Sunday, November 29, 2020 | ePaper

BD likely to continue steady growth rates: HSBC economist

  • Print


Business Desk :
As global growth recovers in the coming quarters, Bangladesh stands to benefit from its strong economic fundamentals and will likely continue to deliver steady growth rates despite COVID-19 pandemic.
Co-head of HSBC's Asian Economics Research Frederic Neumann came up with 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 talked about the impact of COVID-19 on the global as well as regional economy, according to a press release.
In his presentation, Neumann said Bangladesh continues to impress with economic resilience despite the pandemic.
"Strong growth in recent years was based on solid fundamentals, with stable inflation and a robust external payments position. Bangladesh exports have also gained global market share in recent years and the continued rise in remittance has helped to support local demand," he said.
Neumann went on to explain that Bangladesh's economy has so far managed the challenges brought by the global COVID-19 outbreak well.
"While exports in particular have suffered amid a global decline in apparel demand, and remittances have cooled, the fall in oil prices and slowing imports have kept the country's trade position in a resilient position," he noted.
"Locally, consumer spending has softened due to a softer labour market and the need for social distancing. However, the government has delivered a robust response to support demand, supported by an accommodative central bank."
British High Commissioner to Bangladesh Robert Chatterton Dickson attended the session as the chief guest and Bangladesh Bank's Deputy Governor Ahmed Jamal joined the event as a special guest.
HSBC Bangladesh's Chief Executive Officer Md. Mahbub ur Rahman was also in attendance alongside key members of the business community, regulatory bodies and representatives from state-owned enterprises.
Commenting on the event, Robert Chatterton Dickson acknowledged that Bangladesh has been one of the great economic success stories of the last 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 experts at HSBC will help Bangladeshi businesses and entrepreneurs to emerge stronger from these complex challenges.
Speaking at the event, Ahmed Jamal said, "This is an unprecedented situation for all of us. Bangladesh entered this situation with strong macroeconomic fundamentals. The central bank has worked to provide adequate policy support. Bangladeshi people are known for our resilience and together we will navigate this tumultuous time."
Md. Mahbub ur Rahman during the opening remarks said a sustainable and timely recovery from this turbulence warrants deeper collaboration among all stakeholders.
"It is said that the sun rises even after the darkest night. I share the optimism discussed today. We will come out stronger and better from this unprecedented situation," he added.
Before joining HSBC in 2006, Frederic Neumann was an adjunct professor at a number of US 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 research associate of the Institute for International Economics in Washington, DC.

More News For this Category

Mohammed Monirul Moula, Additional Managing Director of Islami Bank Bangladesh Limited, inaugurating its Cash Recycling Machine Booth at Basundhara Residential Area in the capital recently. Mizanur Rahman, Senior Executive Vice President and Md Mozahidul Islam, Head of Baridhara Branch, among others, were present.

Mohammed Monirul Moula, Additional Managing Director of Islami Bank Bangladesh Limited, inaugurating its Cash Recycling Machine Booth at Basundhara Residential Area in the capital recently. Mizanur Rahman, Senior Executive Vice President and Md Mozahidul Islam, Head of Baridhara Branch, among others, were present.

Prices of rice, oil hike further

Prices of rice, oil hike further

Economic Reporter :The customers in Dhaka have had no respite from price hike as fine quality rice and soybean oil have become costlier.The rice price hikes due to acute crisis

M A Akmall Hossain Azad, Director of Bangladesh International Arbitration Centre (BIAC) and Afsarul Arifeen, Acting Secretary General of DCCI, exchanging documents after signing a Memorandum of Understanding (MoU) at the BIAC secretariat in the city on Thursday. BIAC's CEO Muhammad A. (Rumee) Ali and DCCI President Shams Mahmud, among others, were present.

M A Akmall Hossain Azad, Director of Bangladesh International Arbitration Centre (BIAC) and Afsarul Arifeen, Acting Secretary General of DCCI, exchanging documents after signing a Memorandum of Understanding (MoU) at the BIAC secretariat in the city on Thursday. BIAC's CEO Muhammad A. (Rumee) Ali and DCCI President Shams Mahmud, among others, were present.

Recruitment tests of 7 banks postponed

Economic Reporter :The recruitment tests of seven banks for the post of senior officer have been cancelled due to circumstances caused by the raging pandemic across the country.Bankers' Selection Committee

Access of SME exporters to global markets widening

Access of SME exporters to global markets widening

Economic Reporter :Commerce Minister Tipu Munshi on Saturday said that the country's export volume to Canada will be doubled within the next three years."Our current annual export earnings from Canada

Commerce Ministry Tipu Munshi handing over the 20th ICAB National Award for best presented annual reports to Md Quamrul Islam Chowdhury, Managing Director of Mercantile Bank Limited at a city hotel on Thursday. Commerce Secretary Dr Md Jafar Uddin and the bank's CFO Tapash Chandra Paul, among others, were present.

Commerce Ministry Tipu Munshi handing over the 20th ICAB National Award for best presented annual reports to Md Quamrul Islam Chowdhury, Managing Director of Mercantile Bank Limited at a city hotel on Thursday. Commerce Secretary Dr Md Jafar Uddin and the bank's CFO Tapash Chandra Paul, among others, were present.

India's economic contraction eased as vaccines boost recovery hopes

Reuters, New Delhi :The contraction of the Indian economy eased off in the three months to September amid signs of a pick up in manufacturing, and economists expect a steady

DCCI partners with BIAC for settlement of commercial disputes

Business Desk :The Dhaka Chamber of Commerce and Industry (DCCI) signed a Memorandum of Understanding (MoU) with Bangladesh International Arbitration Centre (BIAC) at the BIAC Secretariat in the capital on

'Texworld USA' begins in NY on Jan 12 with new concept

Business Desk :A three-day international apparel sourcing event 'Texworld USA' will begin on January 12, 2021 with a new concept - 'Pop-up Sourcing Showcase' - in view of COVID-19

IFIC Bank customers to purchase AKASH DTH on installments

Business Desk :The country's only legal direct-to-home service AKASH DTH is now available on installment. Initially, IFIC Bank's `IFIC Shohoj Account' customers can purchase the DTH connection with this