Govt mulling revising GDP base year to 2005-06

http://newagebd.com/newspaper1/business/7985.html

Govt mulling revising GDP base year to 2005-06
United News of Bangladesh . Dhaka

The government is mulling revising the GDP base year, as massive structural changes have occurred in the country’s economy in the last 15 years. The GDP is currently estimated taking 1995-96 as the base year.

As per the government’s plan, the GDP base year will be upgraded to 2005-06, said statistics division secretary Riti Ibrahim while talking to the news agency.

She said that at present they would not go for upgrading the GDP base year to 2010, as for doing this there is a need for conducting more surveys. The existing data will be enough to upgrade the base year to 2005, she added.

Riti said that necessary works are expected to be completed by this June for upgrading the GDP base year to 2005-06. ‘After that, we will carry out work to upgrade the base year to 2010.’

She informed that an IMF consultant had already sat with the statistics division in January regarding upgrading the GDP base year.

During the period, IMF representative AC Kulshrestha put forward some recommendations before the division.

The recommendations include upgrading the base year to 2005-06, then upgrading the base year to 2010, allowing the Bangladesh Bureau of Statistics to analyse the public sector activities, also to take the profit and loss statements of the companies from the Registrar of Joint Stock Companies.

The IMF consultant also recommended strengthening the national accounting wing as well as making it an equivalent entity to the BBS, creating research groups and research cells in the BBS.

The statistics division secretary said that they would also consult with the chairman and members of the National Statistics Council regarding upgrading the GDP base year.

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