This book is based on the papers presented and discussions held at a high-level regional workshop organized by the Asian Development Bank in January 2010 to discuss the impact of the global economic and financial crisis on developing Asia. It provides a clear and thought-provoking analysis of the global economic crisis from the perspective of 19 Asian countries.
The papers present concrete ways in which Asian economies and financial systems can be made more responsive and resilient. The book proposes that Asian economies can capitalize on the global economic crisis by using it as an opportunity to move from crisis management to gradually assuming global economic leadership. It spells out a general framework for strengthening recovery efforts, ensuring inclusive growth and open regionalism, rebalancing Asia's growth model, and creating greater regional cooperation for a prosperous and resilient Asia.
This is perhaps the first ever book in the market to undertake an in-depth discussion about the impact and the long-term implications of the global financial crisis on economies in Asia.
Chapter 6: Impact and Policy Responses: Bangladesh, Sri Lanka, Nepal, Bhutan, and Maldives
Impact and Policy Responses: Bangladesh, Sri Lanka, Nepal, Bhutan, and Maldives
Introduction and Summary
The Bangladesh economy has shown encouraging resilience in 2008/2009,1 with real GDP growing by 5.9 percent, only 0.3 percentage points below that of the previous year (Table 6.1). These figures suggest that Bangladesh has barely been impacted by the crisis but deeper analysis finds some areas where the economy did not perform as well. We summarize our findings below:
Table 6.1 Bangladesh GDP Breakdown
- The two areas of the economy—remittance inflows and garment exports—which helped the economy weather the crisis with remarkable resilience are susceptible to the vagaries of the global economy. In particular, remittances may not remain as resilient when overseas ...