Experts point out that we have posted roughly 5 percent growth for the past several years, and that this is not sufficient to make real headway in reducing poverty and raising standards of living. In fact, a growth rate of 9 to 10 percent is required for Bangladesh to meet our commitment towards the Millenium Development Goals, and in spite of the low base from which we started, should be within reach with good governance and sound policy.

Rather troubling is the revelation that certain key sectors, such as transportation and agriculture, experienced a lower rate of growth than last year, and that the growth in the manufacturing sector came mainly from ready-made garments, which is unlikely to be sustainable when the MFA expires in 2005.

Most importantly, the rate of growth of the economy conceals a worrying trend of growing income inequality. Despite the GDP growth notching a higher rate, the gap between the rich and the poor has widened in recent years. In 2000-01 (the latest year for which figures are available), the top 5 percent of urban dwellers accounted for 32.4 percent of total income, up from 24.3 percent in 1995-96. During the same period, the income share of the bottom 5 percent shrank from 0.74 percent to 0.63 percent.

While we have posted a decent economic growth to our credit, the figures tell us that there is an asymmetry that will have to be alleviated. It is imperative for the government to institute polices that ensure that the economic gains extend to all segments of society. Moreover, the ADP needs to be implemented better amidst a congeniality of environment fostered by an end to torrid political confrontation.