The New Nation - Internet Edition

A.T.M.Nurun Nabi

Will the country's economic de

velopment come to still? This is the question that has been hovering in the horizon. The country reportedly suffered an economic losses of taka 200 crore in the back-to-back floods and taka 18,000 crore (some differ about figure) at the 11/15 super cyclone. And the annual food production is likely to be short of target by about 15 lakh metric tonnes.

In 2006-07 fiscal, the country produced 2.83 crore metric tonnes of food grains more than the annual consumption of 2.61 crore metric tonnes. Besides that, the government imported about 15 lakh metric tonnes. So, there is hardly any cause to be worried at the future shortfall. Yet, the government has asked for five-lakh metric tonnes food assistance from the donor countries to stop gambling with food.

In addition, the government has been rendering its focuses on the rebuilding of the devastated infrastructure, in financing the farmers, the fishermen and the small enterprisers. Out of taka 26,500 crore ADP, the internal resources contribute taka 13,525. So, for immediate start of the rehabilitation work, the government could transfer the fund from the less important projects in ADP to the emergency fund to avoid delay and uncalled for suggestions of the donors. It will not be a wise decision to depend on the foreign assistance. The past governments did not wait for the arrival of the foreign assistance in 1988, 1998 and 2004. It is learnt that the donor countries and the agencies have so far pledged $ 20 crore only, which is too small considering the need.

Many apprehend that the economic development may suffer a setback during the present fiscal. The GDP may fall below six percent instead of achieving projected 6.5 percent.

Economic development of a country may be defined as a long process of raising the standard of life, the per capita and the national income.

Professor Williams and Batrick said, "Economic development refers to a process whereby the people of a country or region come to utilise the resources available to bring about sustained and increase in per capita production of goods and services."

On the basis of the said definition, it can be said that Bangladesh has made remarkable progress in raising the standard of life, purchasing power and national income. The immediate past government built a strong economy despite a havoc flood in 2004 that struck the country's northern area. According to the Bangladesh Economic Review 2007, the per capita income during the fiscal 2001-02 was $ 378, which rose to $ 520 in five years. The gross national income (GNI) at that time was taka 2,85,743 crore, increasing to taka 5,04,766 crore during the fiscal 2006-07. There was no news of any man or woman starving to death despite price-hike of the essentials.

So, such a strong economy can't be shattered at the latest natural calamity, may it be devastating 11/15 hurricane, if the government continues to devise good planning and implement accordingly and to overcome the 11/15 devastation