bangladesh’s vaccine diplomacy and the global …

BANGLADESH’S VACCINE DIPLOMACYAND THE GLOBAL CONTEXT

ISSUE 02 FEBRUARY 2021

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PRESIDENT

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MEMBERS

MS. NIHAD KABIR

MR. ANIS A. KHAN

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MR. SYED TAREQUE MD. ALI

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MS. SIMEEN RAHMAN

MR. RUBAIYAT JAMIL

MR. ADEEB HOSSAIN KHAN, FCA

MR. HASAN MAHMOOD, FCA

MR. GOLAM MAINUDDIN

MR. SYED NASIM MANZUR

MR. MOHAMMAD NASER EZAZ BIJOY

EDITORIAL 03

Chamber News / Issue 2/ February 2021

CONTENTSBangladesh’s vaccine diplomacy and the global context

The next normal arrives: trends that will define 2021---and beyond

ARTICLE 04 COUNTRY PROFILE 20South Korea

REVIEW 22

• Export earnings• Import payments• Remittances• Foreign direct investments (FDI)• Foreign exchange reserves• Exchange rate• Price situation

STATISTICS 25

• Export performance of Bangladesh• Value of letters of credit opened for import• Balance of payments (BOP)• Production of selected industrial items• Consumer price index: national• Consumer price index: rural• Consumer price index: urban• Wage rate index by sectors: Bangladesh

Razer project hazel

NEW PRODUCTS 18

MEMBERS NEWS 10

Singer Bangladesh Limited unveiled logo to celebrate the 50 years of the independence of Bangladesh.

CORPORATE NEWS 12

Beximco Pharmaceuticals Limited to buy 54.6 percent stake of Sanofi Bangladesh Limited.

INTERNATIONAL NEWS 16

Ship export target set at US$4 billion

NATIONAL NEWS 14

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EDITORIAL

The coronavirus pandemic has dealt a blow to Bangladesh’s enduring economic progress. As the number of reported cases of COVID-19 contraction in Bangladesh goes past 500,000 with over 8,000 deaths, both GDP growth and incomes have taken a hit. In such times, smart vaccine diplomacy can help in reversing the economic downturn.

Bangladesh’s Vaccine Diplomacy and the Global Context

Vaccine producers like Oxford-AstraZeneca, Moderna, Pfizer-BioNTech, Gamaleya, Sinopharm, and Sinovac are leading the charge in the fight against the novel coronavirus. Some, like Moderna and Pfizer-BioNTech, are using a novel approach of using mRNA in their vaccines to build spike protein, while some, like Sinopharm, are going for the conventional method of introducing an ineffective form of the virus. Currently, 67 vaccines are being tested at human clinical trials.

Assessing all factors before selecting a vaccine will be crucial to achieving success. For example, storing the Pfizer-BioNTech vaccine requires a temperature of -70 degrees Celsius. This is a facility that Bangladesh lacks. We will fare better to approve and use vaccines that are easier to store, like that of Oxford-AstraZeneca where regular refrigerators will suffice. We should also look into the efficacy levels of vaccines and the results of vaccination drives in other counties. Finally, we must plan the storage and program implementation before going ahead with the shots.

The government has already taken steps towards exploring a solid vaccination drive. They have already formed the COVID-19 Vaccine Management Committee to ensure a smooth vaccination program. Both the Bangladesh Working Group of Vaccine Management and the COVID-19 Vaccine Preparedness and Deployment Core Committee are working in this area. The priority list of the vaccine candidates is also now complete. As expected, the elderly and the essential workers will get priority over the young.

In January 2021, Bangladesh received 7 million doses of the Oxford-AstraZeneca vaccine—2 million as a gift from the Indian government, the remaining 5 million as procured items. For the next 5 months, 5 million doses of the same

vaccine will arrive in Bangladesh every month. In these regards, the Finance Division has already invested Tk. 735 crore. Bangladesh will buy 68 million doses of the COVID-19 vaccine over the next few months from GAVI, the public-private global health partnership. The vaccines from GAVI alone will cover 20 percent of the population. The Honorable Prime Minister launched the vaccination program on 27 January 2021, and nation-wide vaccinations will start from 7 February 2021. The ultimate target is to inoculate 80 percent of the country’s population over many phases.

The plan definitely looks good on pen and paper. Yet, we must prepare for contingencies like vaccine unavailability because of high demand. If we need several types of vaccines, we must start developing some extreme-cold storage facilities. With a population north of 160 million, Bangladesh will have to work with other economic powerhouses to ensure a smooth and fair distribution of vaccines. Some deaths have been reported in countries like Norway and India after the candidates had been administered one dose of a vaccine. However, no causal link between these two incidents could be established. Still, we must explore further to ensure the treatment with the least risk for the population.

As a country eyeing LDC graduation and upper middle-income country status, Bangladesh must leave no stone unturned to return to its high-growth phase. We must negotiate to get the best deals for the latest vaccines. Globe Biotech Limited, a Bangladeshi firm, has recently requested permission to conduct human trials. If the trials are successful, it could mean the availability of more doses for our population. This is an area that we could explore further. In the end, sound vaccine diplomacy can help us return to our previous economic position. We must act before it gets late.

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ARTICLETHE NEXT NORMAL ARRIVES: TRENDS THAT WILL DEFINE 2021---AND BEYONDBy Kevin Sneader and Shubham Singhal

2021 will be the year of transition. Barring any unexpected catastrophes, individuals, businesses, and society can start to look forward to shaping their futures rather than just grinding through the present. The next normal is going to be different. It will not mean going back to the conditions that prevailed in 2019. Indeed, just as the terms “prewar” and “postwar” are commonly used to describe the 20th century, generations to come will likely discuss the pre-COVID-19 and post-COVID-19 eras.

In this article, we identify some of the trends that will shape the next normal. Then we discuss how they will affect the direction of the global economy, how business will adjust, and how society could be changed forever as a result of the COVID-19 crisis.

How the COVID-19 crisis and the recovery are shaping the global economy

The return of confidence unleashes a consumer rebound

There are lines outside stores, but they are often due to physical-distancing

requirements. Theaters are dark. Fashions are in closets rather than on display. If the Musée du Louvre were open, the lack of tourists might even create the opportunity for an unobstructed view of the Mona Lisa. In these and other ways, consumers have pulled back.

As consumer confidence returns, so will spending, with “revenge shopping” sweeping through sectors as pent-up demand is unleashed. That has been the experience of all previous economic downturns. One difference, however, is that services have been particularly hard hit this time. The bounce back will therefore likely emphasize those businesses, particularly the ones that have a communal element, such as restaurants and entertainment venues.

That isn’t to say that consumers will act uniformly. McKinsey’s most recent consumer survey, published in late October, found that countries with older demographics, such as France, Italy, and Japan, are less optimistic than are those with younger populations, such as India and Indonesia. China was an exception—it has an older population

but is conspicuously optimistic.

How fast and deep confidence will recover is an open question. In late September, for example, the US consumers surveyed were more optimistic than before but still cautious, reporting that they planned to buy holiday gifts for fewer people and keep an eye on discretionary spending. Only around a third had resumed out-of-home activities, compared with 81 percent of consumers in China, 49 percent in France—and just 18 percent in Mexico. New lockdowns and, critically, the rollout of COVID-19 vaccines have and will affect those numbers.

The point is that spending will only recover as fast as the rate at which people feel confident about becoming mobile again—and those attitudes differ markedly by country.

Leisure travel bounces back but business travel lags

People who travel for pleasure will want to get back to doing so. That has been the pattern in China. The CEO of one major travel company told us that, beginning in the third quarter of 2020,

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business was “pretty much back to normal” when referring to growth. But it was a different normal: domestic travel was surging, but international travel was still depressed given pandemic-related border restrictions and concerns about health and safety. In China as a whole, hotel occupancy and the number of travelers on domestic flights were more than 90 percent of their 2019 levels at the end of August, and over the October Golden Week holiday, more than 600 million Chinese hit the road, around 80 percent of last year’s figure. Because of confidence in the country’s health and safety measures, domestic travel is almost back to the level seen prior to the pandemic, and high-end domestic travel is actually ahead of it.

By definition, leisure travel is discretionary. Business travel is less so. In 2018, business-travel spending reached $1.4 trillion, which was more than 20 percent of the total spending in the hospitality and travel sector. It also brings in a disproportionate share of profits—70 percent of revenues globally for high-end hotels, for example. During and after the pandemic, though, there is a question about business travel: Exactly when is it necessary? The answer is almost certain to be not as much as before. Video calls and collaboration tools that enable remote working, for example, could replace some onsite meetings and conferences.

The larger context is also informative. History shows that, after a recession, business travel takes longer than leisure travel to bounce back. After the 2008–09 financial crisis, for example, international business travel took five years to recover, compared with two years for international leisure travel.

In short, leisure travel is driven by the very human desire to explore and to enjoy, and that has not changed. Indeed, one of the first things people do as they grow more prosperous is to travel—

first close to home and then further afield. There is no reason to believe that the rise in global prosperity will reverse itself or that human curiosity will diminish. But the effective use of technology during the pandemic—and the economic constraints that many companies will face for years after it—could augur the beginning of a long-term structural change in business travel.

The crisis sparks a wave of innovation and launches a generation of entrepreneurs

Plato was right: necessity is indeed the mother of invention. During the COVID-19 crisis, one area that has seen tremendous growth is digitization, meaning everything from online customer service to remote working to supply-chain reinvention to the use of artificial intelligence (AI) and machine learning to improve operations. Healthcare, too, has changed substantially, with telehealth and biopharma coming into their own.

Disruption creates space for entrepreneurs—and that’s what is happening in the United States, in particular, but also in other major economies. We admit that we didn’t see this coming. After all, during the 2008–09 financial crisis, small-business formation declined, and it rose only slightly during the recessions of 2001 and 1990–91. This time, though, there is a veritable flood of new small businesses. In the third quarter of 2020 alone, there were more than 1.5 million new-business applications in the United States—almost double the figure for the same period in 2019.

The European Union has not seen anything like this response, perhaps because its recovery strategy tended to emphasize protecting jobs (not income, as in the United States). That said, France saw 84,000 new business

formations in October, the highest ever recorded, and 20 percent more than in the same month in 2019. Germany has also seen an increase in new businesses compared with 2019; ditto for Japan. Britain is somewhere in between.

A survey published in November 2020 of 1,500 self-employed people found that 20 percent say they are likely to leave self-employment when they can. At the same time, however, the number of new businesses registered in the United Kingdom in the third quarter of 2020 rose 30 percent compared with 2019, showing the largest increase seen since 2012.

On the whole, the COVID-19 crisis has been devastating small business. In the United States, for example, there were 25.3 percent fewer of them open in December 2020 than at the beginning of the year (the bottom was in mid-April, when the figure was almost half).

Digitally enabled productivity gains accelerate the Fourth Industrial Revolution

There’s no going back. The great acceleration in the use of technology, digitization, and new forms of working is going to be sustained. Many executives reported that they moved 20 to 25 times faster than they thought possible on things like building supply-chain redundancies, improving data security, and increasing the use of advanced technologies in operations.

How all that feeds into long-term productivity will not be known until the data for several more quarters are evaluated. But it’s worth noting that US productivity in the third quarter of 2020 rose 4.6 percent, following a 10.6 percent increase in the second quarter, which is the largest six-month improvement since 1965. Productivity is only one number, albeit an important one; the startling figure for the United States in the second quarter was based

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the United States, the penetration of e-commerce was forecast in 2019 to reach 24 percent by 2024; by July 2020, it had hit 33 percent of total retail sales. To put it another way, the first half of 2020 saw an increase in e-commerce equivalent to that of the previous ten years. In Latin America, where the payments and delivery infrastructure isn’t as strong, e-commerce use doubled from 5 to 10 percent. In Europe, overall digital adoption is almost universal (95 percent), compared with 81 percent at the start of the pandemic. In normal times, getting to that level would have taken two to three years.

Strikingly, the biggest increases came in countries that had previously been relatively cautious about shopping online. Germany, Romania, and Switzerland, for example, had the three lowest online-penetration rates prior to the COVID-19 crisis; since then, usage increased 28, 25, and 18 percentage points, respectively—more than in any other markets.

Supply chains rebalance and shift

Once businesses began to study how their supply chains worked, they realized three things. First, disruptions aren’t unusual. Any given company can expect a shutdown lasting a month or so every 3.7 years. Such shocks, then, are far from shocking: they are predictable features of doing business that need to be managed like any other.

Second, cost differences among developed and many developing countries are narrowing. In manufacturing, companies that adopt Industry 4.0 principles (meaning the application of data, analytics, human–machine interaction, advanced robotics, and 3-D printing) can offset half of the labor-cost differential between China and the United States.

And third, most businesses do not have a good idea of what is going on

lower down in their supply chains, where subtiers and sub-subtiers may play small but critical roles. That is also where most disruptions originate, but two-thirds of companies say they can’t confirm the business-continuity arrangements with their non-tier-one suppliers. With the development of AI and data analytics, companies can learn more about, audit, and connect with their entire value chains.

None of those things means that multinationals are going to ship all or most of their production back to their home markets. There are good reasons to take advantage of regional expertise and to be in place to serve fast-growing consumer markets. But questions on security and resiliency mean that those companies are likely to be more thoughtful about the business cases for such decisions.

The future of work arrives ahead of schedule

Before the COVID-19 crisis, the idea of remote working was in the air but not proceeding very far or fast. But the pandemic changed that, with tens of millions of people transitioning to working from home, essentially overnight, in a wide range of industries.

The McKinsey Global Institute (MGI) estimates that more than 20 percent of the global workforce (most of them in high-skilled jobs in sectors such as finance, insurance, and IT) could work the majority of its time away from the office—and be just as effective. Not everyone who can, will; even so, that is a once-in-several-generations change. It’s happening not just because of the COVID-19 crisis but also because advances in automation and digitization made it possible; the use of those technologies has accelerated during the pandemic. Microsoft CEO Satya Nadella noted in April 2020 that “we’ve seen two years’ worth of digital transformation in two months.”

in large part on the biggest declines in output and hours seen since 1947. That isn’t an enviable precedent.

More positively, in the past, it has taken a decade or longer for game-changing technologies to evolve from cool new things to productivity drivers. The COVID-19 crisis has sped up that transition in areas such as AI and digitization by several years, and even faster in Asia. A McKinsey survey published in October 2020 found that companies are three times likelier than they were before the crisis to conduct at least 80 percent of their customer interactions digitally.

The COVID-19 crisis has created an imperative for companies to reconfigure their operations—and an opportunity to transform them. To the extent that they do so, greater productivity will follow.

How businesses are adjusting to the changes prompted by the COVID-19 crisis

Pandemic-induced changes in shopping behavior forever alter consumer businesses

In nine of 13 major countries surveyed by McKinsey, at least two-thirds of consumers say they have tried new kinds of shopping. And in all 13, 65 percent or more say they intend to continue to do so. The implication is that brands that haven’t figured out how to reach consumers in new ways had better catch up, or they will be left behind.

We expect that, in developing markets—Brazil and India, for example—the pandemic will accelerate digital shopping, albeit from a low base. Consumers in continental Europe have bought more online but aren’t as enthusiastic as those in Britain and the United States to continue doing so.

Specifically, the shift to online retail is real, and much of it will stick. In

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There are two important challenges related to the transition to working away from the office. One is to decide the role of the office itself, which is the traditional center for creating culture and a sense of belonging. Companies will have to make decisions on everything from real estate (Do we need this building, office, or floor?) to workplace design (How much space between desks? Are pantries safe?) to training and professional development (Is there such a thing as remote mentorship?). Returning to the office shouldn’t be a matter of simply opening the door. Instead, it needs to be part of a systematic reconsideration of what exactly the office brings to the organization.

The other challenge has to do with adapting the workforce to the requirements of automation, digitization, and other technologies. This isn’t just the case for sectors such as banking and telecom; instead it’s a challenge across the board, even in sectors not associated with remote work. For example, major retailers are increasingly automating checkout. If salesclerks want to keep their jobs, they will need to learn new skills. In 2018, the World Economic Forum estimated that more than half of employees would need significant reskilling or upskilling by 2022.

Evidence shows that the benefits of reskilling current staff, rather than letting them go and then finding new people, typically costs less and brings benefits that outweigh the costs. Investing in employees can also foster loyalty, customer satisfaction, and positive brand perception.

Workforce development was a priority even before the pandemic. In a McKinsey survey conducted in May 2019, almost 90 percent of the executives and managers surveyed said their companies faced skill gaps or expected

to in the next five years. But only a third said they were prepared to deal with the issue. Successful reskilling starts with knowing what skills are needed, both right now and in the near future; offering tailored learning opportunities to meet them; and evaluating what does and doesn’t work. Perhaps most important, it requires commitment from the top that inculcates a culture of lifelong learning.

The biopharma revolution takes hold

The announcement of several promising COVID-19 vaccines has been a much-needed shot of good news. There will be challenges to rolling out these vaccines on the scale needed, but that does not lessen the accomplishment.

Just as businesses have sped up their operations in response to the COVID-19 crisis, the pandemic could be the launching point for a massive acceleration in the pace of medical innovation, with biology meeting technology in new ways.

Not only was the COVID-19 genome sequenced in a matter of weeks, rather than months, but the vaccine rolled out in less than a year—an astonishing accomplishment given that normal vaccine development has often taken a decade. Urgency has created momentum, but the larger story is how a wide and diverse range of capabilities—among them, bioengineering, genetic sequencing, computing, data analytics, automation, machine learning, and AI—have come together.

Regulators have also reacted with speed and creativity, establishing clear guidelines and encouraging thoughtful collaboration. Without relaxing safety and efficacy requirements, they have shown just how quickly they can collect and evaluate data. If those lessons are applied to other diseases, they could play a significant role in setting the foundation for the faster development of treatments.

The development of COVID-19 vaccines is just the most compelling example of the potential of what MGI calls the “Bio Revolution”—biomolecules, biosystems, biomachines, and biocomputing. In a report published in May 2020, MGI estimated that “45 percent of the global disease burden could be addressed with capabilities that are scientifically conceivable today.” For example, gene-editing technologies could curb malaria, which kills more than 250,000 people a year. Cellular therapies could repair or even replace damaged cells and tissues. New kinds of vaccines could be applied to noncommunicable diseases, including cancer and heart disease.

The potential of the Bio Revolution goes well beyond health; as much as 60 percent of the physical inputs to the global economy, according to MGI, could theoretically be produced biologically. Examples include agriculture (genetic modification to create heat- or drought-resistant crops or to address conditions such as vitamin-A deficiency), energy (genetically engineered microbes to create biofuels), and materials (artificial spider silk and self-repairing fabrics). Those and other applications feasible through current technology could create trillions of dollars in economic impact over the next decade.

Portfolio restructuring accelerates

The COVID-19 crisis provoked divergent, even dramatic, reactions, with some industries taking off and others suffering badly; the effect was to shake up historic norms. When the economy settles into its next normal, such sectoral differences can be expected to narrow, with industries returning to somewhere around their previous relative positions. What is less obvious is how the dynamics within sectors are likely to change. In previous downturns, the strong came out stronger, and the weak got weaker, went under, or

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were bought. The defining difference was resilience—the ability not only to absorb shocks but to use them to build competitive advantage. Over the course of a decade, companies can expect losses of 42 percent of a year’s profits from disruptions.

In October 2020, McKinsey evaluated 1,500 companies by “Z-Score,” which measures the probability of corporate bankruptcy. The higher the score, the stronger the company’s financial position. The research found that the top 20 percent of companies (the “emerging resilients”) that had improved their Z-Scores during the current recession had increased their earnings before interest, taxes, depreciation, and amortization by 5 percent; the others had lost 19 percent.24 The emerging resilients, the evidence shows, are pulling away from the pack.

The implication is that there is a resiliency premium on recovery. Top performers won’t sit on their strengths; instead, as in previous downturns, they will seek out ways to build them—for example, through M&A. That’s why we expect to see substantial portfolio adjustment as companies with healthy balance sheets seek opportunities in a context of discounted assets and lower valuations. In fact, that may already be happening: deal making began to pick up midyear.

A second factor that tilts the odds in favor of portfolio restructuring is the availability of private capital. Special-purpose acquisition companies, which merge with a company to take it public, are “having a moment” in 2020, as McKinsey recently noted. Through August 2020, they had accounted for 81 out of 111 US IPOs.

Much more important is private equity (PE). Globally, PE firms are sitting on almost $1.5 trillion of “dry powder”—unallocated capital that’s ready to be invested. The COVID-19 crisis has hurt

in some ways, with global deal value down 12 percent compared with the first three quarters of 2019 and deal counts down 30 percent.

On the other hand, global fundraising has stayed strong—$348.5 billion through September 2020, on par with the previous five years—and deal making in Asia has more than doubled.27 The PE industry has a reputation of zigging when others are zagging, making deals in difficult times. And it has history on its side: returns on PE investments made during global downturns tend to be higher than in the good times. Put it all together, and we don’t think the PE industry is going to keep its powder dry for much longer; there are simply going to be too many new investment opportunities.

Green, with a touch of brown, is the color of recovery

All over the world, the costs of pollution—and the benefits of environmental sustainability—are increasingly recognized. China, some of the Gulf States, and India are investing in green energy on a scale that would have been considered improbable even a decade ago. Europe, including the United Kingdom, is united on addressing climate change. The United States is transitioning away from coal and is innovating in a wide array of green technologies, such as batteries, carbon-capture methods, and electric vehicles.

To cope with the 2008–09 financial crisis, there were substantial government stimulus programs, but few of them incorporated climate or environmental action. This time is different. Many (though by no means all) countries are using their recovery plans to push through existing environmental policy priorities:

The European Union plans to dedicate around 30 percent of its $880 billion

plan for COVID-19-crisis plan to climate-change-related measures, including the issuance of at least $240 billion in “green bonds.”

In September 2020, China pledged to reduce its net carbon emissions to zero by 2060.

Japan has pledged to be carbon neutral by 2050.

South Korea’s Green New Deal, part of its economic-recovery plan, invests in greener infrastructure and technology, with the stated goal of net-zero emissions by 2050.

While campaigning, US president-elect Joe Biden pledged to invest $2 trillion in clean energy related to transportation, power, and building.

Canada is linking recovery to climate goals.

Nigeria plans to phase out fossil-fuel subsidies and to install solar-power systems for an estimated 25 million people.

Colombia is planting 180 million trees.

The imperative for businesses is clear along two fronts. First, businesses need to respond to the sustainability concerns of investors. It’s possible, albeit speculative, that the COVID-19 crisis foreshadows what a climate crisis could look like: systemic, fast moving, wide ranging, and global. There is a case, then, for businesses to take action to limit their climate risks—for example, by making their capital investments more climate resilient or by diversifying their supply chains.

How the COVID-19 crisis could change society

Healthcare systems take stock—and make changes

Healthcare system reform is difficult. While caution is necessary when lives are involved, one consequence is that

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modernization is often slower than it needs to be. Learning from the experiences associated with COVID-19 can show the way to build stronger post-pandemic healthcare systems.

Consider the case of South Korea. When the MERS virus struck in 2015, resulting in the deaths of 38 Koreans, the government was stung by widespread public criticism that it had not responded well. As a result, it took action to improve its pandemic preparedness—and it was ready when COVID-19 hit in January 2020. Large-scale testing, as well as tracing and quarantine measures, began almost immediately. And it worked. While the country began seeing a significant increase in new cases in December, fewer than 1,000 South Koreans died from COVID-19 in all of 2020.

No doubt, governments all over the world will set up task forces, inquiries, and commissions to examine their actions related to the COVID-19 crisis. The key is to go beyond the temptation simply to assign blame (or credit). Instead, the efforts need to be forward thinking, with an emphasis on turning the painful lessons of COVID-19 into effective action.

Being better prepared for the next pandemic, on both national and international levels, has to be a high priority. Too often, investments in prevention and public-health capabilities are undervalued; the experience of COVID-19 demonstrates how costly, in both lives and livelihoods, such thinking can be. An upgrade of public-health infrastructure and the modernization of healthcare systems, including the wider use of telemedicine and virtual health, are two areas to address.

Business will also have a role. Employers should take the opportunity to learn from the pandemic how to redesign

workplaces, build healthier work environments, and invest effectively in employee health.

The hangovers begin as governments tackle rising debt

The scale of the fiscal response to the COVID-19 crisis was unprecedented - and three times bigger than seen for the 2008-09 financial crisis. In the G-20 alone, fiscal packages are estimated at more than $10 trillion.

In February 2020, Janet Yellen, who is Joe Biden’s choice to become Secretary of the Treasury, said that “the US debt path is completely unsustainable under current tax and spending plans.”29 Since then, the US federal government has allocated trillions in COVID-19-crisis relief. That has put the country into new fiscal territory, with the US public debt projected to be bigger than the economy in fiscal year 2021—the first time that has been the case since shortly after World War II.

Canada is projecting a deficit of 343 billion Canadian dollars—an increase of more than 1,000 percent over the deficit in 2019—pushing national debt above 1 trillion Canadian dollars for the first time.

As the pandemic recedes, governments will have to figure out how to address their fiscal difficulties. Although interest rates are generally low, that could mean raising taxes or cutting spending - or both. Doing so could risk slowing the recovery and stimulating political backlash. But high levels of public debt carry their own costs, crowding out private debt and limiting the resources available to governments as they service their debt.

While interim measures, such as improving government operations, monetizing assets, and reducing fiscal leakages, can be helpful, the long-term

answer is growth and productivity. That’s largely how the United States managed to reduce its national debt from 118 percent of GDP in 1946 to a low of 31 percent in 1981.

Stakeholder capitalism comes of age

There is widespread distrust for business as usual, as a number of surveys and elections have shown. That’s where stakeholder capitalism comes in - as a bridge between businesses and the communities of which they are a part. The COVID-19 crisis has highlighted the inter-connectedness of business and society. “It will be a true inflection point,” says Rajnish Kumar, chairman of the State Bank of India. “And whatever we learn through this process—it must not go to waste.”

We do not believe there is a conflict between the pursuit of profit, and a sense of purpose. In a study that looked at 615 large-and midcap US publicly-listed companies from 2001 to 2015, MGI found that those with a long-term view - something that’s a core of stakeholder capitalism - outperformed the rest in earnings, revenue, investment, and job growth. And a McKinsey Global Survey in February 2020 found that a majority of the executives and investment professionals surveyed said they believed that environmental, social, and governance programs already create short- and long-term value and will do so even more five years from now.

Stakeholder capitalism isn’t about being the most woke or about fending off pesky activists. It’s about building the trust—call it the “social capital”—that businesses need to keep doing business. And it’s about recognizing that creating long-term shareholder value requires more than just focusing on shareholders.

Source: https://www.mckinsey.com

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Runner Automobiles Limited recently launched two models of Austrian motorcycle brand KTM — KTM 125 Duke and KTM RC 125 — in Bangladesh. Runner Automobiles in partnership with global motorcycle brand KTM unveiled the motorcycles at a ceremony held at the Runner Automobiles’ factory at Bhaluka in Mymensingh. Mr. Reazul Chowdhury, Runner Automobiles managing director and chief executive officer, said, ‘We are excited to introduce KTM Duke and KTM RC in Bangladesh through this official launch event.’ He also said that the company would gradually go for manufacturing KTM motorcycles in the country. KTM 125 Duke has a liquid-cooled, fuel-injected engine delivering 14.5 HP Power at 9,250 rpm and 12 Nm torque at 8,000 rpm. It has an aluminum cylinder with a carbon coating on the inner walls. One of the most attractive features of the KTM 125 Duke is its ABS system, which prevents the wheel from locking under panic breaking conditions for more safety and stability.

MEMBERS NEWS

Singer Bangladesh Limited, electronics and home appliances company, unveiled a logo on ‘Swadhinatar 50 Bochhor,’ 50 Years of Independence, to celebrate the 50 years of the independence of Bangladesh. The logo was developed from the fingerprint of a freedom fighter to represent and honor all the freedom fighters of the country. Singer Bangladesh planned a yearlong program to mark this celebration. By honoring valiant freedom fighter ANM Musa, a retired branch manager of a Singer Shop in Kurigram, who fought in the War of Independence from Sector 6, Singer Bangladesh inaugurated the celebration program on 16 January. The unveiled logo will be used in all communications and platforms of the company throughout 2021. It will celebrate the 50 years of independence with special edition of products and offers.

SINGER BANGLADESH LIMITED

RUNNER AUTOMOBILES LIMITED

Eastern Bank Limited launched instant digital customer onboarding solution EBL INSTA BANKING on 14 January 2021. This solution allows the customer to open a bank account from the safety of their home and flexibility of opening the account from anywhere in the world with only their National Identification (NID) Card, and a photograph taken through selfie. There is no need for any physical documents or a visit to the branch. Launched under the Bangladesh Bank’s e-KYC guideline, EBL INSTA BANKING uses state-of-the-art facial recognition and comes with liveliness testing to ensure customers’ security and privacy. Mr. Ali Reza Iftekhar, Managing Director and CEO of the bank said, ‘This digital customer onboarding solution is a timely initiative to ensure customers’ health safety and banking services maintaining social distancing, during the ongoing COVID-19 pandemic. EBL has always been at the forefront of bringing new and innovative solutions for customers to experience seamless banking services.’ EBL INSTA BANKING is available on the EBL web site, EBL DIA and EBL SKYBANKING app.

EASTERN BANK LIMITED

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The Institute of Chartered Secretaries of Bangladesh at an event awarded BRAC Bank with the gold award in the general banking category at the 7th ICSB National Award for corporate governance excellence in 2019. Mr. Tipu Munshi, Commerce minister, addressed the event as the chief guest. AB Mr. Mirza Azizul Islam, Chairman of the jury board, joined the event over phone. Accepting the award, BRAC Bank managing director and CEO Selim RF Hussain said, ‘Governance, compliance, ethics, and transparency are the cornerstones of BRAC Bank’s business model. We believe in these values. This recognition from ICSB for the second consecutive year is a milestone for us towards becoming the best bank in the country. We thankfully acknowledge all our valued stakeholders for their continued encouragement and reliance on the organization. We dedicate this award to our people.’

BRAC BANK LIMITED

AB Bank Limited recently launched AB Nishchinto, a fixed deposit scheme under which the bank’s customers will receive life insurance coverage of up to Tk 80 lakh without paying any premium. Mr. Tarique Afzal, AB Bank managing director, inaugurated the launching program at Pan Pacific Sonargaon Hotel, Dhaka. He said that the bank had launched the product considering the security of life of the depositors. Any Bangladeshi citizen aged between 18 and 64 years would be eligible to open an AB Nishchinto fixed deposit account. At the time of opening an AB Nishchinto fixed deposit account, a client must have a minimum Tk 25,000 in his or her savings or current account. The interest rate on the deposit is 5.5 percent with one year tenure that would automatically be renewed every year.

AB BANK LIMITED

Robi Axiata Limited set up an state-of-the-art Innovation Lab in The Institute of Cost and Management Accountants of Bangladesh (ICMAB). The Innovation Lab was inaugurated by Mr. Zunaid Ahmed Palak, MP, ICT State Minister, at ICMAB’s campus in Dhaka through an online event, where Robi managing director and CEO Mahtab Uddin Ahmed, Robi chief information officer Asif Naimur Rashid, chief human resources officer Faisal Imtiaz Khan, chief corporate and regulatory officer Shahed Alam, ICMAB president Md Jasim Uddin Akond FCMA were present. The innovation lab has been set up with the purpose of introducing the ICMAB students to the latest digital technologies of the fourth industrial revolution, such as, data analytics, block chain, Internet of Things etc. The lab will also work as an incubator to bring up real-life business solutions to address the problems faced by the companies.

ROBI AXIATA LIMITED

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CORPORATE NEWS

Beximco Pharmaceuticals Limited recently signed agreement (binding commitment) to acquire a majority shareholding (54.6 percent) in Sanofi Bangladesh Limited (Sanofi Bangladesh), a concern of French pharmaceutical giant Sanofi with global sales in excess of Euro 36 billion in 2019. Sanofi Group currently holds 54.6 percent shares in the paid-up capital of Sanofi Bangladesh. The remaining shares are held by the government of Bangladesh represented by the Ministry of Industries (approx. 25.36 percent) and Bangladesh Chemical Industries Corporations (approx.19.96 percent). The Proposed Acquisition is subject to Bangladesh government clearance and completion of a definitive Sale and Purchase Agreement. It is anticipated that the acquisition would be completed within the next 3 to 9 months. It may be mentioned that Sanofi, the multinational pharmaceutical company, started its operation in Bangladesh as May and Baker in 1958 and later, merged with various entities to form Sanofi-Aventis in 2004.

The board of directors of Grameenphone recommended 145 percent final cash dividend (i.e. total 275 percent cash dividend) for the year ended on 31 December, 2020. The total dividend represents 99.86 percent of profit after tax for the year 2020 inclusive of 130 percent interim cash dividend which has already been paid. The company also reported earnings per share (EPS) of Tk. 27.54, net asset value (NAV) per share of Tk 38.59 and net operating cash flow per share (NOCFPS) of Tk 24.86 for the year ended on 31 December, 2020. The company’s paid-up capital is Tk 13.50 billion and authorized capital is Tk 40 billion while the total number of securities is 1.35 billion. The sponsor-directors owned 90 percent stake in the company, while institutional investors own 4.49 percent, foreign investors 3.38 percent and the general public 2.13 percent as of 31 December 2020.

Marico Bangladesh Limited, the multinational consumer goods company, declared a third interim cash dividend of 200 percent based on nine months' financials for the

period ended on 31 December 2020. Earlier in July 2020, the company declared first 300 percent interim cash dividend based on three months' financials for the period ended on 30 June. In October 2020, the company declared a second interim cash dividend at 200 percent based on six months' financials for the period ended on 30 September 2020. Thus, the company has so far declared a total of 700 percent interim cash dividend in the last three quarters ended on 31 December, 2020. The company’s paid-up capital is Tk 315 million and authorized capital is Tk 400 million while the total number of securities is 31.50 million. The sponsor-directors owned 90 percent stake in the company, while the institutional investors owned 3.65 percent, foreign investors 4.57 percent and the general public 1.78 percent as on 31 December 2020.

The IBN Sina Pharmaceutical Industry has decided to form a subsidiary company named --The IBN Sina Natural Medicine--with a paid-up capital of Tk 120 million. The board of directors of the company decided to form the subsidiary company aiming to comply with the legal requirements of the Directorate General of Drug Administration (DGDA), Bangladesh. The board of directors of The IBN Sina Pharmaceutical Industry also approved the paid-up capital of Tk 120 million and authorized capital of Tk 400 million of the subsidiary company. The paid-up capital of The IBN Sina Pharmaceutical Industry is Tk 312.44 million and authorized capital is Tk 500 million, while the total number of securities is 31.24 million. The sponsor-directors owned 44.44 percent stake in the company, institutional investors 21.49 percent and the general public 34.07 percent as on 30 November 30, 2020.

Square Pharmaceuticals Ltd continued its growth in sales and profit on the back of growing demand for drug. In the first-half of 2020-2021, the pharma company’s revenue grew by 11.89% and profit by 12.74%. During the period, the company reported a Tk2,907.93 crore revenue, up from Tk2,614.89 crore in the same period of the previous year. Its net profit also rose by 12.83% to Tk776.95 crore compared to Tk688.58 crore earned during the same period of the previous year.

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Profits of Berger Paints Bangladesh rose 5.1 per cent year-on-year during April to December on the back of the lower price of raw materials and cut in costs in the pandemic-hit 2020 that saw revenue drop. The company made Tk 160 crore in profits in the first nine months of the financial year which ends on 31March. However, net revenue declined 7.89 percent to Tk 1,118 crore.

Shasha Denims Ltd is set to acquire an additional 18 percent stake in EOS Textile Mills, an associate of Italian apparel maker, at a cost of about Tk 218 million with proportionate other actual costs. The total cost fixed by Bangladesh Bank (BB) is more than Tk 1.21 billion for repatriation, according to a filing with the Dhaka Stock Exchange (DSE). After this takeover, Shasha Denims will hold 98 percent share of EOS Textile Mills as the Denim maker earlier purchased 80 percent stake in EOS Textile. Shasha Denims paid-up capital is more than Tk 1.41 billion and authorized capital is Tk 2.25 billion, while the total number of securities is 141.03 million. The sponsor-directors owned 37.57 percent stake in the company while institutional investors owned 18.50 percent, foreign investors 1.12 percent, and the general public 42.81 percent as of 31 December 2020.

Singer Bangladesh Limited declared 30 percent cash dividend amid lower profit made in the calendar year 2020 compared with that in the previous year. Singer Bangladesh in a board meeting held recently approved the audited financial statements for the year ended on 31 December 2020. Earnings per share of the company plunged by 24.15 percent to Tk 7.85 in 2020 against Tk 10.35 per cent in the previous year. Due to the coronavirus outbreak across the country and two months of countrywide lockdown, sales of the company declined over the year.

BRAC Bank signed an agreement with Saimon Global Limited to be its transaction banking partner. Apart from maintaining

the GSA account, BRAC Bank will also provide Saimon Global with POS machines, employee banking facilities, and Corpnet within a package of solutions. BRAC Bank will be its principal transaction banking partner catering to its cash management needs. Saimon Global, a concern of Saimon Group, has recently been appointed as the general sales agent of Singapore Airlines. It is also the ticketing partner of various reputed global airlines and an exclusive service provider for Thai visa processing in Bangladesh appointed by the Thai embassy.

Baraka Patenga Power Limited (BPPL) will utilize part of its initial public offering (IPO) proceeds of Tk 1.44 billion (144.34 crore) to invest in two of its power generating subsidiaries on becoming one of the largest players in the country's private sector power generation. The principal activity of the company is to set up power plants for generation and supply of electricity. The 50MW capacity plant located at Patenga in Chattogram, started its commercial operation on May 4, 2014. Subsidiaries of the BPPL, the Karnaphuli Power Limited (KPL) and the Baraka Shikalbaha Power Limited (BSPL) have already started commercial operation after implementing two Heavy Fuel Oil (HFO) based IPP (Independent Power Producer) power plants having generation capacity of 110MW and 105MW respectively.

US-Bangla Airlines, the country’s largest private carrier in terms of fleet size, spread its wings to Dubai as its 10th international destination. The inaugural flight operated by 164-seat Boeing 737-800 aircraft recently departed Hazrat Shahjalal International Airport (HSIA) carrying 140 passengers. Currently, the airline operates flights to Muscat, Doha, Kuala Lumpur, Singapore, Kolkata, Chennai and Guangzhou and plans to operate flights to Male and Colombo, shortly. Besides, the airline also operates flights to all seven domestic routes – from Dhaka to Cox’s Bazar, Chattogram, Sylhet, Saidpur, Jashore, Rajshahi and Barishal. The carrier has a total of thirteen aircrafts in its fleet, including 4 Boeing 737-800, 6 new ATR 72-600. It has a plan to add four more new aircrafts.

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WORLD BANK OKAYS $40 MILLION FOR EXPANDING E-GP COVERAGE

The World Bank has approved $40 million to help Bangladesh increase the coverage of electronic government procurement (e-GP) with new features to respond to the COVID 19 challenges. This additional financing to the Digitizing Implementation Monitoring and Public Procurement Project (DIMAPPP) will help expand e-GP to all public procuring entities. To respond to the challenges of COVID 19 pandemic and any other future emergencies, the financing will help add important features to the e-GP system, including international bidding, direct contracting, framework agreement, electronic contract management and payment, procurement data analytics, geo-tagging, and others.

GOVT ROLLS OUT NEW STIMULUS WORTH TK 27.0 BILLION FOR SMALL BUSINESSES

The government has announced two more stimulus packages worth Tk 27 billion to help small, medium and cottage industries and expand social safety coverage. The Prime Minister approved the new packages to cushion small businesses against the effects of the pandemic, the finance ministry said in a statement. Bangladesh has so far announced 23 stimulus packages, amounting to Tk 1.24 trillion or 4.44 percent of gross domestic product. After the pandemic hit Bangladesh in March 2020, the government announced separate loan incentives for the big, medium and small industries. Those were already distributed among the selected recipients.

CREDIT GROWTH TARGETS FOR SECOND HALF

Bangladesh Bank (BB) in a statement has projected the government's borrowing at 31.7 percent in the revised monetary policy programs for the second half (H2) of the current fiscal year (FY). The growth in public sector credit until December 2020 was 17.2 percent (net). The central bank also revised upward the private sector credit growth target at 14.8 percent, much lower than the one projected earlier. The private credit growth was just 8.4 percent at the end of December last. The revisions will not, however, prevent the BB from pursuing the ongoing expansionary monetary policy until June next, the statement added.

HALF-YEARLY NET SALES OF SAVINGS INSTRUMENTS CROSS FISCAL YEAR TARGET

Net sales of the state-run savings instruments in the first half surpassed the target set for entire fiscal year (FY) 2020-21. According to the Department of National Savings (DNS)

data, the net sales of savings certificates were Tk 204.87 billion during the July-December 2020 period against Tk 200 billion target set for the FY 2020-21. The net sales of savings schemes were Tk 54.33 billion in the same period of FY 2019-20.

CENTRAL BANK LIFTS LOAN MORATORIUM

The Bangladesh Bank withdrew the general waiver of loan moratorium facility. The central bank offered a deferral loan classification facility from January 2020 to December 2020, considering the adverse impact of the Covid-19 on people and businesses. The Banking Regulation and Policy Department issued a notice in this connection. It was decided that the loan classification deferral facility would not be applicable from January 2021. To ease the repayment of instalments, the BB, however, said the banks may extend the remaining period by 50 percent for term-loan, but the tenure will not exceed two years.

BANKS CAN GIVE A MAXIMUM OF 30% DIVIDEND FOR 2020

The banking companies would be able to declare maximum 30 percent dividend, including 15 percent cash, for the year ended on 31 December, 2020. The Bangladesh Bank (BB) has set the limit for the banks which have at least 15 percent or more reserve capital, including 2.5 percent capital conservation buffer against the risk-weighted assets. The banks will also have to maintain necessary provisioning and have the ability to meet other expenses, according to a circular.

INTEREST RATE SPREAD WIDENS AS SMALL SAVERS HIT HARD

The interest rate spread widened further in December 2020 as the banks cut the deposit rates deeper than that of the lending rates. The weighted average spread between the lending and deposit rates rose to 3.07 percent in December 2020 from 2.98 percent a month ago. It was 2.94 percent in October last year.

NATIONAL NEWS

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SHIP EXPORT TARGET SET AT US$4 BILLION

The government has fixed an export target of US$4 billion for the country’s shipbuilding industry by 2025. In order to help the sector reach the target, Bangladesh’s cabinet with the prime minister in the chair recently approved the country’s ‘Ship Construction Industry Development Policy 2020.’ Bangladesh currently makes around US$1 billion through exporting ships.

TK 1,000 CRORE FUND TO HELP EXPORTERS UPGRADE TECHNOLOGY

Bangladesh Bank recently formed a Tk 1,000 crore fund to provide cheap loans to export-oriented industries to upgrade technologies they currently use. The eligible industries are of 32 types, all falling under top-priority and special development sectors, according to a central bank notice. The fund will run under a refinancing scheme, meaning banks will first give out the loans before being reimbursed by the central bank. Interested banks and non-bank financial institutions (NBFIs) will have to sign a participation agreement with the central bank. Banks and the NBFIs can then avail the fund at one percentage point less than the bank rate that happens to prevail at that time. The interest rate will range between 5 percent and 6 percent.

NINE BANGLADESHI COMPANIES INVEST $40 MILLION ABROAD

Nine Bangladeshi entities have invested $40.1 million abroad after the Bangladesh Bank approved 10 companies to invest $52.79 million overseas. In terms of local currency taka, the total approved amount is about Tk 340.39 crore. The companies which have so far received the central bank’s approval for overseas investment are Akij Jute Mills, MJL Bangladesh Limited, Incepta Pharmaceuticals, DBL Group, Square Pharmaceuticals, Spectrum Engineering consortium, ServicEngine Limited, Beximco Pharmaceuticals, ACI HealthCare Limited and Bangladesh Steel Re-Rolling Mills.

SIX INDUSTRIAL SECTORS FREED FROM CHILD LABOR

Six industrial sectors of the country namely tannery, glass, ceramic, ship recycling, export-oriented leather and footwear and sericulture sectors have been freed afresh from child labor. The announcement came following recommendations from the national monitoring core committee and the Department of Inspection for Factories and Establishments (DIFE). Begum Munnujan Sufian, State Minister for Labour and Employment made the announcement at a press conference. Earlier, the export-oriented RMG and the shrimp processing industries were declared as free from child labor. With the latest six sectors, a total of eight industries sectors are now free from child labor.

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INTERNATIONAL NEWSPAKISTAN

Remittances from overseas Pakistanis during December 2020 rose by 16.2 percent year-on-year to $2.436 billion, compared to $2.097 billion in December 2019, clocking in above $2 billion mark for the seventh consecutive month, according to the data released by the State Bank of Pakistan (SBP). On a cumulative basis, inflows during six months of the current financial year have increased by 24.9 percent to $14.2 billion, compared to $11.372 billion during the same period last year. Twenty-six percent of the inflows in December came from Saudi Arabia with overseas Pakistanis based in the country sending home $624.8 million. Inflows from the kingdom have hovered around $600 million every month since June 2020. Inflows from the United Arab Emirates accounted for 21 percent at $511.61million, followed by the United Kingdom with 13 percent at $325 million. Inflows from the United States rose to $203.23 million and from the European Union to $245.95 million.

INDIA

India’s unemployment rate rose sharply to 9.1 percent in December 2020, highest since the beginning of India’s recovery from the lockdown in June, the Centre for Monitoring Indian Economy (CMIE) said. The rise in unemployment was attributed to a partial recovery of the labor participation rate (LPR) to 40.6 percent in December, which had fallen to 40 percent in November from 40.7 percent in the preceding two months. December also saw a fall in employment as it fell by 4.8 million, from 393.6 million in November, to 388.8 million during the month under review. Employment in urban India fell from 122.5 million to 122.4 million and the unemployed rose from 9.3 million to 11.9 million. Employment in rural India fell from 271 million to 266 million and the unemployed rose from 18 million to 26.8 million.

MYANMAR

The coup in Myanmar is expected to dampen the interest of US and Western companies in investing in Myanmar, and may prompt some big US companies to pull out, some trade experts and analysts said. Total trade in goods between Myanmar and the United States amounted to nearly $1.3 billion in the first 11 months of 2020, up from $1.2 billion in all of 2019, according to US Census Bureau data. Apparel and footwear accounted for some 41 percent of total US goods imports, followed by luggage, which accounted for nearly 30 percent, and fish, which accounted for just over 4 percent, said Panjiva, the supply chain research unit of S&P Global Market Intelligence.

VIETNAM

Vietnam’s success in curbing the coronavirus so far, while its Southeast Asia neighbors struggle, is helping the country power ahead in economic growth and attracting funds, foreign investors, experts and analysts say. Its strength in containing the pandemic saw it build on the foundations of two free trade agreements signed in 2020, also outpacing peers in luring manufacturers moving production out of China because of the China-US trade war. Vietnam was one of the world’s few countries to record growth last year - well down on 2019, but still a 2.9 percent expansion. Vietnam is expected to ride high as long as it keeps the virus at bay. Thanks to rigorously targeted testing, a centralized quarantine program and early border closures, Vietnam’s coronavirus tally stands at just over 1,500 cases and 35 deaths to date - far fewer than any comparable country given its population of nearly 98 million.

SOUTH KOREA

South Korea unveiled a 48.5 trillion won ($43.2 billion) plan to build the

world’s largest wind power plant by 2030 as part of efforts to foster an environmentally-friendly recovery from the Covid-19 pandemic. The project is a major component of President Moon Jae-in’s Green New Deal, initiated last year to curb reliance on fossil fuels in Asia’s fourth-largest economy and make it carbon neutral by 2050. The project would provide up to 5,600 jobs and help achieve a goal to boost the country’s wind power capacity to 16.5 GW by 2030 from 1.67 GW now.

CHINA

China's economy grew at the slowest pace in more than four decades in 2020 despite a rebound after the country's coronavirus outbreak, official data showed. However, the 2.3 percent growth in 2020 made China the only major economy in the world to avoid a contraction last year as many nations struggled to contain the Covid-19 pandemic. Growth was aided by global demand for Chinese-made masks and other medical supplies. The country's exports rose 3.6% last year despite a tariff war with the US.

SAUDI ARABIA

Saudi Arabia’s Public Investment Fund (PIF) plans to double its assets to 4 trillion riyals ($1.07 trillion) by 2025, Prince Mohammed bin Salman said, a move that would make it one of the world’s biggest sovereign wealth funds. The fund would invest 3 trillion riyals in new sectors over the next 10 years, said the prince, who chairs the fund’s board. A new five-year plan would make the fund “the leading catalyst for Saudi Arabia’s economic transformation and diversification,” the prince added in a speech on state TV. The prince has long pushed the PIF as a central plank in his plan to find ways of driving growth while weaning the economy off its dependence on oil. Crude exports still account for more than half the kingdom’s income.

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JAPAN

Japan’s currency in circulation and bank deposits rose at a record pace in December 2020 as a resurgence in coronavirus infections prompted companies and households to continue hoarding cash rather than spending it. The numbers highlight the challenge the government faces in trying to contain the virus without threatening Japan’s already fragile economic recovery. Japan’s M3 money stock - or currency in circulation and deposits at financial institutions - rose 7.63 percent in December from a year earlier, marking the biggest increase on record, Bank of Japan data showed. Companies continue to pile up deposits as a precaution against the pandemic, while households are holding off on spending due to uncertainty over the outlook.

ITALY

Italy forecasts its debt to soar to a new post-war record level of 158.5 percent of gross domestic output (GDP) in 2021, surpassing the 155.6 percent goal it set earlier. The new estimate reflects the impact of a stimulus package worth 32 billion euros ($39 billion) announced, which will drive the 2021 budget deficit to 8.8 percent of national output, up from 7 percent previously targeted. The extra spending will be used to help the hard-pressed national health service, fund grants and furlough schemes to businesses forced to close due to coronavirus lockdowns, and provide cover for a postponement of tax payment deadlines. Italy’s huge public debt is the second-highest in the euro zone after that of Greece.

UK

Britain’s unemployment rate hit 5.0 percent at the end of 2020, the highest level for more than four-and-a-half years, as coronavirus lockdowns destroyed jobs, official data showed.

The rate for the three months to the end of November compares with 4.9 percent in the quarter to October, the Office for National Statistics said in a statement. At 5.0 per cent, the figure is 1.2 percentage points above the same period a year earlier, to reach the highest level since April 2016, the ONS added.

USA

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced that the US goods and services deficit was $66.6 billion in December 2020, down $2.4 billion from revised $69.0 billion in November. December exports were $190.0 billion, $6.2 billion more than November exports, while imports were $256.6 billion, $3.8 billion more than November imports. For 2020, the goods and services deficit increased $101.9 billion, or 17.7 percent, from 2019. Exports decreased $396.4 billion or 15.7 percent, while imports fell by $294.5 billion or 9.5 percent.

CANADA

Canada's international trade deficit fell to 1.7 billion Canadian dollars (about US$1.33 billion) in December 2020 from the previous month's 3.6 billion Canadian dollars of the previous month, according to Statistics Canada. In December, Canada's exports rose by 1.5 percent, with energy product exports posting the largest increase while imports fell 2.3 percent, mainly because of lower imports of consumer goods. In 2020, Canada's trade deficit totaled 36.2 billion Canadian dollars, more than double the deficit in 2019. Total exports plunged 12.3 percent in 2020 while imports fell 8.6 percent.

ARGENTINA

Argentina’s Economy Minister is pushing for a deal by May 2021 with the International Monetary Fund to repay $44 billion in debt, the Wall

Street Journal reported. For the deal, the minister plans to narrow Latin American country’s budget deficit this year to about 6 percent of annual economic output, from 8.5 percent in 2020, the report added. Argentina and the IMF are currently in talks to renegotiate a failed $57 billion program from 2018 which was the largest in the fund’s history.

BRAZIL

The economic toll of the coronavirus pandemic has hit especially hard in Brazil’s favelas, but the country’s 10 biggest slums now have a plan to fight back: they are launching their own bank. Dubbed the “G10 Bank,” the new financial institution is set to open soon, offering micro-loans to small business owners struggling to survive the pandemic and debit cards to slum-dwellers excluded from the traditional banking system. Brazil has the second-highest death toll worldwide in the pandemic, after the United States, with more than 225,000 people killed. The impact has been especially devastating in the favelas, the crowded jumbles of shacks that are the postcard of poverty in Brazil. Not only have the poor suffered more from Covid-19 in health terms, they have also borne the brunt of the economic impact. Many favela residents work in the informal sector — jobs such as childcare and housekeeping that disappeared when stay-at-home measures took effect, sending the unemployment rate to a record 14.6 percent last September.

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NEW PRODUCTSRAZER PROJECT HAZEL

COVID-19 pandemic has put health in focus more than ever in 2021. One of the most promising devices at this year's CES is Razer's Project Hazel, which aims to fix many of the shortcomings and inconveniences that come with wearing masks today. Project Hazel is an N95 respirator prototype that comes with a special UV light charging case for disinfection, a built-in microphone and amplifier to make it easier to speak loudly while wearing the mask, and clear design so that others can actually see your mouth when worn. And of course, in typical Razer style, the mask also lights up automatically in the dark.

ROBOROCK S7

Roborock has unveiled its latest robotic vacuum cleaner, Roborock S7. It levels up home cleaning with intelligence to automatically transition between surfaces. It also comes with high-intensity mopping skills that can scrub your floors up to 3,000 times per minute to get rid of tough stains and

LG WASHTOWER

On the outside, LG WashTower seems like your usual washer/dryer tower — and it is — but there are a few things about it that elevate it above the fray. First, there is one control panel for both systems. This keeps all the controls in one easily accessible place, rather than having the dryer controls on top and the washer controls in the middle. Now, everything’s in the middle. With all the controls in one area, it allows the two systems to work better together. The washer uses AI to determine what kind of load you are washing and then communicates that information to the dryer. That makes it so when you load the damp clothes into the dryer, the dryer already knows how to most efficiently and safely dry them. The WashTower uses its AI smarts to learn your washing trends.

HONOR BAND 6

The Honor Band 6 is a super affordable fitness tracker with a 1.47-inch screen. It includes a heart rate monitor, blood oxygen sensor and can track an array of workouts. It is water-resistant and includes up to 14 days of battery life. The Band 6 can show notifications for texts, apps and calls. It is available in three colors and will retail for approximately $35.

messes. Unlike many robot vacuums, the Roborock S7 does not require you to set any barriers or zones for different surfaces. The company calls this its new “VibraRise technology.” So while mopping hard floors, the bot will intelligently switch to vacuuming mode when it detects carpeted areas. This way, the S7 can mop and vacuum in a single cleaning session.

HEX SMART SECURITY DEVICE

The idea of a smart security system is nothing new. However, there’s a whole lot new with a system called Hex from a company called Origin Wireless AI. Hex uses Wi-Fi signal waves to detect motion throughout your home. Imagine if Wi-Fi was like water and your home was filled with it. If someone entered your home, their movements would cause ripples and waves through the liquid. Hex picks up on those “ripples” and then alerts you to them if you aren’t at home. It’s much easier to set up Hex than it would be a camera system. You simply plug a node into an outlet, connect the hub to your home Wi-Fi and… that’s it. The app takes care of the rest. Besides, traditional motion sensors are very binary — they either detect motion or they don’t. But if your robot vacuum is at work in your home, your motion detecting system might go off. With Hex, you can program it to ignore the vacuum’s specific “ripple” signature, thus preventing false alarms.

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SONICARE 9900 PRESTIGE

Does your dentist continually tell you that you brush too hard? If so, the new Philips Sonicare 9900 Prestige toothbrush is exactly what you need. The toothbrush uses sensors to detect the pressure and motions you use and then adjust the intensity if you are pushing too hard. The toothbrush connects to an app that can track your brushing habits, give you feedback on better brushing. The Sonicare 9900 Prestige features a premium design and comes with a vegan leather case that charges by USB-C.

REMOTE MASSEUSE

Massage has many benefits including relaxation and the relief of sore muscles but it's not always easy to get to a masseuse. What if we told you you could bring the best massager to you? Thermosage is the world's first 7-in-1 Circulation Enhancing Massager with massage, active compression, and hot and cold therapy. Its built-in massager has three different modes, Shiatsu, Tapping and Kneading that help promote circulation while providing comfortable and relaxing massages. In addition, the device's ActivAir compression helps speed up

recovery and enhances circulation throughout the body, while the hot and cold therapy works to rejuvenate the muscles as well as relieve swelling and inflammation. Meanwhile, Infra Heating targets sore areas and helps flush out lactic acid to get you revitalized and Graphene rejuvenates and restores tired worn out muscles. Finally, Magnet Therapy helps balance magnetic energy while Cold Therapy relieves swelling and inflammation.

RISE PERSONAL GARDEN

The Rise Personal Garden is a small, smart hydroponic garden that you can keep on your countertop and use to grow fresh food at home without outdoor space. This smaller version of the Rise gardens can grow four large plants, eight medium-sized plants or a dozen small plants. The system can accommodate a wide range of vegetables and even supports microgreens. You can use voice control with Alexa to activate lights and pumps as well as get care and harvest advice. The Rise Personal Garden is $279.

JBL CHARGE 5

The JBL Charge series is one of the most popular models in the world of Bluetooth speakers, and the Charge 5

doesn’t reinvent the wheel. Aside from a slightly different look, it seems to be a small upgrade from the previous JBL Charge 4. It has a nice fabric covering and an IP67 dust and water-resistant build. A built-in 7,500mAH battery affords up to 20 hours of constant playback, and it doubles as a battery pack to charge your devices. It comes with Bluetooth 5.1 and has JBL PartyBoost feature so you can connect it with other compatible JBL speakers. It comes in black, blue, gray, red, teal, and a Squad color.

SKAGEN JORN HYBRID HR SMARTWATCH

Skagen is launching a new hybrid smartwatch Jorn Hybrid HR that combines the look of a classic watch with the connectivity and health-tracking features of a smartwatch. The Skagen Jorn Hybrid HR's signature feature is its always-on e-ink display, which should offer two-week-long battery life if it lives up to its claims. It also includes health features like a heart rate monitor and activity and sleep tracking, and can deliver notifications from your phone to your wrist. The only major feature it appears to be missing that's usually standard on smartwatches is built-in GPS. Instead, the Skagen Jorn HR will connect to your phone's GPS when needed. The Skagen Jorn Hybrid HR looks like a promising new watch for those with a preference for sleek, minimalist looks and long battery life in a smartwatch.

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South Korea, a country in northeastern Asia, occupies the southern portion of the Korea Peninsula. The country is bounded on the north by North Korea; on the east by the East Sea (Sea of Japan); on the southeast and south by the Korea Strait, and on the west by the Yellow Sea. It is a densely populated country with the majority of the population lives in the southern and western parts of the country. South Korea is a developed country with a high-income economy and is the most industrialized member country of the OECD. South Korean brands such as LG Electronics and Samsung are internationally famous and garnered South Korea’s reputation for its quality electronics and other manufactured goods. South Korea’s economy was traditionally based on agriculture but it experienced extraordinary rapid industrialization beginning in the early 1960s. By mid-1990s, South Korea was referred as one of the Asia’s Four Tigers. Its massive investment in education has taken the country from mass illiteracy to a major international technological powerhouse. The country’s national economy benefits from a highly skilled workforce and is among the most educated countries in the world with one of the highest percentages of its citizens holding a tertiary education degree.

COUNTRY PROFILE

Source: The World Factbook, Central Intelligence Agency

South Korea

Area99,720 sq km

Population51.71 million

CapitalSeoulReal GDP (purchasing power parity)$2,211,315,000,000 (2019 estimate)

Real GDP per capita$42,765 (2019 estimate)

GDP official exchange rate$1,646,604,000,000 (2019 estimate)

Gross national saving 36.6 % of GDP (2017 estimate)

Taxes and other revenues23.2 % of GDP (2017 estimate)

Inflation rate (consumer prices)0.3% (2017 estimate)

Current account balance$59.971 billion (2019 estimate)

Foreign exchange and gold reserves$389.2 billion (31 December 2017)

21


Export: $683.996 billion (2019 estimate)

Export commodities: semiconductors, petrochemicals, automobile/auto parts, ships, wireless communication equipment, flat displays, steel, electronics, plastics, computers

Major export destinations: China, USA, Vietnam, Hong Kong, Japan

Import: $599.705 billion (2019 estimate)

Import commodities: crude oil/petroleum products, semiconductors, natural gas, coal, steel, computers, wireless communication equipment, automobiles, fine chemical, textiles

Major import sources: China, Japan, USA, Germany, Saudi Arabia

South Korea has a technologically advanced transport network consisting of high-speed railways, a well-developed highway system, bus routes, ferry services, and air routes that criss-cross the country. Korea Expressway Corporation operates the toll highways and service amenities en route.

Rail:

Korail provides frequent train services to all major South Korean cities. Two rail lines, Gyeongui and Donghae Bukbu Line, to North Korea are now being reconnected. The Korean high-speed rail system, KTX, provides high-speed service along Gyeongbu and Honam Line. Major cities have urban rapid transit systems.

Airport:

South Korea’s largest airport, Incheon International Airport, was completed in 2001. By 2007, it was serving 30 million passengers a year. Other international airports include Gimpo, Busan and Jeju.

Korean Air, founded in 1962, served 21,640,000 passengers, including 12,490,000 international passengers in 2008. A second carrier, Asiana Airlines, established in 1988, also serves domestic and international traffic

Transportation

Foreign Trade

Crops: rice, barley, maize, garlic, onions, white potatoes, sweet potatoes, vegetables, fruits, cotton

Agriculture

Industry

Electronics, shipbuilding, telecommunications, automobile production, chemicals, steel, textiles

Tourism

Science and technology

Aerospace Engineering

In 2016, 17 million foreign tourists visited South Korea. South Korean tourism is driven by many factors, including the popularity of South Korean pop music and television dramas, known as Korean Wave (Hallyu), throughout East Asia, traditional culture, cuisine and natural environment.

Ever since its industrialization, South Korea has placed its focus on technology-based corporations. Korean corporations Samsung and LG were ranked first and third largest mobile phone companies in the world in the first quarter of 2012, respectively. An estimated 90% of South Koreans own a mobile phone. Mobile phones in the country are widely used for watching Digital Multimedia Broadcasting (DMB) or viewing websites. Over one million DMB phones have been sold and the three major wireless communications providers SK Telecom, KT, and LG U+ provide coverage in all major cities and other areas.

South Korea has the fastest Internet download speeds in the world, with an average download speed of 25.3 Mbit/s. The country leads the OECD in graduates in science and engineering. From 2014 to 2019, the country ranked first among the most innovative countries in the Bloomberg Innovation Index.

South Korea has sent up 10 satellites since 1992, all using foreign rockets and overseas launch pads, notably Arirang-1 in 1999, and Arirang-2 in 2006 as part of its space partnership with Russia. Arirang-1 was lost in space in 2008, after nine years in service. In April 2008, Yi So-yeon became the first Korean to fly in space, aboard the Russian Soyuz TMA-12.

South Korea is a major energy importer, importing nearly all of its oil needs and the second-largest importer of liquefied natural gas in the world. Electricity generation in the country mainly comes from conventional thermal power, which accounts for more than two thirds of production, and from nuclear power.

Energy

22


REVIEWExport Earnings

Export earnings (merchandise) in the first six months of the current financial year (July-December of FY21) witnessed a marginal decline of 0.35 percent to US$19.23 billion from US$19.30 billion in the corresponding six months of the previous fiscal year because of slower recovery of garment shipment from the pandemic-induced business slowdown (Table 1). According to provisional data of the Export Promotion Bureau (EPB), export earnings also fell short of the strategic target (US$19.68 billion) by 2.29 percent.

Table 1: Monthly Trends in Exports (Goods)

MonthExports

(million US$) Change(%)FY21P FY20R

July 3911 3888 0.59August 2967 2844 4.32September 3019 2916 3.53Total of July – Sept. 9897 9648 2.58October 2948 3073 (-) 4.07November 3079 3056 0.75December 3310 3525 (-) 6.10Total of Oct. – Dec. 9337 9654 (-) 3.28Total of July - December 19234 19302 (-) 0.35

Notes: P=Provisional; R=Revised

Sources: EPB

According to EPB data, the overall export growth in H1 of FY21 was largely driven by the RMG sector, which alone fetched US$15.55 billion, or 80.86 percent of total exports, although these registered year-on-year a negative growth of 2.99 percent. The sector's earnings also fell short of the strategic target (US$16.21 billion) by 4.07 percent.

The country’s major export products during July-December of FY21 that showed positive growth, year-on-year, include agricultural products (+0.18%), jute & jute goods (+30.56%), knitwear (+3.90%), home textile (+47.93%), handicrafts (+48.70%), carpet (+59.27%), other footwear (+9.13%), man-made filaments & staple fibers (+1.26%), rubber (+8.89%), chemical products (+16.57%), engineering products (+57.47%), and other manufactured products (+3.59%). However, negative growth was seen in a number of products, such as, frozen & live fish (-3.71%), cotton & cotton products (-8.85%), headgear/cap (-10.82%), paper & paper products (-26.53%), woven garments (-10.22%), leather & leather products (-6.24%), specialized textiles (-4.58%), ceramic products (-16.26%), plastic products (-6.84%), and petroleum bi-products (-18.86%).

Among the top twelve countries, export earnings from most of the major markets including UK, Spain, France, Italy, India, and Japan, declined, year-on-year, in July-December of FY21 while exports achieved a minimal growth in USA, Germany,

Netherlands, and Canada (Table 2). This happened as the global economic distresses hit the global consumption of RMG products.

Table 2: Country-wise (Top Twelve) Comparative Export during July-December of FY21 & FY20

(Value in million US$)

Sl. # Country

Export Earning duringGrowth

(%)July-

December of FY21

July-December

of FY2001 United States 3391.62 3335.10 1.6902 Germany 2932.45 2828.75 3.6703 UK 1937.80 2027.34 -4.4204 Spain 1201.31 1308.64 -8.2005 France 965.63 981.31 -1.6006 Italy 656.17 739.23 -11.2407 Poland 713.10 633.58 12.5508 Netherlands 665.24 632.91 5.1109 India 655.38 695.54 -5.7710 Japan 568.79 659.11 -13.7011 Canada 562.35 560.59 0.3112 Australia 414.45 374.47 10.68

Other Countries 4569.16 4525.59 0.96Total Export 19233.45 19302.16 -0.35

Sources: EPB

Import Payments (C&F)

Import payments (C&F) during the first six months in the current fiscal year (July-December of FY21) stood at US$27.27 billion, which is 6.77 percent lower than import payments during the corresponding months of FY20 mainly due to global economic slowdown and coronavirus outbreak in different countries of the world (Table 3). However, in the last two months i.e., November and December 2020, imports increased year-on-year by 9.70 percent and 2.57 percent, respectively.

Table 3: Monthly Trends in Custom based Imports

MonthImports (million US$) Change

(%)FY21P FY20R

July 4228 5247 (-) 19.42

August 3806 4073 (-) 6.56

September 4653 5004 (-) 7.01

October 4376 5279 (-) 17.11

November 4818 4392 9.70

December 5389 5254 2.57

Total of July - December 27270 29249 (-) 6.77

Notes: P=Provisional; R=RevisedSource: BB

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Inflows of Remittance

The inflow of remittances in the first six months of the current fiscal year (July-December of FY21) increased, year-on-year, by 37.58 percent to US$ 12.94 billion from US$ 9.41 billion.

Table 4: Monthly Trends in Remittances

MonthRemittances (million US$) Change

(%)FY21P FY20RJuly 2598 1598 62.58August 1964 1445 35.92September 2151 1477 45.63Total of July - September 6713 4520 48.52October 2102 1642 28.01November 2079 1555 33.70December 2051 1692 21.22Total of October – December 6232 4889 27.47

Total of July - December 12945 9409 37.58Notes: P=Provisional; R=RevisedSource: BB

In December 2020, year-on-year, remittances registered a growth of 21.22 percent to US$2.05 billion from US$1.69 billion. But the inflow of remittances in December decreased slightly by 1.44 percent from the previous month of US$2.08 billion. The government's incentive along with the competitive attitude of some banks helped achieve the higher growth of inward remittances in 2020. It is expected that the existing trend of inward remittances may continue in the coming months as the government has continuously provided 2.0 percent incentive to the beneficiaries against remittance and stable exchange rate of the local currency, Bangladesh Taka (BDT) against the US dollar (US$).

Foreign Direct Investment (FDI)

In the first half of the current fiscal year (July-December of FY21), the net foreign direct investment (FDI) decreased by 21.96 percent to US$455 million from US$583 million in the corresponding half of FY20, according to the BB’s balance of payments data. On the other hand, the gross inflow of FDI during the period under review also decreased by 8.28 percent to US$1.55 billion from US$1.69 billion in the corresponding six months of FY20.

Foreign Exchange Reserves

Bangladesh's foreign exchange reserve has already crossed US$43 billion-mark, for the first time in its history, following strong growth in remittance inflow and export along with large financial assistance. Amidst the ongoing COVID-19 crisis, Bangladesh Bank's gross foreign exchange reserves stood at US$43.16 billion (with ACU liability of US$1.27 billion) as of end December 2020, compared to US$41.27 billion (with ACU liability of US$0.56 billion) as of end November 2020 (Table 5).

Table 5: Monthly Trends in Foreign Exchange Reserves

MonthForeign Exchange Reserve (million US$)

FY21P FY20RJuly 37288 32093August 39040 32776September 39314 31832October 41006 32438November 41269 31729December 43164 32689

Notes: P=Provisional; R=Revised

Source: BB

Considering the average of the previous 12 months’ import bills, Bangladesh Bank has estimated that the current foreign exchange reserve (less ACU liability) is sufficient to pay import bills for 9.5 months.

Exchange Rate

Between end-June of 2020 and end-December of 2020, the value of Taka appreciated by 0.12 percent in terms of US dollar. On the inter-bank market, the US dollar was quoted at Tk.84.9000 at the end of June 2020 and Tk.84.8007 at the end of December 2020 (Table 6).

Table 6: Monthly Exchange Rate

MonthFY21P (Taka per US$) FY20R (Taka per US$)

Month Average

End Month

Month Average

End Month

June - - 84.9183 84.9000July 84.8120 84.8000 84.4996 84.5000August 84.8390 84.8053 84.5000 84.5000September 84.8025 84.8087 84.5000 84.5000October 84.8023 84.8000 84.6702 84.7500November 84.8005 84.8000 84.7810 84.9000December 84.8003 84.8007 84.8984 84.9000

Note: i) P=Provisional; R=Revised; NA=Not Available

ii) Exchange rate represents the mid-value of buying and selling rates

Source: BB

Price Situation

The general point to point inflation rate decreased by 0.23 percentage points to 5.29 percent in December 2020 from 5.52 percent in November 2020 mainly due to the prices of some commodities, including vegetables, onion, chicken and eggs, fell in the month compared to those in the previous month. A year ago, in December 2019, the inflation rate was higher at 5.75 percent (Table 7).

Food price inflation decreased by 0.39 percentage points to 5.34 percent in December 2020 from 5.73 percent in November 2020. Year-on-year, food inflation was also lower by 0.54 percentage points from 5.88 percent.

24


On the other hand, non-food price inflation increased slightly by 0.02 percentage points to 5.21 percent in December 2020 from 5.19 percent in the previous month. Year-on-year, non-food price inflation, however, decreased by 0.34 percentage points from 5.55 percent.

A comparison of point to point inflation data for rural and urban areas in December of FY21 shows that the general and non-food price inflation rate was lower in rural areas than in urban areas while food inflation rate was lower in urban area than in rural area (Table 7).

Table 7: Monthly Trends in Inflation (Base: 2005-06=100)(Per cent)

PeriodPoint to Point-All (National) Point to Point-Rural Point to Point-Urban

General Food Non-food General Food Non-food General Food Non-foodFY21P

July 5.53 5.70 5.28 5.43 5.67 4.98 5.72 5.76 5.68August 5.68 6.08 5.05 5.60 6.09 4.70 5.81 6.06 5.51September 5.97 6.50 5.12 5.96 6.61 4.71 5.98 6.26 5.65October 6.44 7.34 5.00 6.67 7.73 4.62 6.03 6.48 5.51November 5.52 5.73 5.19 5.55 6.01 4.65 5.47 5.11 5.90December 5.29 5.34 5.21 5.28 5.60 4.67 5.31 4.77 5.93FY20R

July 5.62 5.42 5.94 5.49 5.60 5.27 5.88 5.03 6.84August 5.49 5.27 5.82 5.34 5.38 5.25 5.75 5.02 6.60September 5.54 5.30 5.92 5.41 5.40 5.42 5.80 5.10 6.61October 5.47 5.49 5.45 5.36 5.56 4.96 5.67 5.31 6.09November 6.05 6.41 5.47 6.01 6.54 4.99 6.12 6.11 6.13December 5.75 5.88 5.55 5.76 6.12 5.07 5.73 5.34 6.19

Notes: i) P=Provisional, R=Revised; ii) Food includes food, beverages and tobaccoSource: BBS

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STATISTICSEXPORT PERFORMANCE OF BANGLADESH (Million US $)

ProductsExport for 2019-20

ProposedExport

Target of 2020-21

Strategic Target for July-Dec. 2020-21

Export Performance for July-Dec.

2020-21

Export Performance for July-Dec.

2019-20

% Change of export

PerformanceOver

s. Export Target

% Change of export

performanceJuly-Dec. 2020-21

OverJuly-Dec. 2019-20

All products (A+B) 33674.09 41000.00 19676.00 19233.45 19302.16 -2.25 -0.36

A. Primary Commodities 1318.21 1644.00 788.96 804.54 814.4 1.97 -1.21

(1) Frozen & Live Fish 456.15 574.00 275.46 279.72 290.5 1.55 -3.71

a) Live Fish 11.43 13.00 6.24 3.23 7.46 -48.24 -56.70

b) Frozen Fish 75.29 100.00 47.99 66.33 42.97 38.22 54.36

c) Shrimps 332.65 415.00 199.16 194.56 217.20 -2.31 -10.42

d) Crabs 24.85 32.00 15.36 8.86 17.11 -42.32 -48.22e) Others 11.93 14.00 6.72 6.74 5.76 0.30 17.01(2) Agricultural Products 862.06 1070.00 513.5 524.82 523.9 2.2 0.18

a) Tea 3.12 4.00 1.92 2.25 1.71 17.19 31.58b) Vegetables 164.00 230.00 110.38 48.61 128.79 -55.96 -62.26c) Tobacco 80.36 115.00 55.19 52.62 55.83 -4.66 -5.75d) Cut Flower & Foliage 0.03 0.03 0.01 0.06 0.02 500.00 200.00e) Fruits 0.49 0.75 0.36 0.21 0.48 -41.67 -56.25f) Spices 33.28 40.22 19.30 24.31 17.90 25.96 35.81g) Dry Food 193.71 225.00 107.98 155.35 98.32 43.87 58.00h) Others 387.07 455.00 218.36 241.41 220.85 10.56 9.31B. Manufactured Commodities 32355.88 39356.00 18887.04 18428.92 18487.76 -2.43 -0.32

(1) Cement, Salt, Stone Etc 9.14 10.00 4.8 3.79 5.03 -21.04 -24.65

(2) Ores, Slag and Ash 15.22 25.00 12 10.64 9.11 -11.33 16.79(3) Petroleum bi Products 23.48 50.00 24 10.37 12.78 -56.79 -18.86(4) Chemical Products 198.86 245.00 117.58 127.97 109.78 8.84 16.57a) Pharmaceuticals 135.79 170.00 81.58 86.33 73.69 5.82 17.15b) Chemical Fertilizer 0.00 0.00 0.00 0.00 0.00 0.00 0.00c) Cosmetics 0.43 0.50 0.24 0.14 0.23 -41.67 -39.13d) Others 62.64 74.50 35.75 41.50 35.86 16.08 15.73

(5) Plastic Products 100.52 123.00 59.03 52.97 56.86 -10.27 -6.84

a) PVC Bags 19.45 23.00 11.04 11.01 11.13 -0.27 -1.08b) Plastic Waste 5.80 6.00 2.88 6.40 2.83 122.22 126.15c) Others 75.27 94.00 45.11 35.56 42.90 -21.17 -17.11(6) Rubber 26.22 34.00 16.32 15.92 14.62 -2.45 8.89

(7) Leather & Leather Products 797.6 920.00 441.51 446.13 475.83 1.05 -6.24

(a) Leather 98.31 115.00 55.19 54.69 65.80 -0.91 -16.88(b) Leather Products 220.55 265.00 127.17 112.75 125.70 -11.34 -10.30(c) Leather Footwear 478.75 540.00 259.15 278.69 284.33 7.54 -1.98(8) Wood & Wood Products 3.33 3.50 1.68 1.18 1.21 -29.76 -2.48(9) Handicrafts 20.52 28.00 13.44 16.58 11.15 23.36 48.7(10) Pulp 00 0.00 0 0 0 0 0(11) Paper & Paper Products 77.97 94.30 45.25 33.92 46.17 -25.04 -26.53

(12) Printed Materials 0.70 0.80 0.38 0.54 0.35 42.11 54.29(13) Silk 0.12 0.20 0.1 0.04 0.09 -60 -55.56(14) Wool & Woolen Products 0.10 0.15 0.07 0 0.01 -100 -100

(15) Cotton & Cotton Product (Yarn, Waste, Fabrics etc)

133.56 160.54 77.04 73.54 80.68 -4.54 -8.85

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ProductsExport for 2019-20

ProposedExport

Target of 2020-21

Strategic Target for July-Nov. 2020-21

Export Performance for July-Nov.

2020-21

Export Performance for July-Nov.

2019-20

% Change of export

PerformanceOver

Export Target

% Change of export

performanceJuly-Nov. 2020-21

OverJuly-Nov. 2019-20

(16) Jute & Jute goods 882.35 1167.00 560.05 668.11 511.73 19.29 30.56

a) Raw Jute 129.89 180.00 86.38 84.93 88.62 -1.68 -4.16

b) Jute Yarn & Twine 564.26 750.00 359.93 449.27 314.68 24.82 42.77

c) Jute Sacks & Bags 106.54 145.00 69.59 91.87 58.77 32.02 56.32

d) Others 81.66 92.00 44.15 42.04 49.66 -4.78 -15.34

(17) Man Made Filaments & Staple Fibres 108.52 135.00 64.79 61.9 61.13 -4.46 1.26

(18) Carpet (Jute & Others) 21.13 30.00 14.4 18.38 11.54 27.64 59.27

(19) Specialized Textiles 116.04 143.00 68.63 62.77 65.78 -8.54 -4.58

a) Terry Towel 36.73 43.00 20.64 19.00 20.94 -7.95 -9.26

b) Special Woven Fabric 18.37 24.00 11.52 10.95 10.16 -4.95 7.78

c) Knitted Fabrics 54.93 68.00 32.63 29.60 31.42 -9.29 -5.79

d) Other 6.01 8.00 3.84 3.22 3.26 -16.15 -1.23

(20) RMG 27949.19 33785.00 16213.5 15545.57 16024.01 -4.12 -2.99

(a) Knitwear 13,908.00 16700.00 8,014.37 8,526.17 8,205.80 6.39 3.90

(b) Woven Garments 14,041.19 17085.00 8,199.13 7,019.39 7,818.22 -14.39 -10.22

(21) Home Textile 758.91 960.00 460.71 547.48 370.1 18.83 47.93

a) Bed, Kitchen toilet lines 406.40 500.00 239.95 264.50 234.10 10.23 12.99

b) Other 352.51 460.00 220.76 282.98 136.00 28.18 108.07

(22) Other Footwear 277.13 380.00 182.36 171.45 157.11 -5.98 9.13

(23) Headgear/Cap 191.17 230.00 110.38 100.81 113.04 -8.67 -10.82

(24) Umbrella Waking Sticks 0.01 0.01 0 0 0 0 0

(25) Wigs & Human Hair 32.5 40.00 19.2 22.45 14.63 16.93 53.45

(26) Building Materials 1.24 1.50 0.72 0.47 0.88 -34.72 -46.59

(27) Ceramic Products 27.97 35.00 16.8 15.09 18.02 -10.18 -16.26

(28) Glass & Glassware 3.50 5.00 2.4 4.64 1.62 93.33 186.42

(29) Engineering Products 292.92 362.00 173.72 264.62 168.04 52.33 57.47

a) Iron Steel 55.95 65.00 31.19 50.80 31.20 62.87 62.82

b) Copper Wire 24.77 30.00 14.40 19.54 14.88 35.69 31.32

c) Stainless Steel ware 4.00 5.00 2.40 1.57 2.53 -34.58 -37.94

d) Engineering Equipment 66.47 95.00 45.59 63.19 35.63 38.60 77.35

e) Electric Products 39.39 45.00 21.60 37.05 25.71 71.53 44.11

f) Bicycle 82.84 100.00 47.99 64.78 45.01 34.99 43.92

g) Others 19.50 22.00 10.56 27.69 13.08 162.22 111.70(30) Ships, boats & floating structures 11.32 18.00 8.64 0.07 0.17 -99.19 -58.82

(31) Other mfd Products 274.63 370.00 177.56 151.52 146.27 -14.67 3.59a) Optical, Photographic, Medical Instruments etc 90.63 110.00 52.79 44.30 50.77 -16.08 -12.74

b) Furniture 76.41 100.00 47.99 34.60 35.90 -27.90 -3.62

c) Golf Shaft 13.92 20.00 9.60 8.63 8.98 -10.10 -3.90

d) Others 93.67 140.00 67.18 63.99 50.62 -4.75 26.41

Source: Export Promotion Bureau

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(In Million US$)VALUE OF LETTERS OF CREDIT OPENED FOR IMPORT

Source: Bangladesh Bank

Sl No. Commodity

Value of import L/Cs opened

during July, 2020 - August, 2020

Import L/Cs outstanding as on 31st August,

2020

Value of import L/Cs opened

during July, 2020 - September, 2020

Import L/Cs outstanding as on 30th

September, 20201 Rice 0.8100 0.7100 1.22 0.712 Wheat 243.16 139.23 381.76 139.233 Sugar 49.26 48.40 109.86 48.404 Onion 33.42 17.03 100.23 17.035 Fresh Fruits & Dry Fruits 70.38 42.70 124.44 42.706 Pulses (all sorts ) 20.62 15.77 34.45 15.777 Milk Food 42.23 31.96 66.93 31.968 Edible Oil 129.86 81.86 285.35 81.86 a) Crude 37.93 14.09 71.81 14.09 b) Refined 91.93 67.78 213.54 67.789 Drugs & Medicine 22.09 18.10 30.66 18.10

10 Oil Seeds/Rape Seeds 53.66 39.73 75.42 39.7311 Raw Cotton & Synthetic Fibre 333.18 200.70 547.87 200.7012 Yarn (Cotton, Synthetic, Mixed) 311.91 207.86 489.39 207.8613 Textile Fabrics & Accessories for Garments 1,252.65 718.29 2,015.86 718.2914 Pharmaceutical Raw Materials 160.23 97.99 231.48 97.9915 Chemical & Chemical Products 356.76 231.25 631.44 231.25 a) Fertilizer 115.72 68.51 259.16 68.51 b) Others 241.05 162.74 372.28 162.7416 P.O.L. 233.19 23.66 329.40 23.6617 Coal and Coke 20.79 11.69 32.22 11.6918 Cement 24.01 17.11 40.96 17.1119 Clinker and Limestone 131.25 85.38 226.68 85.3820 C.I.Sheets, B.P. Sheets, G.P. Sheet & Tin Plate 26.05 18.10 38.88 18.1021 Scrap Vessels 46.01 22.50 65.16 22.5022 Paper & Paper Board 45.95 31.79 75.36 31.7923 Intermediate Goods 611.50 371.28 1,040.55 371.2824 Capital Machinery 745.28 424.72 1,195.19 424.7225 Misc.Industrial Machinery 571.82 396.73 898.66 396.7326 Others 2,419.71 10,568.38 4.00 10.00 TOTAL: 7,955.79 13,862.92 13.00 13.00

28


* Note: Exports and Imports both are compiled on the basis of shipment data* Disinvestment, repayments of loans & loss have been deducted as per BPM6 and it includes in financial account calculation instead of gross FDI R: Revised, P: Provisional, RP: Revised but still ProvisionalSource: Bangladesh Bank

Items 2019-20R

July-Dec2020-21RP

July-Nov2020-21P

July-Dec% Changes

4 over 2Trade balance -8223 -4715 -6465

Export f.o.b. (including EPZ) 18844 15526 18761 -0.44

Of which: Readymade garments 16024 12895 15546 -2.98

Import f.o.b (including EPZ) 27067 20241 25226 -6.80

Services -1656 -975 -845

Credit 3532 2805 3769 6.71

Debit 5188 3780 4614 -11.06

Primary income -1478 -1403 -1629

Credit 96 51 63 -34.38

Debit 1574 1454 1692 7.50

Of which: Official interest payments 502 396 460

Secondary income 9690 11104 13261

Official transfers 10 11 19

Private transfers 9680 11093 13242 36.80

Of which: Workers' remittances inflows 9408 10894 12945 37.60

Remittances excl. investments 9296 10778 12811

Current Account Balance -1667 4011 4322

Capital account 134 59 87

Capital transfers 134 59 87

Financial account 2035 1079 2201

Foreign direct investment (gross inflows) 1687 1294 1553 -7.94

Of which: Net FDI flows 583 379 455 -21.96

Assets 9 3 3

Liabilities 592 382 458

Portfolio investment (net) 37 -164 -157

Of which: Investment by NRBs 112 116 134 19.64

Other investment (net) 1415 864 1903

Medium and long-term (MLT) loans 2574 1980 2885 12.08

MLT amortization payments 633 572 680 7.42

Other long-term loans (net) 199 60 393

Other short-term loans (net) -96 308 162

Trade credit (net) -138 62 251

DMBs and NBDCs (net) -491 -974 -1108

Assets 33 97 157

Liabilities -458 -877 -951

Errors and omissions -475 -81 -455

Overall Balance 27 5068 6155

Reserve Assets -27 -5068 -6155

Bangladesh Bank (net) -27 -5068 -6155

Assets -84 4863 6620

Liabilities -111 -205 465

Memorandum Items:Gross reserves (before valuation adjustments) 32632 40899 42657

Valuation adjustment during the period 57 370 516

Gross reserves (after valuation adjustments) 32689 41269 43173

In months of imports of goods and services 6.6 8.2 8.6

(In million US$)BALANCE OF PAYMENTS (BOP)

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PRODUCTION OF SELECTED INDUSTRIAL ITEMS (BASE YEAR 2005-06=100)

Description of items of industry Unit

No .ofreportingindustries(selected)

2018-19 2019-20 Oct-19 Sep-20 (P)

Oct-20 (p)

Manufacture of Food ProductsFish & sea food M.Ton 180 & * 48402 42724 5123 4617 4909Processing & Preserving of fruits andvegetables "000" Littre 3 126302 123517 11135 7835 36583

Hyd. Vegetable oil M.Ton 2 1151562 982989 90890 89521 59645Grain milling M.Ton 8 435439 614006 66194 31247 35666Rice milling M.Ton 6 27400 39889 3215 3272 3309Sugar M.Ton 16 65302 81768 0 0 0Black & Blending Tea M.Ton 116 90684 89930 13407 12144 11486Edible salt M.Ton 8 94113 88272 7765 8185 8176Animal feeds M.Ton 3 692900 820894 62412 75422 75400Manufacture of beveragesSpirits & Alcohol "000" Littre 1 4998 5159 527 395 275

Soft Drinks `000' Doz Bottle 4 72602 59222 4606 7330 7010

Mineral Water "000" Littre 4 180350 156784 13481 21114 20914Manufacture of tobacco productsCigarettes Mill. No 1 15279 16186 1350 1280 1285Biddies Mill. No 5 100095 93746 8425 8660 8340Manufacture of textilePreparation & Spinning of Textile fibers M.Ton 20 180642 223314 15830 20989 21119Weaving of Textiles "000" Metre 15 43403 35783 3107 4201 4369Dyeing, bleaching & finishing "000" Metre 19 91096 129650 12647 10875 10656Jute Textile M.Ton 95 361966 379585 29213 26370 27093Mfg. of wearing apparelWearing Apparel Million Tk. * 1449060 1188830 97514 90275 83573Knitwear Million Tk. * 1419019 1177323 115840 114388 113483Manufacture of leather and related products1511 Tanning & Finishing Leather: "000" Sq Metre 175 & * 34066 13075 1676 1158 1329Leather Footwear "000" Pair 4 21988 28538 2370 5539 4163Manufacture of wood and products of wood and corkParticle board/ plywood "000" Sq Metre 2 11598 12258 1027 1230 1328Manufacture of Paper and paper productsPulp, Paper & newsprint M.Ton 3 168719 241050 24417 14418 18338Articles made of paper M.Ton 2 40271 41000 3402 3361 3088Printing and reproduction of recorded mediaPrinting of Books and periodicals "000" No. 10 171207 142464 14720 13270 13031Manufacture of coke and refined petroleum productsPetroleum refining M.Ton 1 1369914 1078570 94230 124655 124705Manufacture of chemicals and chemical products

Compressed liquidities gas Cylinder (12.5 Kg.) 2 2199956 1160550 98530 95634 100825

Fertilizer M.Ton 7 920753.5 976157 72756 104352 106255Perfumes and cosmetics "000" Tk. 3 8078863 10942940 1653358 1371424 1625176Soaps & detergents M.Ton 3 175315 176084 15030 20118 17167Matches "000" Gross 2 34653 36644 2671 4267 3406Manufacture of Pharmaceuticals and medicinal chemicalPharmaceuticals/Allopathic drugs and medicine "000" Tk. 20 188300446 248797125.2 21021058 23031691 23646548

Unani and Ayur Bedic Medicine "000" Tk. 3 807514 1002157 79697 58838 62122

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Note: n.a.=not available. p= provisional, r= revised, M.cu.m.= million cubic meter. Mt = metric ton. Mkwh = million kilowatt per hour, Tk.= Taka, * = EPB Source: Bangladesh Bureau of Statistics

Description of items of industry Unit

No .ofreportingindustries(selected)

2018-19 2019-20 Oct-19 Sep-20 (P)

Oct-20 (p)

Manufacture of rubber and plastic productsRubber footwear/ other rubber products Dozen Pair 8 264803 531576 42604 48794 49816P.V.C products/plastic products M.ton 3 55613 54410 4753 4285 4356Non-Metallic mineral ProdGlass Sheet "000" Sq ft. 3 17782 20364 1684 1447 2458Tiles "000"Sq ft 5 295674 279741 22429 16621 16305Ceramic "000" Dz 2 29723 36480 3460 3076 3086Cement M.Ton 8 16860929 17951285 1520894 1493600 1623647Bricks "000" No. 4 184472 210892 16374 19301 19502Manufacture of basic metalsRe-rolling mills M.Ton 31 401298 320840 32740 30856 30960Manufacture of fabricated metal products except machineryStructural metal products "000" M.ton 5 14870 14161 1265 2222 2257Other Fabricated metal products Dozen 8 836588 970756 76902 82953 82482Manufacture of computer, electronic and optical productscommunication equipment’s (TV, Telephone) Television No. 3 590268 665938 70244 65594 57209

Manufacture of electrical equipmentElectric Motors, Generators, transformers/ No. 2 581009 614681 55615 33126 34666Electrical apparatus 2732 Wires & Cables(ELEC.) M.ton 3 50750 52426 4546 6608 6601

Electrical appliances / Domestic appliances No. 9 524938 532528 43551 43292 43289

Manufacture of machinery and equipment n.e.cAgriculture & Forestry machinery No. 2 100663 105041 8730 8750 8786Machinery for Textile , apparel and leather production No. 9 17296 20236 1563 1752 1613

Machinery equipment NEC No. 10 924902 1154859 95468 98350 98585Manufacture of motor vehicles, trailers and semi-trailersAssemble of Motor vehicles No. 2 2524 1174 132 106 23Manufacture of other transport equipmentShip and boat building M.Ton 3 341009 578562 48438 30526 30755Motor cycle No. 3 96037 86393 8206 18734 18828Manufacture of furnitureMetal furniture No. 2 4010 4497 375 310 335Wooden furniture No. 5 150173 92457 8259 10687 7457Plastic furniture No. 2 1453505 1527531 129246 92692 96130Natural Gas MMCM 8 27196 24998 2242 2594 2510Electricity MKWH 1 67752 69634 6305 7248 7245

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CONSUMER PRICE INDEX: NATIONAL(BASE: 2005-06=100)

Source: Bangladesh Bureau of Statistics

Period General Index

Index by expenditure group

1. Food &

Beverage

2. Non- Food

I. Clothing

& Footwear

II. Fuel &

Lighting

III. Household Equipment

IV. Medical Care & Health

Expenses

V. Transport & Communication

VI. Recreation, Entertainment,

VIII. Mise.

Goods & Services

2012-13 181.73 193.24 166.97 179.66 155.61 195.33 159.66 159.34 157.23 182.542013-14 195.08 209.79 176.23 194.77 163.47 206.14 164.06 167.20 164.38 193.752014-15 207.58 223.80 186.79 204.50 171.80 214.45 180.77 181.78 168.02 204.212015-16 219.86 234.77 200.66 233.38 182.74 227.39 199.94 201.34 171.01 211.612016-17 231-82 248.90 209.92 243.56 194.01 235.85 206.70 210.78 177.56 217.512017-18 245.22 266.64 217.76 255.24 200.25 249.68 209.28 218.80 183.65 223.812018-19 258.65 281.33 229.58 277.64 206.98 265.25 215.31 235.23 186.72 239.872019-20 273.26 296.86 243.00 290.00 220.70 282.67 230.07 248.48 190.13 259.272020April 278.39 303.39 246.34 291.49 226.04 285.79 233.70 250.22 190.96 263.41May 273.53 294.08 247.17 291.72 226.30 285.80 239.36 252.04 190.96 263.66June 276.12 297.95 248.13 291.98 227.07 286.78 240.16 253.34 190.96 267.19July 278.27 300.75 249.46 292.20 227.57 288.73 240.64 257.25 190.98 271.37August 282.11 307.20 249.95 292.29 227.60 291.54 240.81 257.59 191.01 272.54September 288.12 316.11 252.24 292.42 227.99 293.11 246.45 263.02 191.79 280.87October 290.91 320.94 252.40 292.57 228.09 293.35 246.54 263.41 191.81 281.05November 288.71 316.41 253.19 292.73 228.62 295.29 246.77 264.74 191.96 282.91December 287.41 313.59 253.85 293.08 228.84 295.74 247.29 266.32 192.16 285.38

CONSUMER PRICE INDEX: RURAL(BASE: 2005-06=100)




1. Food &

Beverage

2. Non- Food

I. Clothing

& Footwear

II. Fuel &

Lighting



Expenses



VIII. Mise.

Goods & Services

2012-13 183.90 192.14 170.79 184.54 157.40 186.40 164.63 160.98 174.07 187.052013-14 196.90 207.72 179.69 200.61 164.05 197.62 168.87 166.01 179.72 199.742014-15 209.10 221.02 190.13 214.07 171.34 209.29 187.18 174.09 183.84 212.342015-16 220.10 230.31 203.86 242.26 179.19 222.11 211.04 188.69 187.84 221.12 2016-17 231.02 243.08 211.83 253.51 187.45 229.57 219.35 193.71 194.81 226.472017-18 244.17 259.86 219.21 263.96 192.89 246.23 221.15 197.24 201.31 233.72 2018-19 256.74 273.55 230.01 282.76 198.99 261.30 225.86 207.51 205.05 253.712019-20 271.20 289.08 242.74 292.21 212.44 277.56 242.40 217.05 208.93 275.652020 April 277.16 296.83 245.86 293.38 217.37 279.00 246.77 218.35 210.07 281.85May 271.39 286.89 246.74 293.69 217.63 279.01 254.99 218.41 210.07 282.01June 273.01 289.00 247.56 293.81 219.01 279.14 255.24 219.35 210.07 284.53July 275.13 291.87 248.49 293.85 219.94 279.53 255.57 221.62 210.08 287.79August 279.26 298.38 248.84 293.94 219.95 281.05 255.76 221.84 210.11 288.95September 285.77 307.48 251.22 294.09 220.65 282.13 263.51 226.89 211.33 296.06October 289.30 313.16 251.34 294.26 220.80 282.28 263.52 226.98 211.36 296.19November 286.55 308.38 251.82 294.31 221.73 283.05 263.55 227.32 211.59 296.34December 285.25 305.88 252.43 294.65 221.97 283.68 263.89 227.70 211.78 299.99

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CONSUMER PRICE INDEX: URBAN(BASE: 2005-06=100)




1. Food &

Beverage

2. Non- Food

I. Clothing

& Footwear

II. Fuel &

Lighting



Expenses



VIII. Mise.

Goods & Services

2012-13 177.71 195.91 161.88 170.39 153.55 211.03 151.15 157.53 139.06 176.962013-14 199.73 214.85 171.61 183.66 162.80 221.11 155.82 168.52 147.83 186.372014-15 204.76 230.56 182.32 197.93 172.33 223.53 169.80 190.26 150.95 194.162015-16 219.31 245.66 196.39 216.50 186.86 236.67 180.93 215.50 152.84 199.872016-17 233.29 263.09 207.38 224.66 201.60 246.87 185.05 229.59 158.93 206.452017-18 247.17 283.19 215.83 238.67 208.77 255.74 188.96 242.55 164.59 211.572018-19 262.17 300.30 229.00 267.92 216.22 272.20 197.25 265.77 166.95 222.782019-20 277.06 315.83 243.34 285.82 230.27 291.66 208.97 283.12 169.81 239.062020 April 280.66 319.39 246.98 287.91 236.09 297.72 211.35 285.35 170.33 240.64May 277.47 311.63 247.75 287.96 236.33 297.74 212.61 289.09 170.34 241.02June 281.87 319.81 248.87 288.49 236.42 300.22 214.34 290.80 170.34 245.79July 284.09 322.42 250.75 289.06 236.42 304.91 215.08 296.51 170.37 251.09August 287.38 328.71 251.42 289.15 236.46 309.98 215.22 296.98 170.39 252.27September 292.47 337.17 253.60 289.24 236.49 312.42 217.24 302.84 170.70 262.11October 293.88 339.94 253.81 289.37 236.53 312.80 217.47 303.54 170.72 262.36November 292.70 336.02 255.01 289.74 236.61 316.82 218.03 305.97 170.78 266.34December 291.41 332.42 255.74 290.11 236.80 316.95 218.88 308.89 170.98 267.36

WAGE RATE INDEX BY SECTORS: BANGLADESH(BASE: 2010-11=100)


Sector 2016-17 2017-18 2018-19 October’20 November ’20

December ’20

General 141.46 150.59 160.23 178.08 179.85 180.82percentage change (Point to Point) 6.50 6.46 6.40 6.03 6.10 6.15 percentage change (over previous month) 0.78 0.99 0.541. Agriculture 141.22 150.27 159.92 178.28 180.26 181.23

percentage change (over previous month) 6.59 6.41 6.42 6.24 6.34 6.40 percentage change (over previous month) 0.88 1.11 0.54i) Agriculture 141.19 150.23 159.91 178.32 180.31 181.29

percentage change (Point to Point) 6.60 6.40 6.44 6.25 6.35 6.41percentage change (over previous month) 0.89 1.12 0.54

ii) Fish 143.19 152.63 160.59 176.20 177.48 178.01percentage change (Point to Point) 6.37 6.61 5.22 5.76 5.60 5.67percentage change (over previous month) 0.56 0.72 0.30

2. Industry 140.27 149.45 158.74 175.10 176.43 177.37percentage change (Point to Point) 6.24 6.55 6.22 5.51 5.52 5.56percentage change (over previous month) 0.66 0.76 0.53i) Construction 137.43 145.32 152.86 165.61 166.55 167.33

percentage change (Point to Point) 5.37 5.75 5.19 4.53 4.51 4.56percentage change (over previous month) 0.50 0.57 0.47

ii) Production 146.01 157.81 170.66 194.34 196.47 197.74percentage change (Point to Point) 7.22 8.08 8.14 7.25 7.31 7.32percentage change (over previous month) 0.95 1.09 0.65

3. Service 145.01 154.44 164.78 183.20 184.85 185.90percentage change (Point to Point) 6.60 6.51 6.69 6.05 6.11 6.14percentage change (over previous month) 0.56 0.90 0.57

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