Bangladesh still holds a much better prospect in economic growth because of strong RMG exports despite prevalence of doubt over achieving 7 per cent GDP growth rate, the Bangladesh chapter of International Chamber of Commerce has remarked. Pointing to a study conducted by McKinsey & Company, the editorial of the ICCBs News Bulletin on Sunday said Bangladeshs RMG exports will double by 2015 and nearly triple in the next 10 years. Besides, the sector is expected to create employment opportunities for additional 3.5 million workers by 2020. According to industry experts, the target can easily be achieved by exploring new markets in growing Asia, Latin America and Africa.

Besides, there are bright prospects of increased export earnings from pharmaceuticals, shipbuilding, leather goods, jute etc. The bulletin pointed out that there is ample scope for raising manpower export.
The ICCB said the recent economic indicators of Bangladesh are of concern as it may not be able to achieve 7 per cent GDP, deterioration of the Balance of Payments in recent months, the twin effects of surging import payments for fuel, goods and services, slowdown of remittances, volatile capital market, taka depreciation against dollar by about 16 per cent during the last few months, high bank borrowing by the government in the current fiscal year.

Apprehending a possible non-availability of credits from development partners, including World Bank and IMF, the ICCB suggested appropriate policy measures to generate own resources for sustainable growth, including increased foreign currency reserve.