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 ------------------------------------------------------------------------------------------------------------- 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> |
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