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Economic indicators inconsistent with govt's GDP projection: CPD

Published : Wednesday, 24 April, 2019 at 12:00 AM  Count : 632

The Centre for Policy Dialogue (CPD) has said different economic indicators are inconsistent with the GDP projection.
The think tank urged the government to publish the 'actual data' based on which the GDP had been assessed.
"GDP is an important factor but not self-sufficient. All global development plans focus on human development. Even the SDGs have emphasised overall development of the stakeholders," CPD distinguished fellow Dr Debapriya Bhattacharya said.
He said there was little private investment in the development efforts taken place during the 100 days. "All the variables connected to GDP don't reflect the rapid GDP growth," he said.
The Centre for Policy Dialogue (CPD) on Tuesday urged the government to publish the "actual data" based on which the GDP has been assessed.
Debapriya noted that statistics showed an increase in labour productivity but surveys revealed that the working class' income has not risen as discrimination is on the rise.
He, however, appreciated the government for the steady GDP rise and expressed concern about other aspects of national development.
He was addressing a press conference arranged at Cirdap Auditorium marking the launching of a report as part of Independent Review of Bangladesh Development research programme on the acts and assessment of electoral pledges of the government within the first 100 days of its rule.
The independent think
tank said growth estimate has been done based only on five months' data of manufacturing and six months' data on financial sector.
Agriculture crop production data was almost absent when the GDP estimate was made. The organisation said leather and leather production has been shown to have grown by 32.5 percent growth without a commensurate reflection in the export performance.
"Shipment of leather and leather slumped 16 percent July-November period of the current fiscal year."
Tax GDP ratio stood lower in the first quarter of the current fiscal while private sector credit growth slowed down as of February 2019, it said.
Data and statistics provided for the research are less reliable than before, he said. "We wish to see the information and data based on which the GDP growth rate has been determined," the CPD fellow said.
CPD Distinguished Fellow Prof Mustafizur Rahman highlighted the importance of falling discrimination, saying that it is the only way to maintain sustainable GDP growth.
He also urged the government for larger budget allocation for education sector to develop skilled manpower.
Meanwhile, Senior CPD Research Fellow Towfiqul Islam Khan discussed several aspects of the current government's initiatives and challenges to face based on the report.
CPD Executive Director Dr Fahmida Khatun mentioned that the banking sector has started deviating from IMF policy since 2012.
She said CPD has planned to set up a banking commission involving citizens.
CPD Research Director Dr Khondaker Golam Moazzem mentioned that there are several complaints against reports on the newly-introduced companies in the capital market.
He also said the Anti-Corruption Commission is not taking adequate measures to tackle irregularities in the stock market.
CPD also made some recommendations for resolving the issues.related story on page 13

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