According to yesterday's Financial Express- Dhaka, the Gross Domestic Product (GDP) growth for the current fiscal year (FY) 2012-13 might reach as high as 6.8 per cent in the best case or remain as low as 6.3 per cent in the worst case, Finance Minister Muhith said Thursday.
The WB in its latest development outlook downsized the GDP growth prospect to 5.8 per cent while the IMF put it at 6.0 per cent and the ADB 5.7 per cent.
Why such a discrepancy in various estimates? Which estimate to believe? I will not believe Muhith – for sure. People in Bangladesh titled him Minister of "Rubbish" and "Bogus" – primarily because he dismisses everything contrary to his line of thinking and doing as "Rubbish" and "Bogus".
Muhith's projection is right if you add all the stashed income of politicians, civil servants and businesses, which are illegally transferred to foreign banks.
We all know that GDP growth is important. Higher GDP growth means higher per capita income and improved standard of living of the citizens. What is critically important though is "Who benefits from this GDP growth? You will easily find the answer if someone estimates the per capita GDP of the politicians, party activists, party hooligans and of course the businesses and corrupt civil servants.
I now rest my case.
God bless the Good and honest people of Bangladesh -- wherever they live.
--
Professor and Economics Department Head
M.Sc(phys), M.S.(nuclr.eng),Ph.D(econ)
703-A Pray-Harrold,
Ypsilanti, MI 48187
adewan@emich.edu
Ph#(734)487-3395
__._,_.___
