Bangladesh revises down its FY23 GDP growth projection to 6.03%

15 May '23

1 min read

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Bangladesh's GDP growth projection for the current fiscal year has been revised down to 6.03 per cent from the government's initial estimate of 6.5 per cent.
This surpasses the projections of ADB and World Bank, with the latter citing factors like higher inflation, tighter financial conditions, import restrictions, and global economic uncertainty.

The gross domestic product (GDP) growth projection of Bangladesh has been reduced further to 6.03 per cent for the current fiscal from the government's initial projection of 6.5 per cent, according to state minister for planning Shamsul Alam.

This rate surpasses the estimates by the Asian Development Bank (5.3 per cent) and the World Bank (5.2 per cent). The World Bank’s lower projection is due to factors like higher inflation, tighter financial conditions, disruptive import restrictions and global economic uncertainty.

The final estimates for fiscal 2021-22 put Bangladesh’s GDP growth at 7.1 per cent. Hence, the growth rate has dipped by over 1 percentage point year on year.

The state minister shared this information after a meeting of the National Economic Council (NEC) in Dhaka.

ALCHEMPro News Desk (DS)

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