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:: Curbing inflation crucial for growth : ICCB ~
 
Bangladesh needs to pursue drastic measures in controlling the inflation rate to achieve its budgetary goals and economic growth rate of 7 percent, said a leading trade body on Monday.

Bangladesh economy performed reasonably well in the second quarter of the current fiscal (Oct-Dec) when most of the developed world has been in the midst of a 'recession', the International Chamber of Commerce-Bangladesh (ICCB) said in its latest bulletin released on Monday.

About export performance, the report said the export growth in the first six months dropped to 14.7 percent after a superb performance of 41 percent export growth in the last fiscal year. "It's still considered to be a respectable figure by any measure," it said.

Bangladesh economy faced a wide range of risks and pressures, including soaring inflation, hefty bank borrowings, and rise in government subsidies and low foreign aid disbursement in 2011, which may harden the macro-economic management of the country this year.

Besides, the economy also witnessed a fall in the private sector credit flow, depreciation of taka against dollar, higher import of products other than capital machineries and raw materials as well as current account balance deficit. "All these are going to be the main challenges for the current year as well."

Inflation, unemployment and growth trend are the major factors of macro economies. Over the past few decades, the nexus between inflation and economic growth have drawn extensive attention of macroeconomists.

However, according to experts, inflation and growth rate have both positive and negative relationship depending on situation; but inflation and unemployment have a negative relationship.

Bangladesh's inflation rate has maintained double digits since March last year. In the outgoing fiscal year, a major reason behind the galloping inflation was the depreciation of local currency against the US dollar.

The value of taka, which fell by over 15 percent during the outgoing calendar year (2011), was another threat to the economy as it had inflated the cost of imported goods having a knock-on-effect at the consumers' level and thus increasing inflation rate.

Source :
 

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