[ALOCHONA] Bangladesh Political Parties need a real life Menifesto

Dear All,   I am surprised to see few of our so called economists in Bangladesh about their prediction on Bangladesh GDP for 2009. Most of them emphasized that Bangladesh will not be affected as International slowdown wide spreads the world.  I have been telling as before that Bangladesh will be affected more since Bangladesh depends on exports mostly of its survival.   These so called economists live in a cave or not, I am not sure but I will urge political parties to provide clear strategies how to face this worldwide slowdown storm in Bangladesh with real expectation and plan for worst situation.   Regards, M. M. Chowdhury (Mithu), Virginia, USA www.changebangladesh.org   ------------------------------------------------------------------------------------------------------------- Export earning records 41pc fall in October   Mahmuda Shaolin The country' overall exports declined by over 41 per cent in October over that of September of the current fiscal with earnings tumbling from US$1.48 billion in September to US$867.69 million in October. Sector insiders termed the drastic fall as the beginning of the adverse impact of global financial meltdown on the country's economy. But the overall export earnings during July-October period of 2008-09 fiscal year (FY) registered a growth of 30.68 compared to the corresponding period of FY 2007-08, according to Export Promotion Bureau (EPB) export performance report. During July-October of FY 2008-09, the overall export earnings stood at US$5.25 billion while it was US$ 4.019 billion during the corresponding period of FY 2007-08. President of Bangladesh Garment Manufactures and Exporters and Association (BGMEA) Anwar Ul Alam Chowdhry Parvez and Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) Fazlul Hoque expressed concern over the situation, saying that it is an initial impact of the global financial recession. The government should review the export performance immediately for taking necessary steps to save the export sectors, they added. After a booming 71 per cent growth in export in the first month of current fiscal year compared to the same period of the 2007-08, Bangladesh's export earning started to dip in the latter months. Monthly export growth came down to 30 per cent in October from 42 per cent in September and 42.35 per cent in August as earning from RMG started to plummet, the EPB data showed. Growth in earnings from garments including knitwear and woven stood at 32 per cent in July-October of 2008 period from a year earlier to $ 3.902 billion. It was $3.36 billion with 44 per cent growth in the first quarter of the current fiscal compared to the corresponding period of the last fiscal year. Talking to the FE, BGMEA president Anwar Ul Alam Chowdhry Parvez said export earning from garments in October declined as buyers from the European counties and the United States requested them to defer shipment of goods due to poor sales in those part of the world. But, he expressed the hope that earning from garments export would pick up again as shipment in November-December period increased to some extent. "It is an initial impact of the global financial meltdown. The government should identify the reasons and take immediate steps to address them," BKMEA president Md. Fazlul Hoque told the FE. According to the EPB, Bangladesh's exports hit a record $14.11 billion in the last financial year that ended in June 2008, of which almost $10.7 billion came from garments. Bangladesh has set a $16.298 billion export target for the year to June 2009. The projected target for knitwear is $ 6.58 billion, up 19 per cent from the last fiscal. The target for woven garments is $ 5.68 billion, up 10 per cent from the previous fiscal. --- On Wed, 11/12/08, M. M. Chowdhury (Mithu) <cgmpservices@yahoo.com> wrote: From: M. M. Chowdhury (Mithu) <cgmpservices@yahoo.com> Subject: More Financial bad news on the Horizon To: cgmpservices@yahoo.com Date: Wednesday, November 12, 2008, 4:50 PM Dear All,   Even it looks like that the financial crises started at USA but its effect will be felt every corner in the world.  Lets see if I can explain how this problem has accumulated for more than 20 years.   Most of the countries in the world have invested, lend money to USA to use it.  In return of this cheap money inflow, they have got great access to their products in USA.  USA customers were happy to use this cheap money and spent it like free fall.  This has created a bubble in home prices (Cost of a house price shoot up to 4 times some areas).  People in USA have become addicted to cheap money and easy credit access where they should not have in the first place where they can not afford it.   Second problem is that USA is no longer in leader in new technologies and in competition like before.  Their manufacturing industries have evaporated last 8 years.  Few of US policies have made worst for not letting new students to study in USA if they were not from Europe and India.  So revenue of USA has dropped in every areas you can think about it.   Third problem is that USA consumes more product than they manufacture, like importing more goods more than they can export.  In this case China & India have beaten them badly.   By looking at this financial crises,  I predict that this financial slump will stay between 6-8 years unless some miracle happen.  USA is not in good condition like 1930's or 1980's where USA has greater advantage in new technologies and were very few competitors compare to China and India.   Iraq war has cost USA more than $700 Billion and expected benefit of more than $2 Trillion dollar to be provided for injured soldiers form the years to come.  This will be a great burden for USA form the years to come.   Forth problem is that foreign countries won't lend cheap money to USA like before which can bring down the standards of living in USA.   Our children future in USA might be in trouble by looking at all the indication that I can see.  So the bottom line is that it does not matter which prism you use to see USA future,  it looks bleak and scary.   I like to urge everybody to have plan B in their financial solvency.  We may have to adopt lower standards of life in future.  This is the compromise we have to take either we like it or not.   God Bless America and her people.   Regards, M. M. Chowdhury (Mithu), USA www.amreteckpharma.com

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