Economy to bounce back at year's end, hopes commerce minister

Commerce minister Tipu Munshi on Thursday hoped that the economy of the country will bounce back at the end of the year as some export products start seeing good demand in the global market amid the Covid-19 pandemic.

The minister made the remark at a virtual workshop organised by Economic Reporters’ Forum (ERF) in association with RAPID and The Asia Foundation on Covid-19 and Bangladesh Economy.

ERF General Secretary SM Rashidul Islam moderated the function while its president Saif Islam Dilal was in the chair, according to a news agency report.

Tipu Munshi said the RMG sector is performing well now despite the Coronavirus pandemic.

“We have 5-6 sectors including RMG which will help our economy to bounce back at the end of this year. We give emphasis on several sectors including leather, electronics, pharmaceuticals, light engineering and jute as these have good demand in the global market,” he also said.

The minister said they formed a task force to find out internal problems and resolve those for quick economic recovery.

“The task force of the ministry holds meetings regularly and communicates with other ministries concerned. We are also working with 42 countries to improve export volume. We are putting emphasis on the economic zones specially the one in Mirsharai to attract foreigners to invest more here,” he added.

He added the trade conflict between the USA and China may create an opportunity for us.

“We have to utilise the opportunity. It will create more jobs and increase our export earnings. We will lose the opportunities if we work slowly now. So we need more support from media to catch the markets and keep the country’s economy dynamic,” he also added.

RAPID chairman Dr Mohammad Abdur Razzaque presented the keynote at the workshop-1 titled Covid-19 and International Trade Issue: Policy Options for Promoting Bangladesh's Exports.

Dr Razzaque described how the world economy lost $3.8 trillion and 147 million people became unemployed as well as wages dropped by $2.1 trillion.

DCCI president Shams Mahmud, BUILD chairman Abul Kashem Khan, RAPID executive director Dr M Abu Eusuf and others also spoke.