BD more likely to continue steady growth rates: HSBC economist

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As global growth recovers in the approaching quarters, Bangladesh stands to benefit from its strong economical fundamentals and can likely continue to deliver steady expansion rates despite COVID-19 pandemic.

Co-head of HSBC’s Asian Economics Research Frederic Neumann developed the statement at a virtual session for HSBC Bangladesh clients and stakeholders titled ‘Impact of COVID-19 on the Bangladesh economy and silver linings’ on Tuesday.

Neumann also discussed the impact of COVID-19 on the global in addition to regional economy, according to a news release.
 
In his demonstration, Neumann said Bangladesh continues to impress with monetary resilience regardless of the pandemic.

“Strong growth recently was predicated on solid fundamentals, with stable inflation and a robust external payments position. Bangladesh exports have also received global market share recently and the continued rise in remittance possesses helped to aid local demand,” he stated.

Neumann continued to describe that Bangladesh’s economy has up to now managed the challenges brought by the global COVID-19 outbreak well.

“While exports specifically possess suffered amid a worldwide decline found in apparel demand, and remittances include cooled, the fall in oil prices and slowing imports include held the country’s trade position found in a resilient position,“ he noted.

“Locally, consumer spending has softened due to a softer labour market and the necessity for social distancing. However, the government has sent a robust response to support demand, reinforced by an accommodative central bank.”

British Great Commissioner to Bangladesh Robert Chatterton Dickson attended the session as the chief guest and Bangladesh Bank’s Deputy Governor Ahmed Jamal joined the function as a special guest.

HSBC Bangladesh’s CEO Md. Mahbub ur Rahman was also in attendance alongside key members of the business enterprise community, regulatory bodies and representatives from state-possessed enterprises.

Commenting on the function, Robert Chatterton Dickson acknowledged that Bangladesh possesses been among the great economic achievement stories of the carry on decade.

“The key question now is how the country recovers from the COVID-19 pandemic, and sets itself on a renewed path of sustainable, inclusive private sector-led growth,” the envoy said.

He expressed his hope that the insights shared by the specialists at HSBC can help Bangladeshi businesses and entrepreneurs to emerge more powerful from these complex challenges.

Speaking at the function, Ahmed Jamal said, “That is an unprecedented situation for all of us. Bangladesh entered this situation with strong macroeconomic fundamentals. The central bank spent some time working to provide satisfactory policy support. Bangladeshi persons are recognized for our resilience and along we will navigate this tumultuous time.”

Md. Mahbub ur Rahman through the opening remarks stated a sustainable and timely recovery out of this turbulence warrants deeper collaboration among all stakeholders.

“It is stated that sunlight rises even following the darkest night. I share the optimism discussed today. We should come out more robust and better from this unprecedented circumstance,” he added.

Before joining HSBC in 2006, Frederic Neumann was an adjunct professor at we universities, including Johns Hopkins University, teaching graduate courses on Asian sovereign risk analysis, financial markets, monetary policy, and Southeast Asian political culture.

He also served as a consultant to international organisations and governments and as a study associate of the Institute for International Economics in Washington, DC.
Source: https://thefinancialexpress.com.bd

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