Bangladesh’s economy managing pandemic challenges well
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As global expansion recovers in the approaching quarters, Bangladesh stands to reap the benefits of its strong economic fundamentals and will likely continue steadily to deliver steady expansion rates, stated an economist of HSBC yesterday.
Frederic Neumann, co-head of the Asian Economics Exploration at the lender, shared his insights at a digital session titled "Impact of Covid-19 about the Bangladesh economy and silver linings" for the bank's clients on the country and stakeholders.
In his demonstration, Neumann said Bangladesh continues to impress with economic resilience.
Strong growth recently was based on sound fundamentals, with stable inflation and a robust external payments position. The country's exports have also gained global market show recently and the continued go up in remittance offers helped support regional demand.
"Bangladesh's economy has up to now managed the challenges brought on by the global coronavirus outbreak well," he said.
While exports, in particular, have suffered amid a global decline in apparel demand and remittances have cooled, the fall in oil prices and slowing imports have kept the country's trade job in a resilient location.
Locally, consumer spending features softened due to a softer labour market and the need for social distancing.
"However, the government has delivered a good robust response to aid demand, reinforced by an accommodative central lender," Neumann said.
Bangladesh has been among the great economic success tales of the previous decade, said Robert Chatterton Dickson, British high commissioner to Bangladesh.
The key question now could be the way the country recovers from the COVID-19 pandemic and sets itself on a renewed path of sustainable, inclusive private sector-led growth.
"I hope that the insights shared by the authorities at HSBC, one of the leading UK-based traders in Bangladesh, will help Bangladeshi businesses and business owners emerge better from these complex challenges," he added.
"This is an unprecedented scenario for all of us," said Ahmed Jamal, a good deputy governor of the Bangladesh Bank.
The country entered this situation with strong macroeconomic fundamentals, and the BB spent some time working to provide enough policy support, he said.
"Bangladeshi people are known for our resilience and jointly we will navigate this tumultuous period," he added.
The COVID-19 pandemic has disrupted the way of life in many sizes deemed unthinkable before, said Md Mahbub ur Rahman, ceo of HSBC Bangladesh. A sustainable and timely recovery out of this turbulence warrants deeper collaboration among all stakeholders.
"It is stated that sunlight rises even after the darkest nights. We will come out stronger and better out of this unprecedented scenario," he added.
Source: https://www.thedailystar.net
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