Bangladesh would not be able to achieve 7 per cent GDP growth in the current fiscal year in view of the recent economic indicators, says the editorial of a news bulletin of international chamber.

Although Bangladeshs performance has so far been quite resilient amidst global economic meltdown, the recent economic indicators suggest it would be difficult to achieve 7 per cent GDP growth, reads the bulletin of International Chamber of Commerce, Bangladesh, released on Sunday.

The editorial said that complex effects of surging import payments and slowdown of remittance inflows in recent months contributed to a rapid deterioration of balance of payments situation and outlook.

It said the liquidity crisis of the commercial banks for private sector investment caused by huge governments borrowings forced them to borrow money from other banks at a high interest rate to meet fund requirement.

Besides, the tension in the money market has contributed to a significant depreciation of the exchange rate of Taka against the dollar and other major currencies by about 16% during last few months, it reads.

However, the bulletin apprehended that Bangladesh performed quite resiliently amidst global economic meltdown in FY 2010-11, achieving 6.7 per cent GDP growth in line with Asian economies.

It observed that the country has still the opportunity to double its RMG exports by 2015 and nearly triple in next 10 years by generating additional 3.5 million employments by 2020 in RMG sector alone, despite the disturbing signs.

The editorial said the world economy indicated another slowdown due to dragging European debt crisis amidst a fear of facing the sharpest contraction in the history of EU. According to IMF, the current GDP projects a slower growth for the next six years (2011 – 2016) after a sharp fall in growth that EU is experiencing since 2007, it reads.

Against this backdrop in the West, rising Asia appears to be able to help save the worlds sinking economy although Asians prospect is likely to be affected by the West, it said.

The bulletin suggested for appropriate policy measures and rapid implementation of the projects needed for sustainable growth including increased foreign currency reserve as the international financial institutions and development partners might not be able to disburse credits and grants for current economic crisis of the developed world.