Economic performance in the 2008 would be dependent on various factors including the way nature moves and the way human beings tackle both natural and man-made situations. Because of climate change we are seeing some serious calamities which can have a negative impact on economic activities and performance. So if nature is kind we may hope better progress and performance of our economy. Besides, the performance will depend on what policies the Government takes.

However, I am optimistic about 2008. The reason lies in our past experience in economy performance. The economy of Bangladesh has steadily grown although we have faced natural and human disasters. We have been having steady growth of our GDP. In 2006 there was a terrific disturbance in our economy because of political instability in the country. But because of our positive attitude and productive efforts and good leadership we have been able to achieve more than 6% growth rate of our GDP.

The export sector has been quite lively despite various bottlenecks, like infrastructural problems, problem created by natural disasters, and also bureaucratic rat-racism and negative mindset in our administrative leadership. Export earnings from manpower export and ready-made garments have been very satisfactory. In 2008, garment export may also register greater vitality.

Besides, the leather is another important potential area which can have greater growth. However, the government needs to ensure that these sectors get the appropriate support for growth. Also, we need consistent policy support to our agricultural producers.

Innovative thinking is necessary and the government must ensure proper implementation of the policies. If we can create a conducive environment for the agro industries then they can be a major source of our successful export.

There is a great possibility and potential in ICT but still we have not been able to utilize this opportunity. We should focus on training the manpower in the ICT sector so that we can export it to various countries. One of the major obstacles in the ICT sector is the inability of our youth to master English Language. In ICT this is very important. Even when we have very competent programmers and operators, still many of them are poor in English and so are not eligible for foreign jobs. We need to take appropriate measures to make up for this deficiency.

Also taxes and tariff need to be reduced and other policies taken to encourage this sector. The Indian supply side is weakening because of higher wages and this can be an opportunity for Bangladesh.

Investment depends on the investment climate of a country because no one- foreign or domestic investor -would like to invest unless it is safe and secure and ensures adequate return on investment. We have to create a positive investment climate.

The Government needs to provide assurance that our political processes would be smooth, the condition of democracy will be peaceful and tranquil. This will bring confidence in public. Other part is administrative. We have to cut down our red-tape. We need to provide one stop service, and a very good legislation. Besides, we should ensure infrastructural support like power and communication facilities and trade reform.

We need to diversify investment. We can try to bring foreign investors in real estate and in infrastructure development too as build operant & transfer (BOT) and build operant own (BOO). Another great area is pharmaceuticals where recent development is very encouraging. Our pharmaceuticals have been exported to neighbouring countries like Malaysia and Singapore and even a few firms are exporting them to EU countries. If the quality and standard can be improved and the government policy on import of raw materials can be supportive to the industry then foreign direct investment will come in this sector.

I think the private sector has grown speedily and expanded impressively despite various political and administrative bottlenecks in the past. Bureaucracy and red-tap have had a negative impact on private sector development but even then we have seen great growth and expansion in the service industries, hotels, transport and communication sector, human resources export, readymade garment and many more.

SMEs need to be nurtured through implementation of policies which will ensure the growth of this sector. SMEs are very important for the economy as they constitute a very large portion of the businesses in the country. We can not gain political democracy without economic democracy.

Through mobilization of the SMEs, the economy will be vibrant and participative. SMEs can not develop themselves unless they have good road connection, unless power is ensured. So, the government should ensure proper infrastructure and make favourable laws for the SMEs. Also, particular attention is needed for the agro based industries. We can not avoid helping our agricultural sector to develop. Our farmers produce 85% of the cereal food grain we need in this country. Indeed agriculture has been the main stage of our economy and of our social life.

Inflation is always undesirable, but inflation occurs also for development. In developed economies prices of things are high, but at the same time the wages are also high. So, the earning also keeps pace with the rising prices. Unfortunately in Bangladesh, the income of people does not rise with the rise in inflation and so people suffer greatly.

Inflation also rises for increase in prices in the international market. So we must do some work on our own, like increasing production of food grains. Besides, we have to ensure that people earn more so that they can keep pace with the rising price.

Monetary policy is a powerful instrument in the hands of the government but we have seen in the past whenever there is inflation they squeeze the supply of money in the market. But restricting money supply does not help check inflation; this should be done by increasing the supply of commodities in the market.

ADP utilization has been very poor in the country. In the last three months there has been only 3% utilization. If we can not implement ADP then how can we develop infrastructure of the country like roads, building etc? The government must monitor constantly and evaluate the progress of ADP implementation. Govt. must pick the right person as a project manager and take the right initiative.

About the achievement of government I would say they have been able to bring financial discipline and collection of internal resources through more efficient tax collection system. However, the line ministries are responsible for the improper implem-entation of the budget, because performance of the financial sector depends on the performance of the real sectors. The Government needs to energize better utilization of ADP and cut down unnecessary expenditure.

Bangladesh now has export earnings of more than $10 billion a year, mainly from remittance, readymade garments, labour and frozen food export. So if we can continue this we would not need to depend on WB or IMF intervention. 'Trade not aid' should be our motto. We need to find out how to export more by maintaining proper quality and standard and if we have that kind of market then their intervention will not to be needed. We should build our own strength.