WB now sees 5.6pc GDP growth
Bangladesh’s gross domestic product (GDP) may grow by as high as 5.6 per cent in the current fiscal year, subject to three factors, said the World Bank yesterday. This includes how the ongoing vaccination campaign fares, whether new restrictions to mobility are required, and how quickly the world economy recovers, it projected in its twice-a-year-regional update. Over the medium term, growth is projected to stabilise within a 5 to 7 per cent range as exports and consumption continue to recover. The lender’s projection was 2 per cent in January this year and 1.7 per cent in October last year. South Asia’s prospects for an economic rebound are firming up as growth is set to increase by 7.2 per cent in 2021 and 4.4 per cent in 2022, said the report. This means it will be climbing from historic lows in 2020, putting the region on a path to recovery. India, which comprises the bulk of the region’s economy, is expected to grow more than 10 per cent in fiscal 2021-22, a substantial upward revision by 4.7 percentage points from January 2021 forecasts. The outlook for Nepal and Pakistan has also been revised upward, supported by better than expected remittance inflows. Nepal’s GDP is projected to grow by 2.7 per cent in fiscal 2021-22 and recover to 5.1 per cent by 2023. Pakistan’s economy is expected to expand by 1.3 per cent in 2021, slightly above previous projections. World Bank’s new GDP growth prediction for Bangladesh is still far lower than the government’s estimate of 7.4 per cent for the current fiscal year. The lender is now estimating growth of 2.4 per cent for the last fiscal year, while the government’s provisional estimate showed the GDP had grown by 5.24 per cent. In reply to a query about such a difference, Timmer said it was indeed an indication that uncertainty was very high at the moment.
IDLC approves 20pc dividend for 2020
IDLC Finance yesterday approved 15 per cent cash and 5 per cent stock dividends for 2020 at its 36th annual general meeting held virtually in compliance with directives of the Bangladesh Securities and Exchange Commission. In line with Bangladesh Bank directives, the IDLC board placed a revised proposal for dividends, which shareholders approved. It had earlier recommended providing 35 per cent cash dividend.IDLC Group’s total assets increased by 8 per cent, reaching Tk 12,687 crore at the end of 2020, which led to a strong return on asset of 2.08 per cent.
Jamuna Bank gets new DMD
Jamuna Bank has recently witnessed the appointment of a deputy managing director. The appointee, FazleQuayum, was previously serving as senior executive vice president and head of credit risk management.He started his banking career as probationary officer with AB Bank in 1982 and also worked at IPDC Finance. Quayum obtained his MBA from the Institute of Business Administration under the University of Dhaka in 1980, and subsequently from State University of New York, Binghamton in 1982, majoring in Finance.
RokiaAfzal Rahman elected chairman of Midas Financing
Rokia Afzal Rahman has recently been elected chairman of the board of directors of Midas Financing Ltd, one of the leading non-bank financial institutions in Bangladesh. She is a former adviser to a caretaker government and former director of the board of the central bank.The entrepreneur was also the president of the Metropolitan Chamber of Commerce and Industry, Dhaka and the Bangladesh Employers’ Federation. She was Bangladesh’s first female manager of a bank.