8th Five Year Plan: COVID-19 forces govt to alter its approach
DOT Desk: Amid the fast-changing scenario in Bangladesh economy due to COVID-19 crisis, the government is going to change the main macroeconomic structure of the 8th Five Year Plan to protect people,reports UNB.
 The Planning Commission is conducting a study for assessing the impacts of COVID-19 pandemic on the economy and its findings will be reflected on the 8th Five Year Plan, according to a government document. “The study will also assess the impacts of (COVID-19) pandemic on the poverty reduction programmes and GDP growth activities,” the document says. The work to formulate the 8th Five Year Plan has started as the timeframe of the 7th Five Year Plan expired on June 30 this year.Bangladesh has already attained the status of lower middle-income country and established the base to preliminarily graduate from the Least Developed Country (LDC) list to that position.
The document sates that the 8th Five Year Plan will be helpful for the country to graduate from the LDC list by 2024 and implement the Sustainable Development Goals (SDGs).
In the 8th Five Year Plan, emphasis will be given on two major issues, expediting prosperity and inclusive growth in addition to giving attention to disseminating the results of growth to everyone equally.
Upholding the ‘No one will be left behind’ slogan, the 8th Five Year Plan will take target-oriented programmes for the ‘left behind people and areas’ in terms of various economic and social indexes.
According to the document, the 8th Five Year Plan in its formulation process will follow the Perspective Plan 2021-2041 and the election manifesto 2018 of the government.
Sources at the Planning Commission said Bangladesh has targeted 8.37 percent economic growth on average for the 8th Five Year Plan.
The government also sought funds from development partners so that the existing growth is sustained in the plan. It will form committees to regularly monitor the progress of the next plan.
The government will focus on three issues — job creation and GDP growth, ensuring equal opportunities for, all and tackling the adverse effects of COVID-19 and climate change, a Planning Commission official said.