Asia to surpass Europe, US in wealth by 2030, says ADB
Southeast Asian nations, China and India together may surpass the US and Europe combined in terms of wealth by 2030 if the Asian economies take quick steps to overcome challenges and reduce risks, according to a new book.
“The Asean is the hub of Asian regionalism. China is the world's most populous country and the second largest economy. India is rapidly catching up, and has the second largest population," the book says.
"Asean, the PRC, and India: The Great Transformation?" was released by the Asian Development Bank and Asian Development Bank Institute in Manila yesterday, the Bank said in a statement.
The book envisions that realising this goal would require that each improve productivity through innovation and new technologies, establish knowledge-driven economies, build seamless infrastructure connectivity and reform the financial sector.
“These three region and countries are on a path to significantly improve the quality of life of their citizens -- in aggregate approaching half of the world's population by 2030,” ADB President Haruhiko Kuroda said at the book launching ceremony.
The programme took place during the 45th annual meeting of ADB's Board of Governors at San Miguel Hall of Philippine International Convention Centre, Manila.
“By that time, China could reach high-income country status, while the Asean as a whole and India would be close behind. The three could be home to the world's leading consumers, producers, savers, investors and financiers,” he said.
The book said the three economies will have to depend increasingly on their own and regional markets, investments, and institutions to generate sustained growth.
Without inclusive growth, widening income and social inequality are likely to persist and could undermine social cohesion and stability, according to the book.
Strengthening governance, accountability, institutional effectiveness and eradicating corruption are crucial for inclusive growth and better quality of life, it stated.
The book predicted that unless the challenges of energy and water security and reduction of CO2 emissions are addressed, these could amplify global environmental risks and geopolitical tensions.
To meet their potential, each economy will need to manage energy, food, and water effectively, balancing growth with environmental sustainability, it said.
The Daily Star/Bangladesh/ 3rd May 2012
BB's online system helps forex growth
The online export monitoring system introduced at Bangladesh Bank has ensured fast realisation of export proceeds that helps drive the growth of foreign currency reserves, officials said yesterday.
The central bank launched the online monitoring system in November 2011, replacing the manual system.
The repatriated export value was $4.35 billion against the total export value of $4.630 billion until April, according to a monitoring report.
“The online export monitoring system software builds up a real-time centralised database which provides a clear picture of export receipts,” Governor Atiur Rahman said.
Bangladesh Bank used to analyse the overall export situation after getting the paper-based export information or data from different banks.
“It takes long time to get a real picture of export proceeds in the manual system," Rahman said.
“It's now a matter of a minute to get the export proceeds in the online system," he said.
In the online system, the BB receives export information from banks online through a series of checkpoints and analyse data to monitor exports.
Deputy Governor Nazneen Sultana said the online system enables the central bank to monitor the repatriated export value which is, in fact, helping increase the foreign currency reserve.
The Daily Star/Bangladesh/ 3rd May 2012
30th AGM of AB Bank
M Wahidul Haque, chairman of AB Bank, presides over the 30th annual general meeting of the Bank at Bashundhara Convention Centre in Dhaka yesterday. The Bank approved 5 percent cash and 20 percent stock dividends for its shareholders. M Fazlur Rahman, president and managing director, was also present.
The Daily Star/Bangladesh/ 3rd May 2012
Muhith leaves for Manila to attend ADB's conference
Finance Minister AMA Muhith left the country for Manila yesterday to attend the 45th annual conference of the Asian Development Bank (ADB).
The ADB's 45th annual meeting of its Board of Governors will be held in the Philippines' capital of Manila on May 2-5.
Muhith is accompanied by his daughter Samina Muhith.
Nearly 4,000 delegates, comprising top policymakers, business leaders, media, academics, civil society, and development institution representatives, are set to attend the meeting.
The delegates of the meeting will hear from experts about ways to get financial services to nearly three billion poor people around the world.
The Daily Star/Bangladesh/ 3rd May 2012
Bank Asia opens branch in Ctg .
Bank Asia Limited opened its 66th branch equipped with all modern facility at Dohajari in Chittagong on Thursday.
Rumee A Hossain, Chairman of the Board of Audit Committee of the Bank inaugurated the branch, said a press release.
Mohammed Lakiot- ullah, Vice Chairman of the Bank’s board, AM Nurul Islam, Vice Chairman of the Exe- cutive Committee, Shah Md Nurul Alam, Director, Md. Mehmood Husain, President and Managing Director and Chittagong Zonal Head of the Bank, Swapan Dasgupta, were present.
The Daily Sun/Bangladesh/ 1st May 2012