Awami League government is ahead of BNP in terms of GDP Growth

বাংলাদেশ প্রেস
বাংলাদেশ প্রেস

Bangladesh has become a role model of development due to the honest ruling of Awami League government who believes on the spirit of the Liberation War. The persistent effort of Awami League government is making the country self-dependent and hunger and poverty free. Right leadership and liabilities of Awami League government to the nation has turned this country into a rising sun of world economy. Bangladesh is moving forward with pace with a dream of changing the days. Currently, Awami League government has outsmarted all the previous government in terms of domestic production and economic solvency. Now, the whole world is surprised to see Bangladesh. When compared between Awami League and BNP in terms of holistic development, growth of GDP and achieving development goals then it will be visible in front of everybody that which government worked relentlessly to achieve it.

GDP growth was only 4.5% every year during the BNP period which is from 1991 to 1996. It increased to only 5.4% during the last time BNP was elected which was 2001 to 2006. GDP size was 4 lac 82 thousand 337 crore Taka in 2005-06 fiscal years. In 2016-17 fiscal years it became 19 lac 75 thousand 817 crore Taka which is five times more that aforementioned fiscal years. Awami League government increased the food production from 1 crore 80 lac tons to 2 crore 69 tons in 1999-2000 fiscal years. It surpassed the domestic demand to 29 lac metric tons. At time Bangladesh started to stand up on its own feet under the leadership of Sheikh Hasina. GDP growth rose to 6.4% and inflation dropped down to 1.49%. GDP growth was 5% during Awami League period from year 1997 to year 2001. GDP growth kept growing by 6.3% from year 2009. Inflation was 12.3% in 2008-09 fiscal years when Awami League government was taking power. Inflation dropped down to 5.84% by December 2017. Poverty rate was 41.5% during BNP period in 2005-06 fiscal years. By the end of year 2017 it dropped down to only 22%. Per capita income was only 543 USD in 2005-2006 during the last year of BNP. Now it is 1,610 USD which is 3 times more than that. GDP size was 4 lac 82 thousand 337 crore Taka during 2005-2006 fiscal years. In 2016-17 fiscal years it has grown to 19 lac 75 thousand 817 crore taka which is 5 times more than that. Foreign investment has increased 4 times than the BNP period. Foreign investment was 0.744 billion USD in 2005-2006 fiscal years. Currently this investment is 3 billion USD. Annual domestic budget of this year is 7 times more than the BNP period. Domestic budget size was only 61 thousand 57 crore Taka in 2005-2006 fiscal years. This year domestic budget has a size of 4 lac 64 thousand 573 crore Taka. It has increased 8 times compared to the Annual Development Plan (ADP) of BNP on their last year. ADP size was only 19 thousand crore taka in 2005-2006 fiscal years. Currently in 2017-18 fiscal years it has increased to 1 lac 64 thousand crore Taka. Foreign currency reserve has also significantly increased if these two periods are compared. Foreign currency reserve was 3.48 billion USD in 2005-06 fiscal years and the ruling government was BNP. Currently, in 2016-17 fiscal years the foreign currency reserve is 33.44 billion USD which is 10 times more than aforementioned fiscal years.

Foreign expatriates income has a difference of 9 billion USD compared to these two governments. 4.8 billion USD came as remittance during BNP period in 2005-06 fiscal years. During the period of Awami League government in 2017-18 fiscal years it has increased to 1 thousand 357 crore 75 lac USD. In 2016-17 fiscal years the GDP has a growth of 7.28%. Bangladesh Bureau of Statistics (BBS) showed this on their final report. Before that they showed that the GDP growth is 7.24%. Government has an aim to make the GDP growth to 9%; if that happens then Bangladesh will turn into a developed nation by year 2041. For the first time in the history of Bangladesh the investment exceeded 30% in terms of GDP ratio. Last year 30.51% of the GDP was invested. Before that it was 29.63%. According to BBS growth in agricultural sector was 2.97%, industrial sector had a growth of 10.22% and service sector had a growth of 6.69% in 2016-17 fiscal years. BBS showed on their final report that the growth was 7.11% in 2015-16 fiscal years.

Renowned economist Dr. Akbar Ali Khan said about economic development of current government, “Prime Minister Sheikh hasina’s leadership really worked like magic and Bangladesh is changing fast.” After reelected in 2014 this way of development has accelerated. Bangladesh is in the list of 11 economically developing nations. Recession occupied the whole world still Bangladesh managed to continue the development process. Mainly, government showed determination on GDP growth and achieving economic development. Elimination of disorder in financial sector, being efficient in macroeconomic management, preventing corruption and irregularities to spread and increased foreign investment has put a positive impact on the growth of economy in Bangladesh. I am hopeful that this flow of development will keep continuing in future.”