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Political unrest can derail country's economy - ICC
09 Feb '07
1 min read
As per the latest bulletin by International Chamber of Commerce (ICC) Bangladesh, deteriorating political situation could ruin the country's economy, which was forecasted to grow seven percent this fiscal. Consequently, 2007 GDP growth could be less than last year's figure of 6.7 percent.
High competition of textiles in global markets and raise in oil prices could prove to be big risks. Pending decision on power sector reforms and increasing power shortage could curb growth in the long run.
Bangladeshi economy faced serious problems last year, mainly because of agitation campaigns carried out by political parties.
On the brighter side, country recuperated from the impact of globalization in spite of negative factors. Knitwear exports shot up 35.38 percent and that of woven apparel upturned 13.5 percent in 2006, with overall exports crossing the $10 billion mark.
Industrial growth was predicted to reach about 9.5-10.5 percent for last year.
High competition of textiles in global markets and raise in oil prices could prove to be big risks. Pending decision on power sector reforms and increasing power shortage could curb growth in the long run.
Bangladeshi economy faced serious problems last year, mainly because of agitation campaigns carried out by political parties.
On the brighter side, country recuperated from the impact of globalization in spite of negative factors. Knitwear exports shot up 35.38 percent and that of woven apparel upturned 13.5 percent in 2006, with overall exports crossing the $10 billion mark.
Industrial growth was predicted to reach about 9.5-10.5 percent for last year.
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