GOOD NEWS FOR BANGLADESH ECONOMY
The central Bank says in an annual report that the GDP growth is likely to be 5.75% in 2004-2005, only a bit less than the projected 6%. It is remarkable that despite the country suffered from a devastating flood this year the country has managed to keep itself in the track of growth. There were other impacts like the oil price increase and political unrest but exports and remittances in FY05 has bettered the situation.
But millions in the garments industry sector, which earns more than 70% of the country's export revenue are anxiously waiting for the post-2004 quota-free global trade regime starting from 01 January, 2005. The Bangladesh garments export sector is likely to face severe competition in the international market. This might have a negative impact on balance of payment, productivity and employment and all the equations of Bangladesh economy may be in disarray.