GDP growth will be 7.5 percent by reducing income inequality
The Corona epidemic has hit the country’s GDP hard. Corona’s impact includes employment and investment growth, as well as positive GDP growth, as included in the Eighth Five-Year Plan. The draft plan aims to reduce income inequality. GDP growth is estimated at 7.5 percent. In order to establish itself as a developed country, the implementation of Vision 2041 has included various issues including tackling climate change in this plan.
The year 2021-25 was taken as the eighth five-year plan as the first plan to achieve the vision 2041. For various reasons, this five-year plan is being implemented one year late. In the previous plan
Emphasis is placed on prevention of climate change, elimination of income inequality, establishment of good governance etc. But the Corona epidemic has grown by 5.24 percent in the 2019-20 fiscal year against the target of 7.5 percent. Meanwhile, the IMF says Bangladesh will have to wait another four years to achieve the same 6-7 per cent growth as before. In 2025, the growth of Bangladesh may be 7.3 percent.
Vision Bangladesh is dreaming of becoming a developed country in 2041. The first steps of this five-year plan will be fulfilled. As a result, declining GDP growth in Corona has been included in the plan.
Meanwhile, the draft of the Eighth Five-Year Plan has been prepared and given to the Prime Minister’s Office with the target of 7.51 percent growth. The draft has set a target of 7.20 percent GDP growth for the current fiscal year 2020-21. Besides, the country’s GDP growth rate has been estimated at 7.22 percent for 2021-22 fiscal year, 7.29 percent for 2022-23 fiscal year, 6.32 percent for 2023-24 fiscal year and 6.51 percent for 2024-25 fiscal year after implementation of the plan. .
Employment is at the heart of this estimate of GDP growth, say those concerned. The draft aims to create more than one crore new jobs in the next five years. The investment target is 36.40 percent of the total GDP. The target is to bring down inflation to 4.6 percent. The draft will be presented to Prime Minister Sheikh Hasina soon, officials said.
Member of the General Economics Department (Senior Secretary) said. Shamsul Alam said the coronavirus epidemic would not have much impact on growth. Because it is expected that the situation will return to normal within the next one year. After that, as economic activity increases, so will growth. As a result, the growth projected in the five-year plan is quite reasonable.
According to GED sources, the eighth five-year plan aims to create 11.9 million new jobs in the next five years. Of this, 64 lakh 20 thousand jobs have been created in the country and 35 lakh in exile. However, this target of employment is one million less than the Seventh Five Year Plan.
According to the GED projection, in the next 5 years, in the current fiscal year 2020-21, 22 lakh 70 thousand jobs will be created – 15 lakh 60 thousand in the country and seven lakh in the diaspora. In the fiscal year 2021-22, 16 lakh 20 thousand jobs will be created in the country and 23 lakh 20 thousand in the diaspora. In the fiscal year 2022-23, the target for employment is 23 lakh 70 thousand, 18 lakh 80 thousand domestic and seven lakh in exile. In the 2023-24 financial year, this target is a little less – 21 lakh 20 thousand domestic, 14 lakh 20 thousand and seven lakh in exile. And in the last 2024-25 financial year of the plan, the total employment has been fixed at 25 lakh 10 thousand including 18 lakh 10 thousand domestic and 7 lakh expatriates.
Meanwhile, the target for investment in the Eighth Five-Year Plan is 36.40 percent of the total GDP. In this case, the target based on the fiscal year is – from the current fiscal year 2020-21 to 2024-25 fiscal year 20.6 percent of GDP, 33.5 percent, 34.5 percent, 34.5 percent, 35.6 percent, 36.2 percent and 36.4 percent of the investment will come. From
According to the draft five-year plan, the overall inflation target for the current fiscal year has been set at 5.5 percent. From 2021-22 to 2024-25, inflation will come down to 5.4 percent, 5.3 percent, 5.2 percent, 4.9 percent and in the last 2024-25 fiscal year to 4.6 percent.