Doubt over GDP growth not illogical

Bangladesh began a trend way back to inflate the Gross Domestic Product (GDP) growth rate.

It started during the tenure of the immediate past planning minister.

The World Bank does not accept the growth due to lack of its credibility. But it is true that we cannot say our economy is doing bad.

The economy did well in the first nine months of the last fiscal. The businesses collapsed due to coronavirus outbreak after 17 March. The country was put under lockdown. But the question is how some sectors earned higher growth than the previous year. As there is no alternative method to estimate GDP in our country, we are bound to accept the estimation being given despite our reservation.

As the Bureau of Statistics is under the planning ministry, the organisation is to comply with the instructions of the ministry. They have to fabricate information. The doubt over the GDP growth is not illogical.

There are various scopes to manipulate GDP growth estimation, the government is using the scopes. As a trend has started to show higher growth of GDP, none is likely to change it in near future. Even the next government will not be able to come out of this trend as GDP has become a part of political statements.

* The writer is former president of Bangladesh Economic Association