Business News

BD needs new drivers of growth: ADB

Contributions of exports and remittances to the economy, the two traditional growth drivers of Bangladesh, have weakened in recent years. Making the observation, Asian Development Bank (ADB) stressed on the needs of seeking new drivers of growth in near future.

It pointed out the export-GDP ratio declined below 15 per cent in the current year which was around 20 per cent five years back. In a similar vein, remittance-GDP ratio came down to around 5 per cent, which was around 10 per cent in 2013. ADB viewed that promoting labour-intensive manufacturing in general would help the industry to expand and meet growing demand in the domestic market.

It also pointed out that Bangladesh has good potential in several industries like leather and footwear, light engineering, electronics, pharmaceuticals, furniture, shipbuilding, jute products, food processing, automobiles, and rubber goods.