Bangladesh : Development Forum Economic Update
The report reviews recent economic
developments, showing economic growth continues to its path,
and, aided by global economic recovery, export growth
remains strong. The forex market has been stable since the
national currency (taka) was floated in by the end-May 2003.
The fiscal stance for FY04 remains expansionary, but within
prudent limits, and without straining fiscal sustainability,
whereas the monetary policy stance - tightened considerably
last summer to facilitate exchange rate liberalization - is
becoming increasingly adaptable, in recognition of the
favorable macro-financial conditions, seemingly on a prudent
course. Higher growth in the 1990s also translated into
sharper declines in income poverty. Notwithstanding the
impressive gains thus far, the magnitude of remaining
development challenges is enormous. In June 2003, the
Government adopted its first ever medium-term macroeconomic
framework, which underpins its poverty reduction strategy,
and should contribute to high growth, and fast-paced poverty
reduction. The path of the fiscal policy in the medium-term
framework, is consistent with Bangladesh's reform
needs, and public debt sustainability. And, despite recent
deterioration, the public debt stock appears sustainable.
However, Bangladesh remains vulnerable to the scheduled
phase out of the Multi-Fiber Arrangement (MFA) quotas from
January 2005. The report estimates GDP growth rates would be
needed if the stated poverty reduction objectives are to be
achieved, and, analytical work suggests that higher growth
is likely to come mainly from productivity increases.
Regarding the agenda for human development it is indicated
that with good foundations already built, Bangladesh should
now move swiftly with the second generation reforms needed
to further improve human development. These entail
complementing increased social spending with significant
improvements in the institutional framework for service
delivery, as specified in the Interim Poverty Reduction
Strategy Paper, with increased efforts to promote decentralization.
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Bibliographic Details
| Main Author: |
World Bank |
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| Language: | English
en_US |
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| Published: |
Washington, DC
2004-05-26
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| Subjects: | ACCOUNTABILITY,
ANALYTICAL WORK,
ANNUAL OBSERVATIONS,
ARSENIC,
AVERAGE GROWTH,
BALANCE OF PAYMENTS,
BANKING SECTOR,
CAPITA GROWTH,
CAPITAL ACCOUNT,
CAPITAL GOODS,
COMMERCIAL BANKS,
COMMUNITY PARTICIPATION,
COMPARATOR COUNTRIES,
CONSUMER PRICE INDEX,
COUNTRY DATA,
CPI,
CURRENCY UNIT,
DEBT,
DECENTRALIZATION,
DEMOCRACY,
DEVELOPING WORLD,
DEVELOPMENT GOALS,
DEVELOPMENT INDICATORS,
DEVELOPMENT PARTNERS,
DEVELOPMENT POLICY,
DEVELOPMENT WORKS,
DIRECT INVESTMENT,
ECONOMIC ACTIVITY,
ECONOMIC GROWTH,
ECONOMIC MANAGEMENT,
ECONOMISTS,
EMPLOYMENT,
EXCHANGE RATE,
EXPORT DIVERSIFICATION,
EXPORT GROWTH,
EXPORTS,
EXTERNAL DEBT,
FINANCIAL MANAGEMENT,
FOOD PRODUCTION,
FOOD SECURITY,
FOREIGN AID,
FOREIGN EXCHANGE,
GDP,
GDP PER CAPITA,
GOVERNMENT SECURITIES,
GROSS DOMESTIC PRODUCT,
GROWTH PERFORMANCE,
GROWTH PROCESS,
GROWTH PROJECTIONS,
GROWTH PROSPECTS,
GROWTH RATE,
HEALTH OUTCOMES,
HIGH GROWTH,
HUMAN CAPITAL,
HUMAN DEVELOPMENT,
HUMAN DIMENSIONS,
IMPORTS,
INCOME LEVELS,
INCOME POVERTY,
INCREASED DEMAND,
INFANT MORTALITY,
INFLATION,
INFLATION RATE,
INFLATION RATES,
INSTITUTIONAL FRAMEWORK,
INSTITUTIONAL MEASURES,
INSURANCE,
INTEREST RATES,
INVESTMENT CLIMATE,
INVESTMENT RATE,
LABOR FORCE,
LIQUIDITY,
LONG-TERM GROWTH,
LOW INCOME COUNTRIES,
LOW-INCOME COUNTRIES,
MACROECONOMIC ENVIRONMENT,
MACROECONOMIC FRAMEWORK,
MACROECONOMIC STABILITY,
MANUFACTURING SECTOR,
MEDIUM TERM,
MONETARY POLICY,
NATIONAL INCOME,
NATIONAL POVERTY,
PER CAPITA INCOME,
PER-CAPITA INCOME,
POLICY REVIEW,
POLICY STANCE,
POLLUTION,
POVERTY RATE,
POVERTY RATES,
POVERTY REDUCTION,
POVERTY REDUCTION STRATEGY,
POVERTY TRENDS,
PRICE LEVELS,
PRIMARY EDUCATION,
PRIORITY AREAS,
PRIVATE SECTORS,
PRODUCTIVITY INCREASES,
PUBLIC SECTOR,
PUBLIC SERVICE,
PUBLIC SERVICE DELIVERY,
PURCHASING POWER,
QUOTAS,
REAL WAGES,
REDUCING POVERTY,
RULE OF LAW,
RURAL POPULATION,
SERVICE DELIVERY,
SOCIAL DEVELOPMENT,
SOCIAL INDICATORS,
SOCIAL SECTORS,
SOCIAL SERVICES,
SOCIAL SPENDING,
STRUCTURAL BREAK,
STRUCTURAL REFORMS,
T-BILLS,
TAX COLLECTION,
TAX REVENUE,
TOTAL FACTOR PRODUCTIVITY,
TRADE BALANCE,
TRADE DEFICIT,
TRADE TAXES,
TREASURY BILLS,
URBAN AREAS,
VALUE ADDED,
WAGES,
WATER SUPPLY ECONOMIC DEVELOPMENT,
FINANCIAL MECHANISMS,
CURRENCY MARKETS,
FISCAL SUSTAINABILITY,
PRUDENTIAL REGULATIONS,
EXCHANGE RATE ADJUSTMENTS,
LIBERALIZATION,
MACROECONOMIC POLICY,
GROWTH PATTERNS,
POVERTY INCIDENCE,
POVERTY REDUCTION STRATEGIES,
ANALYTICAL METHODS,
PRODUCTIVITY GROWTH,
REFORM IMPLEMENTATION,
SOCIAL SECTOR INVESTMENT, |
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| Online Access: | http://documents.worldbank.org/curated/en/2004/05/4325177/bangladesh-development-forum-economic-update
https://hdl.handle.net/10986/15671
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