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Wednesday, 22 May 2024
ADB predicts Bangladesh's economy growth to 6.1pc after 2023-24

ADB predicts Bangladesh's economy growth to 6.1pc after 2023-24

Staff Correspondent

Asian Development Bank (ADB) has predicted Bangladesh's economy to grow 6.1 percent in the 2023-24 fiscal year (FY), ending on 30 June 2024.

In its April 2024 Asian Development Outlook, published on Thursday (11 April), the Manila-based lender said the country's gross domestic product (GDP) may grow 6.6 percent in the upcoming 2024-25 FY.

"In Bangladesh, garment exports will push growth up to 6.1 percent in FY24 and 6.6 percent in FY2025," ADP said in the report.

The 6.1 percent GDP growth projected for FY24 is 0.3 percentage points more than the 5.8 percent growth by the end of FY23.

Economic growth in Bangladesh moderated in fiscal 2023 as monetary tightening in the advanced economies lowered external demand. Inflation rose significantly, and the current account deficit narrowed," said ADB in its outlook.

"Despite macroeconomic headwinds, GDP expansion is expected to accelerate gradually this year and next with resilient exports and the government committed to structural reform," it added.

ADB said inflation will gradually moderate while the current account turns into small surpluses.

It stated that implementing reforms to bolster Bangladesh's competitiveness will be crucial for the country's seamless transition from its status as a least-developed country.

Just two days earlier, on Tuesday (9 April), the Bangladesh Bureau of Statistics (BBS) said Bangladesh's economic growth in the October-December quarter of FY24 halved to 3.78 percent.

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