PM rejects all new formulas

A day after Transparency International, Bangladesh’s (TIB ) proposal to form an 11-member polls-time government, Prime Minister Sheikh Hasina yesterday turned down all new formulas from various quarters on making the next election credible.

“These formulas will only create more complexities … they will not help strengthen democracy and maintain its uninterrupted march forward,” she said.

Referring to a suggestion by a section to run the country under the Shariah [moral code and religious law of Islam], Hasina said the country would be run as per the ‘Madinah Charter’ and the ‘Prophet’s [pbuh] Sermon on the Last Pilgrimage’.

Unrest to hurt GDP
WB lowers growth forecast for Bangladesh, says hartals badly hit service sector




STAFF CORRESPONDENT

The World Bank has revised Bangladesh’s growth forecast for fiscal 2012-13 down to 5.8 percent — way below the government’s target of 7.2 percent, due mainly to the precarious political situation.

A further escalation of the political tension, however, can take the GDP growth below the forecasted 5.8 percent, Zahid Hussain, WB’s lead economist, said yesterday at a press conference called for the release of the report, Bangladesh Development Update.

The reason being the severe blows the hartals deal to the service sector, which contributes to around 50 percent of the GDP.

“The losses to the manufacturing sector caused by shutdowns can be recouped to some extent, but those to the service sector, unfortunately, cannot,” Hussain said, while highlighting the damages to the transport sector, termed the lifeline of the economy.

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