By Shekhar Shah, Pradeep Mitra
Bangladesh has accomplished a lot in its quest for financial and social improvement, yet a lot is left undone. major achievements in inhabitants, foodstuff construction, and stabilization of the macroeconomy haven't been followed by means of the speedier fiscal development and employment new release had to alleviate monstrous poverty. elevating financial progress to a sustainable point impending 7 percentage over the medium time period is still the overriding coverage objective for the rustic. How executive coverage and activities might help in achieving the aim of quicker progress by way of selling an export push in production by means of the personal zone is the elemental topic of this record.
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Extra resources for Bangladesh: from stabilization to growth
This requires that there must be flexible management of the exchange rate, steps to link real wages with productivity, and other domestic cost reducing measures. All three elements are necessary if export competitiveness vis-a-vis actual and potential competitors is to be maintained and enhanced. Second, the Government should liberalize interest rates further, removing or reducing the deposit rate floor so that lending rates can have one less reason to remain as high as the present 10 to 12 percent real levels.
Similar slides into macroeconomic populism have had disastrous consequences, in terms of low growth and fiscal imbalances, in Latin America and Sub-Saharan Africa, and must be avoided. This will require that the political commitment to the reforms not be allowed to weaken. Otherwise, without a solid foundation of physical and human capital on which to sustain long-term growth, the current window of opportunity for accelerated reforms would inexorably close, as the economy fails to make a successful transition from stabilization to rapid growth.
There is a strong rationale for reinvigorating the political commitment for reforms in Bangladesh, for broadening its political base to take advantage of the window of opportunity, and for staying the course without giving in to macroeconomic populism. More public awareness and advocacy of reforms are needed: reforms are still better known to those who stand to lose from them, but not to those who will gain. Unless implementation quickens and the Government takes both bolder and swifter actions, there is a danger that the expected industrial supply response, on which the growth objectives of the structural adjustment program are premised, may not materialize.
Bangladesh: from stabilization to growth by Shekhar Shah, Pradeep Mitra