Addressing the National Economy and Its Future
Valor of Bangladesh, a platform dedicated to bringing together country leaders from all possible sectors, recently started its journey. Its debut endeavor, 'Strategy Summit 2021' with the theme, 'In pursuit of A Better Tomorrow', presented by Mutual Trust Bank, powered by IPDC Finance, supported by Ispahani Group, in Association with Zahedee Foundation, featured 12 sessions, each of them featuring a crucial topic relevant to Bangladesh's future with national icons shedding light upon them. One of them was economy, which had LankaBangla Finance as panel associates.
Some of the country's most intelligent and influential minds were speakers in this session, and Dr. M Masrur Reaz, the Chairman of Policy Exchange of Bangladesh, was the moderator. He began the session by addressing the ominous downfall of the economy due to the COVID-19 pandemic. His estimations of 88-110 million people being pushed into poverty in 220 were concerning itself. However, he also showed optimism by stating that Bangladesh's economy had successfully thrived regarding its restraints. Although recovery to the pre-pandemic state is a long way away due to the recent relapse in a health crisis, he remained optimistic that we will be able to turn things around through timely identification of challenges and to grasp the opportunities that come by.
Dr. Zahid Hussain, the former Lead Economist of the World Bank, was present as a special guest for this session. He helped the audience understand the economy in the pandemic and identified two prime headlines that emerged over the past year. He first explained how poverty had doubled in 2020 alone and how our country was ready to sustain the shock. Furthermore, he praised the progress the e-commerce sector made in Bangladesh last year, equal to that of 3 years. Export is identified as the significant indicator of the economy's progress, exceeding 3 million USD last year. The recovery in capital investment made him feel optimistic about the recovery of the economy.
A welcome presence in the session was that of Anis A Khan, who informed the present viewers about how the banking sector and mainstream private sector had changed due to the pandemic. He viewed the current situation as a repetition of history and that we need to be more communicative than ever to get by this challenging time. We need to take lessons from 2020 and localize and structure the lockdown. Despite the recent losses incurred in SMEs, he believed that the Bangladesh government's proper allocation of the stimulus packages can quickly recover the issue. He ended his speech on the note that resilience is the prime factor that can help Bangladesh's economy move forward and cause the industries to progress smoothly.
The Executive Director of Policy Research Institute of Bangladesh, Dr. Ahsan H. Mansur, played a vital role in this webinar. He showcased the problems and issues Bangladesh had been facing financially on a domestic level. Crucial issues like lack of investment are highlighted on how it is necessary for an economic recovery. Although he forecasted that the national economy might remain down for the next five months, he was still optimistic that things can change if the FDI can improve.
Private sectors, a crucial part of Bangladesh's economy was discussed by Selim R. F Hussain, the Managing Director & CEO of BRAC Bank Ltd. He told the audience about how Bangladesh's economy now has 4-5 more opportunities in terms of positive growth. The success of export-oriented business is brought up in terms of recovery. Finally, he talked about 3 surveys conducted between the clients of BRAC Bank Ltd. to show the swiftness of loan repayment. He urged all present to be brave and show resiliency when facing the second lockdown.
Finally, the last speaker of the session was Aftab Ul Islam, the Chairman of IOE (Bangladesh) Ltd. who discussed the challenges Bangladesh Bank combated in 2020 and the recovery they have made on that front. He painted a clear picture of the drop in food reserves since last year. Moreover, he stated that the stimulus packages by Bangladesh Bank needs proper allotment and distribution for the economy to recover properly. The session ended with a collective agreement that although disaster is on the horizon for our national economy, we can still bounce back if we remain vigilant and careful.
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