Planning Minister MA Mannan has said that the internal strength of the country's economy is 'enormous' which has led the nation to overcome various odds and propel ahead to become a developed country by 2041. "The internal strength of the country's economy is enormous and I'm very much happy in this regard," he added. The Planning Minister said this in an interview with BSS while highlighting the achievements and challenges of the Awami League government over the last 15 years in its three successive terms.
Touching upon the overall macroeconomic performances of Bangladesh over the last 15 years under the rule of the Awami League government, the Planning Minister said Bangladesh has made a 'quantum jump' in all the major macroeconomic fronts alongside faring better in other socio-economic indicators during this one and a half decades. He noted that Bangladesh was able to maintain a healthy GDP growth rate of 7 percent on an average until the COVID-19 pandemic and the Russia-Ukraine war brought havoc into the global economy and also to the livelihood of mankind.
"Had there been no pandemic and the war during this period, Bangladesh could have enjoyed over 8 percent growth during this period," Mannan said, adding that Bangladesh was the best performer in this region in terms of tackling the impacts of the pandemic.
During the FY2010, the overall budget size of the country was Taka 1,13,815 crore whereas the ADP size was Taka 28,500 crore. With the passage of time and riding on successful implementation of policies, the budget size reached Taka 7,61,785 crore in the current FY24 with the ADP size totaling Taka 2,63,000 crore. When asked about the state of the country's overall macroeconomic situation amid the shocks of the global economic condition, the Planning Minister said that the economy is now doing well since it is making a turnaround from the pain of the global economic slowdown. "The process for making a successful turnaround is already underway. The supply of essential items like rice, vegetables, fish and meat are smooth and it would continue in the coming days," he added. About the major macroeconomic indicators, Mannan was quite upbeat as the flow of inward remittance is now currently on the rise due to the stimulus being provided by the government to bring in more greenbacks amid the dollar crisis.
He said that foreign currency reserve, which at one point was nearly approaching the $50 billion mark during the rule of Awami League, is now currently in a bit lower level, but still can meet up the import bills for several months.
