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Hansel

Need for job-creation in Bangladesh to Stall Recession - 0 views

www.thedailystar.net/...news-details.php

bangladesh labor job

shared by Hansel on 15 Apr 09 - Cached
  • "At least 2 million to 2.5 million new local jobs will be needed until the global economy recovers fully, compared with 1 million to 1.1 million local job creation needed prior to the global economic crisis," the WB said in a report "Bangladesh: State of the Economy and Policy Response to the Global Economic Crisis" launched yesterday.
  • Due to the global meltdown, the jute sector job loss is projected to reach 50,000 by the end of fiscal 2009, the report said. Twelve spinning mills out of 341 have been shut in the textiles sector.
  • "The labour force is increasing by two million people a year. If manpower exports revert to the pre-boom era in the Middle East (up to 300,000 a year), the domestic economy will have to create jobs for another 500,000 people a year," the WB said.
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  • In the first nine months of fiscal 2009 (July-March), 537,000 migrant workers found employment abroad compared to 720,000 in the same period last year. The migrant outflow to Gulf Cooperation Council member countries has declined by 16 percent from 407,000 in fiscal 2008 (July-Feb) to 342,000 in fiscal 2009 (July-Feb).Data shows that 13,540 Bangladeshi workers returned between December 2008 and February 2009.
  • Frozen shrimp has experienced a steep decline in prices from $5 per kg to $3.7 per kg.
  • The current economic situation in Bangladesh is stable, but this cannot be taken for granted.
  • The WB suggested Bangladesh take effective stimulus measures that include strengthening social safety nets, frontloading existing projects and increasing maintenance spending, expenditure increase tends to be more effective than tax cuts.The WB said the measures Bangladesh should avoid include new large-scale entitlement programmes, increase in public-sector wage bill, increase in subsidies to specific industries, reduction in corporate tax rates, increase in tariffs, tax amnesties for companies and interest rate ceilings. On the constraints to a bailout package, the WB report said the government does not have adequate space to finance large bailout packages. "There is some room for higher fiscal deficit, because of savings from subsidy provision, but it needs to be used wisely. These may not benefit the poor," it said.There are better candidates for spending the improved fiscal space: infrastructure, support to small and medium enterprises, microcredit schemes, health and education, safety net programmes, it said.The WB stressed the need for structural reforms to improve investment climate.The WB recommended immediate measures such as reassessing public spending priorities: rural and urban infrastructure, especially power sector, basic health and education. It also emphasised support to the microfinance sector and enhancing the small enterprise fund and support to the housing finance market.Recommending giving transit, the WB said it would promote regional connectivity and trade. It said Bangladesh could earn an additional $1.0 billion or more from exports, transit charges and port fees.
  • Hansel on 15 Apr 09
     
    The World Bank suggests Bangladesh create an additional 10 lakh (1 million) jobs for the people who run the risk of losing employment both at home and abroad in the global financial crisis.
Hansel

Interest Rates On T-Bills Slashed In Bangladesh | AHN | April 6, 2009 - 0 views

www.allheadlinenews.com/...7014683726

bangladesh bonds treasury savings cash reserve interest rates

shared by Hansel on 06 Apr 09 - Cached
  • The yield, generally known as interest rate, on 91-day T-bill decreased to 7.70-7.80 percent Sunday from 7.92 percent of the previous auction, held on January 25.Besides, the yield on 364-day T-bill came down to 8.57 percent on the day from 8.60 per cent of the previous auction, held on March 22 last.
    • Hansel
      Hansel on 06 Apr 09
       
      The interest rate on treasury bills are considered the risk-free rate for borrowing capital. Borrowing money for a project will be t-bill interest rate plus a risk premium.
  • Hansel on 06 Apr 09
     
    The interest rates on Treasury Bills (T-bills) have been slashed following a spurt in investment in government approved securities, treasury officials said on Sunday. The demand of such securities has sharply increased because of a swell in the excess liquidity of some banks and a subsequent fall in credit flow to the private sector, they added.
Hansel

The Daily Star - Details News - 0 views

www.thedailystar.net/...news-details.php

bangladesh news remittance foreign exchange reserve trend labor

shared by Hansel on 06 Apr 09 - Cached
  • The annual growth in the number of workers leaving Bangladesh for overseas jobs slowed sharply to 5.1 percent in 2008 compared to 118.2 percent in 2007.Among the major destinations for overseas employment, new jobs for Bangladeshi workers in Saudi Arabia fell by 35.3 percent in 2008. Kuwait has reduced hiring Bangladeshi workers since late 2006. In 2008 new jobs for Bangladeshi workers in Kuwait fell by 92.4 percent and in Bahrain by 19.8 percent.New job opportunities also declined in 2008 in Malaysia by 51.8 percent and in Brunei by 11.1 percent on economic downturn.The recession is also badly affecting new Bangladeshi job seekers in Europe. Jobs fell by 36.7 percent in Italy and 2.1 percent in the UK in 2008.Job opportunities however grew by 202.6 percent in Oman, 85.2 percent in the UAE, 68.9 percent in Qatar and 47.6 percent in Singapore.The central bank officials' forecast indicates a lower remittance inflow in the next few months as a significant number of workers returned home.
    • Hansel
      Hansel on 06 Apr 09
       
      Part of the large recent remittance could also be attributed to workers moving all their savings to Bangladesh as they lose their jobs.
  • According to the latest revisions by the World Bank, India, China and Mexico retain their position as the top recipients of remittances among developing countries. The top 10 recipients list also includes Philippines, Poland, Nigeria, Romania, Egypt, Bangladesh and Pakistan.
  • Hansel on 06 Apr 09
     
    Remittance inflow to Bangladesh in March recorded $881million, but in terms of growth rate it was only 9 percent, the lowest in the last nine months because of the ongoing global recession.
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