Country to break 6pc growth trap: Muhith

Staff Correspondent

Finance minister AMA Muhith on Monday said that the country will be able to break its six per cent growth trap by obtaining 7 per cent growth in the gross domestic product in the current fiscal year.
He expressed his optimism on his 83rd birthday  on the day.
Muhith, however, could not say when the prices of fuel oils would be slashed against the growing demand from different quarters because of the plummeting price of oil in the global market.
Taking to reporters at his secretariat office, he said discussion about the downward adjustment of oil price was going on at the high level of the government.
He said the basis of the optimism for obtaining seven per cent growth was that there was no political violence in the current year.
The country’s GDP growth never crossed seven per cent mark. It has been stuck at below the mark despite the ruling party projection of more than seven per cent growth in the last seven years.
However, inadequate private investment coupled with poor infrastructure had been described as major barriers to seven per cent GDP growth.
Muhith noted that private investment was picking up in the absence of violent political programmes. Tentative public investment was also picking up, he said.
He thanked BNP chairperson Khaleda Zia for not taking up violent political programmes in the current year.
Early this month, the World Bank forecast that the country’s gross domestic product will grow by 6.7 per cent in 2015-16.
The Asian Development Bank in its forecast made in September said that Bangladesh’s economy will grow 6.7per cent in the current fiscal year.

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