of the world anticipated on a declaration to recommend the world to look for options for growth opportunities other than ultra-low interest rates as well as printing money to get over from the vulnerability of global economy. Alongside, they promised future structural reforms as they believe that would intrigue activity. The G20 (Group of 20) finance ministers and central bankers have gathered in Shanghai for a two-day meeting. A draft of the statement, which is to be issued at the end of the meeting, projected huge concerns and policy frictions that was driven due to ...

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