Bangladesh needs to implement ‘3-zero agenda for becoming one of the developed countries by 2030, said Global Economist Forum (GEF).
The government should plan budgets targeting to make 0 per cent poverty, 0 per cent unemployment and 0 per cent carbon emission, GEF recommended.
The GEF board led by its president Dr Enayet Karim approved the recommendations on Friday.
The GEF recommended a pro-employment budget for the FY2020 which will help to create more employments for both the educated and uneducated youths. The employment rate could be increased by strengthening private sector credit growth, lowering borrowings by the government, a press statement said.
The GEF research found that Bangladesh has made remarkable progress in reducing poverty, supported by sustained economic growth.
Based on the international poverty line of $1.90 per person per day, poverty declined from 44.2 per cent in 1991 to 13.8 per cent in 2016.
Progress was underpinned by 6 per cent plus growth over the decade and reaching to 7.3 per cent in 2016-17, according to official estimates.
Rapid growth enabled Bangladesh to reach the lower middle-income country status in 2015. In 2018, Bangladesh met the eligibility criteria for graduation from the United Nation’s Least Developed Countries (LDC) list, and is on track to graduate in 2024. Sustained economic growth has increased the demand for energy and transport, and spurred urbanization. insufficient planning and investment have resulted in increasingly severe infrastructure bottlenecks.
To achieve its growth aspiration of becoming an upper-middle income country by its 50th anniversary in 2021, the country needs urgently to implement structural reforms, expand investments in human capital, increase female labor force participation, and raise productivity through increased global value chain integration. Improving infrastructure as well as the business climate would allow new productive sectors to develop and generate jobs.
The Bangladesh wing of the GEF headed by Dr Mohammad Haider Ali Miah and Dr Mamun-Ur Rashid and Md Ehsan Khasru, President, Secretary General and Advisor respectively unveils the new development plan in presence of its central president Dr Enayet Karim.
Bangladesh’s unemployment rate increased to 4.38 per cent in December 2018, from the previously reported number of 4.37 per cent in December 2017.
According to the latest reports, Bangladesh’s total population reached at 165.55 million people in Jun 2019. The labour force participation rate increased to 56.56 per cent in December 2018.
The unemployment rate seldom declines below 4-5 per cent even during boom times. There are always people who move between different sectors of the economy or between cities. When the economy goes into recession, then unemployment can reach much higher numbers, sometimes even in the double digits.
Unemployment refers to the share of the labor force that is without work but available for and seeking employment.
Bangladesh is emitting around 200 million metric tons of carbon annually (MtCO2e), with the agriculture industry contributing nearly 40 per cent to overall emissions. Bangladesh’s emissions increased 59 per cent from 1990 to 2018, with an annual average rate of change of 2per cent.
The Global Economist Forum identifies improving transportation sector energy consumption as a priority since its share of emissions is growing faster than any other sector, although the agriculture industry is the leading emitter of greenhouse gases primarily due to rice production, enteric fermentation, manure and poultry litter management.
The budget should formulate guidelines for reducing Carbone emission, it said.
Bangladesh aims to develop from a low-income economy to the first stages of a middle-income economy by 2021. However, emissions relative to GDP remain well over double the world average and there remains great potential to further reduce carbon intensity. Climate change mitigation targets and plans are outlined in the factsheet.