Kamal defends final GDP calculation showing higher growth

[bluesky]

Kamal defends final GDP calculation showing higher growth

Finance Minister A H M Mustafa Kamal on Thursday defended the growth-rate-calculation process for the fiscal year (FY) 2020-21. The rate finally rose to 6.94 per cent from the provisional 5.43 per cent, although the economy was severely hit by the Covid-19 pandemic-linked disruptions. "You will

thefinancialexpress.com.bd

Kamal defends final GDP calculation showing higher growth
FE REPORT | Published: February 11, 2022 10:03:02

---

Finance Minister A H M Mustafa Kamal on Thursday defended the growth-rate-calculation process for the fiscal year (FY) 2020-21. The rate finally rose to 6.94 per cent from the provisional 5.43 per cent, although the economy was severely hit by the Covid-19 pandemic-linked disruptions.
"You will get the same (growth rate) - as described by the planning minister, no matter how you calculate it."

The minister said some people might say that the assessment was not correct, the government exaggerated it. "No it (allegation of exaggeration) is never ever right."

The jump of the growth figure raised eyebrows of many, as in the last FY, global economy shrunk drastically, and almost all countries saw negative growth.

"Our achievement…you are seeing here…is there anywhere like this?" Mr Kamal said while briefing newsmen after a virtual meeting of the Cabinet Committee on Government Purchase.

"When the economy of other countries went to contraction, we remained at positive corner, our economy never fell. Our economy was moving forward and growth was there. That's why we were praised globally."

One can get the account, if checked, whether there was high inflation rate or not. Actually there was no such pressure, and the foreign currency exchange rate was stable, the minister opined.
"When revenue generation was tough, our revenue income also had 50 per cent growth. Export saw almost 30 per cent growth, import also had growth, and remittance saw 36 per cent growth." He noted that Bangladesh had no negative record during the year (under review).

"There was no negative growth in any of the avenue of the economy," Mr Kamal said, adding that it was reflected positively in the Gross Domestic Product (GDP).

"Our expansionary monetary policy also worked, and thus the GDP saw the growth."

Bangladesh follows the System of National Accounts 2008 of the International Monetary Fund (IMF) in GDP calculation like other countries worldwide, he added.

syful-islam@outlook.com

 

[SaadH]

Can Pakistan hire him as an outside consultant? We an double our GDP in a couple of years max.

 

[Maula Jatt]

Can Pakistan hire him as an outside consultant? We an double our GDP in a couple of years max.

With sound policy decisions ofcourse

Besides Bangladesh gets a bad rep but India is into ayuvedic number gathering buisness too
Many articles written on it by Indians themselves

 

[Bilal9]

Can Pakistan hire him as an outside consultant? We an double our GDP in a couple of years max.

Well he is a Pakistani awarded FCA but I don't think he needs a job now.

He heads up Lotus Kamal (LK) Group, is an ardent cricket fan/official and owns a private cricket team I believe (Cumilla Victorians). Nothing Pakistanis would not like.

One of his daughters Nafisa now runs his business - she went to MIT. I don't know if she will join AL in politics. Ambitious woman.

A H M Mustafa Kamal​

General Information

Incumbent Finance Minister and Member of Parliament

Politics, Businessman and Cricket Official

Full Name: A H M Mustafa Kamal (Lotus Kamal)

Affiliation: Bangladesh Awami League

Current Position: Finance Minister and Member of Parliament

Date of Birth: June 15, 1947

Place of Birth: Bangladesh

Home District: Cumilla

Constituency: 258, Cumilla-10

Term: Fourth (7th-1996, 9th-2008, 10th-2014, 11th-2018)

Nationality: Bangladeshi

Background:

A H M Mustafa Kamal known as Lotus Kamal (born 15 June 1947) is a Bangladeshi politician, cricket official, businessman and the incumbent Member of Parliament representing the Comilla-10 constituency. Kamal was former Minister for Planning and current Minister of Finance. He is also the owner of Lotus Kamal Group, which is a textile industry. Kamal was awarded the Finance Minister of the Year 2020 by the Banker.

Kamal finished his undergraduate in Financial Management from the University of Dhaka in 1967. He completed his masters in accounting in 1968 from the University of Dhaka. He also earned a law degree. He is also a FCA (Fellowship Chartered Accountant).

Kamal was elected to Parliament from Comilla-9 in 1996. He was elected to his second term as a member of the Jatiya Sangsad for the constituency of Comilla-10 in 2008 and 2014. He is Convener of Bangladesh Awami League in the Comilla district (South). He is also the Finance and Planning Secretary of Bangladesh Awami League. He was appointed the Minister for Planning in January 2014.

Kamal has been involved with cricket and its development for last 30 years in various capacities. From 1990-2010 he was chairman of the cricket committee of Abahani Limited, before becoming the President of Asian Cricket Council between 2010 and 2012.

In 2012, Kamal was named as the vice-president of the International Cricket Council (ICC) for the 2012–2014 terms. Prior to his nomination for the ICC, Kamal was the president of the Bangladesh Cricket Board. Kamal succeeded Alan Isaac as president of the ICC in 2014.

Kamal resigned from his designation as ICC President, with effect from 1 April 2015. The resignation was reportedly to protest alleged non-compliance by the ICC of laws written in the constitution of the ICC and he was an active protester of corruption in cricket.

Kamal is the president and chief executive officer of Lotus Kamal Group, a business conglomerate involved in a number of business disciplines covering manufacturing, trading, services and real estate sectors. All the business enterprises coming under LK is founded by AHM Mustafa kamal, FCA and MP who is also the President & CEO of the Group.

He is a brilliant Chartered Accountant who qualified in the year 1970 from the Institute of Chartered Accountants of Pakistan occupying 1st position. After putting in about a decade's service in the profession as a Public Accountant Kamal started his business career in the year 1981 by establishing his first manufacturing unit title Lotus Engineering Industries Ltd. a project involved in the manufacturing of jute and textile mills machinery and spares.

The saying goes that behind every successful man is a woman. In Kamal's case, his success can be credited to the three very important women in his life - wife Kashmiri Kamal and daughters Kashfi Kamal and Nafisa Kamal. Along with his two daughters he is further strengthened by a pair of young men. His grandsons Aveir and Zahraan. In between frequent family trips aboard and relaxed holidays at home, Kamal catches up on his very valuable family time that finds him playing with his grandsons, watching sports with his daughters, eating out, debating on politics, visiting hometown Comilla and entertaining.

Politics and Cricket take up most of his personal life and whatever remains is consumed in reading and writing. Kamal is not only an avid reader and writer but is constantly hungry for knowledge in world politics, religion, the English premier league, cricket developments, economic index and current affairs. Kamal is one of Bangladesh's earliest FCAs and a very patriotic sports lover and this strikes a perfect balance between his personal and professional lives.

 

[Turingsage]

Another brilliant medal winning youngest chartered accountant was Ishaq Dar

"
He then attended Government College University in Lahore.[4] Reportedly, Dar was awarded two gold medals and a roll of honor for first position in B. Com. (Hons) at the University of Punjab.[4] Dar once stated that Nawaz Sharif had been his batch mate at Government College University Lahore from 1964 to 1966.[5]

Dar became an Associate Member of the Institute of Chartered Accountants in England and Wales in 1974, where he achieved his certification in chartered accountancy. He was one of the youngest Pakistanis at the time to have passed the professional qualification in the minimum time period.[6] In 1975 he became associate member of the Institute of Chartered Accountants of Pakistan. He obtained fellowship in the Institute of Chartered Accountants in England and Wales in 1980 and in the Institute of Chartered Accountants of Pakistan in 1984. Currently, he is a fellow member of the Pakistan Institute of Public Finance Accountants and of the Institute of Chartered Accountants in England and Wales."

Ishaq Dar - Wikipedia

en.wikipedia.org

 

[Maula Jatt]

Another brilliant medal winning youngest chartered accountant was Ishaq Dar

"
He then attended Government College University in Lahore.[4] Reportedly, Dar was awarded two gold medals and a roll of honor for first position in B. Com. (Hons) at the University of Punjab.[4] Dar once stated that Nawaz Sharif had been his batch mate at Government College University Lahore from 1964 to 1966.[5]

Dar became an Associate Member of the Institute of Chartered Accountants in England and Wales in 1974, where he achieved his certification in chartered accountancy. He was one of the youngest Pakistanis at the time to have passed the professional qualification in the minimum time period.[6] In 1975 he became associate member of the Institute of Chartered Accountants of Pakistan. He obtained fellowship in the Institute of Chartered Accountants in England and Wales in 1980 and in the Institute of Chartered Accountants of Pakistan in 1984. Currently, he is a fellow member of the Pakistan Institute of Public Finance Accountants and of the Institute of Chartered Accountants in England and Wales."

Ishaq Dar - Wikipedia

en.wikipedia.org

And look how it ended