SA countries growth would continue at 6-8pc

Speakers at ICAB seminar on Sunday, 14 December 2014 predicted 6 to 8 per cent economic growth in South Asia countries. Market integration, rise of the middle class, human mobility and high remittances are the key drivers that contributed to this growth, they said.

Members ConferenceThe Institute of Chartered Accountants of Bangladesh (ICAB) organized the seminar on   “South Asian Economies: The Growing Power” at its auditorium in the city. Dr. Ahsan H. Mansur, Executive Director, Policy Research Institute of Bangladesh conducted the seminar as Session Chairman and ICAB President Showkat Hossain FCA delivered the welcome speech. Suraiya Zannath, FCA Senior Financial Management Specialist, South Asia Region, World Bank presented the key-note paper in the seminar.

Showkat Hossain said that research shows that strong economic growth in South Asia reduces poverty and contributes to impressive improvements in human resources. He further said that the Chartered Accountants are the key part of economy in the region. They can contribute to ensure transparency and accountability in financial reporting which is essential part of sustainable economic development, he added. We all need to work together maintaining the highest level of our professional excellence ensuring our ethical standards exploring our commitment and quality towards building a Sustainable Position of Bangladesh in the World, he emphasized.

Key-note speaker Suraiya Zannath, FCA Senior Financial Management Specialist, World Bank mentioned that with a sustained average growth rate of 6.7% over 2000-2012, South Asia is currently the second fastest growing region in the world. Economists predict that growth will continue at 6-8% until approximately 2025, she added.

In her paper she said this growth is possible because of closer affiliation to China via multilateral frameworks such as SAARC and APTA that would create further opportunities for economic benefits through increased trade, FDI, infrastructure building etc. she also pointed out some key drivers for South Asian Countries growth such as demographic dividend, infrastructure, inclusive growth, institutions, market integration, rise of the middle class, human mobility and high remittances, service sector development and regional integration.

Summing up the session Dr. Ahsan H. Mansur said discussion from this seminar will definitely benefit the Chartered Accountants. The learned paper presenter has paid much effort to depict the real economic scenario of South Asian Region.