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Bangladesh is one of the top five resilient economies in the world during the coronavirus pandemic, said Finance Minister AHM Mustafa Kamal yesterday.
According to the report of the International Monetary Fund in October 2020, the global economy contracted 4.4 per cent.
“At that time, Bangladesh was one of the few economies that saw positive growth. According to the surveys of several international organisations, Bangladesh has been one of the top five resilient economies in the world during the pandemic,” Kamal said.
He made the remarks while addressing the Commonwealth Trade and Investment Summit 2021, according to a press release of the finance ministry.
He called for exploring ways to accelerate the recovery of the economies hit hard by the pandemic by raising inter-Commonwealth trade and investment.
Despite being home to a third of the world’s population, the countries under the Commonwealth have a combined share of 13 per cent of the global economy, 20 per cent share of the global foreign direct investment, and 14 per cent of global trade, the press release said.
Inter-Commonwealth trade accounted for 18 per cent, he said. In addition, all Commonwealth nations contribute only 9.1 per cent to the total trade with the United Kingdom.
“These statistics indicate that the existing trade-related policies and strategies of the Commonwealth are not conducive for the member countries,” Kamal said.
“I firmly believe that through concerted efforts, we can find out the ways to speed up the economic recovery of the affected countries by raising inter-Commonwealth trade and investment and bring back the glorious past of the Commonwealth.”
(TDS)
