Metropolitan Chamber of Commerce and Industry (MCCI) urged the government to take more actions to make foreign exchange reserve stable, manage inflation, enhance revenue earnings, ensure proper electricity and gas supply for economic activities and improve the food situation.
As many as six out of nine key economic indicators, prepared by the Bangladesh Bank, signal significant challenges facing the new government that economists attribute to persisting global and local adversities, said MCCI in its review of the economic situation for October-December of the current financial year of 2023-24.
The six weaker parameters are foreign exchange reserves, import volume, domestic debt, export receipts, food stock, and CPI inflation.
To overcome the situation, the government took quick and decisive measures to address the economic fallout, the MCCI opined in its review.
Nevertheless, the economy has been showing some signs of improvement in the quarter under review (Q2 of FY24). Exports and imports are two important drivers of the economy, and amid the present situation, both the areas have done better.
However, there was slowdown in external demand, weak remittance inflow, shortfall in revenue collection and slow public expenditure, rise in inflation, depreciation of the Taka, a decline in foreign exchange reserves, unemployment situation and low investment in recent months.