Growth slowed to 3.51 percent due to the corona

Finally, the Bangladesh Bureau of Statistics (BBS) has published the growth of the gross domestic product (GDP) of Bangladesh in the fiscal year 2019-20.

In the fiscal year 2019-20, the GDP growth has decreased by 3.51 percent in June-July.

But in the last financial year, the GDP growth was 7.15 percent. In the Corona crisis, growth has slowed to about 5 percent in just one year.
The contribution of the services and agriculture sectors to the gross domestic product (GDP) growth has been steadily declining for over a decade. Over the past decade, the contribution of the agricultural sector to GDP has declined by about 5 percent. And the contribution of the service sector has decreased by about 4 percent.

However, the contribution of the industrial sector to the GDP has increased by about 6 percent. However, this time the picture is different, the contribution of the agricultural sector has increased, the contribution of the services and industry has decreased.

A report released by BBS on Thursday (August 5) revealed such information. In the 2016-17 financial year, the growth was 7.6 percent.

BBS Director General (Additional Secretary) Mohammad Tajul Islam told banglanews, “We have published the growth rate in the 2018-19 financial year.” The growth rate has come down to 3.51 percent. We all know that Corona has had a negative impact in all sectors. Basically, GDP growth has slowed down.

According to a report published by BBS, the agriculture sector has finally grown by 9.75 percent in the 2019-20 fiscal year. Last year it was 9.56 percent. As a result, even in the Corona crisis, the wheel of the economy was moving in the agricultural sector. Agriculture was the mainstay of the country’s survival in the Corona crisis. However, in the 2016-17 financial year, the growth in the agricultural sector was 11.02 percent. Procurement of food grains, livestock and forest resources was right even in the Corona crisis. In the sub-sector of agriculture, the growth of fisheries has been 11.6 percent. Growth in the industrial sector has collapsed. In the 2019-20 financial year, the growth in this sector has been only 7.35 percent, whereas in the last financial year it was 16.36 percent. As a result, the BBS report has revealed that Corona has taken a big hit in the industry.

The service sector has also been hit hard by growth. Growth in this sector has slowed down to 7.8 percent from 12.64 percent in the last 2018-19 fiscal year.

Former chief economist of the World Bank Dhaka office. Zahid Hossain told banglanews that growth has slowed down, so there is no reason to be surprised. Because we all know that growth slowed down because of Corona. The growth figures for 2018-19 were questionable and did not match the reality. The preliminary accounts for the 2019-20 financial year were also questionable. But now the final growth has been 3.51 percent, it can be said that it is close to reality. I think this achievement of Bangladesh’s growth is really commendable where the world economy was in turmoil during the Corona period. The Planning Minister deserves to be thanked for providing accurate information for this.

On GDP growth, Planning Minister MA Mannan said, “We have reported growth for the 2019-20 fiscal year.” Growth has slowed a lot, it’s nothing to hide. Proper development of the country is not possible without the right picture.

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