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BD poverty rate set to drop as economy crosses $400b mark _ FIRST PAGE _ Financial Express __ Financial Newspaper of Bangladesh

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BD poverty rate set to drop as economy crosses $400b mar
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  VOL 21 NO 185 REGD NO DA 1589 | Dhaka, Tuesday, May 20 2014  New Search Old Search Google Search FIRST PAGE WB's latest ICP estimate BD poverty rate set to drop as economy crosses $400b mark The Bangladesh's economy expanded substantially to US$ 419.2 billion, in terms of purchasing power parity (PPP),in the fiscal year 2012-13, according to the latest estimate released last month by the International ComparisonProgramme (ICP) -2011 of the World Bank.The country's gross domestic product (GDP) was $173.8 billion based on PPP, an estimate of the real living costs,under the same programme carried out in 2005.The per capita income also rose to $2800 in the FY 2012-13 on PPP exchange rate against $1268 studied in 2005.The Manila-based Asian Development Bank (ADB) conducted the ICP survey for the Asia and the Pacific region.Hong Kong is the reference country in the region.The latest findings from the ICP could fuel a debate on the country's poverty level.It is believed that Bangladesh's poverty level would go down significantly after the new estimate.Dr. Zahid Hussain, lead economist at the Dhaka office of the World Bank (WB) said the Bretton Woods institutionwould review the poverty line benchmark of $1.25 a day after revision of all economies under the latest ICP.He said the WB has already started reviewing its benchmark poverty line.Posted : 20 May, 2014 00:00:00 AA-A+ Jasim Uddin Haroon  He added that the existing benchmark $1.25 is an average of 15 poor countries measured in 2008. The bank'spoverty line was introduced at $1.01 in 1990, based on 1985 PPP figures. The WB increased it to $1.25 in 2008.Dr Hussain said the real income of the poor had not grown as the price level had remained still high at the 2008level.Ahsan H Mansur, executive director at the Policy Research Institute of Bangladesh (PRI) said the country's povertyshould see a drop after the latest estimate.He said the WB would review its poverty line following the latest data. In my view, the poverty level will drop asBangladesh's economy has been growing on an average 6.0 per cent. He said the Bangladesh economy has been growing on an average 6.0 per cent with its population growth rateremaining almost stable, at just more than 1.0 per cent.The ICP programme is the largest global statistical operation, covering 199 economies from eight regions.Bangladesh Bureau of Statistics (BBS) has represented Bangladesh.The ICP is important as the economies estimate their GDPs at national price levels, and in national currencies. So, itis hard to compare GDPs of different countries.The main objective of the ICP is to provide comparable data on GDP and its components.It specifically aims to provide estimates of PPPs of currencies of the participating economies for the measurementand comparison of price levels, and the volume or real GDP and its major aggregates.The PPP of the currency of an economy is defined as the number of currency units required to purchase a basket of goods and services that can be purchased with one unit of the currency of a reference or base country.For example, in Asia and the Pacific, Hong Kong dollar (HK$) is selected as the reference or base economy currency,into which expenditures in all the other economies are converted.Suppose a basket of goods and services costs HK$ 100 to purchase in Hong Kong, China. It will cost nearly 50 HK$to buy the same in Bangladesh.The new PPP numbers, based on 2011 data, include sharp upward revisions of the per capita incomes in bigemerging economies such as China and India, making them statistically less poor than previously thought.  Economists at both the Washington-based Centre for Global Development and the Brookings Institution found thatbased on the new data, the number of people under the existing $1.25 a-day-poverty-line had fallen from almost 20per cent of the developing world's population to fewer than 9.0 per cent, according to Financial Times (FT).   MORE FROM THIS SECTION Tk 790.31b ADP for FY15 set to be approved todayBD poverty rate set to drop as economy crosses $400b markAllowances of government officials likely to be taxedDSE turnover falls to 7-month lowAbductors using women to trap their victims in city18 members of RAB-3 withdrawnBB team hears MDPhoto: Voters standing in queues at a centre in Rangpur SadarPrayer Timings 149 Like 81   0   0   0   0   218    Rent KualaLumpur Office regus.com.my/Malaysia_Offic … Fully equipped offices fromRM 450 Flexible, Serviced &Ready-to-Go! Online News European stocks stumble on poor earningsJapan's trade deficit shrinksTokyo stocks down 0.29% by breakAL withdraws Wednesdays hartal in BagerhatUS stocks drop on mixed retail earningsModi for new dept to fight infiltrationRemove Islamic Foundation DG: HefajatDU Day to be observed on July 1 More News Home About Us Contact Us Editor's Panel Web Mail FeedbackPrint Version Ad Price Copyright © 2014International Publications Limited.All rights reserved Editor : Moazzem Hossain,

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