Bangladesh's gross domestic product (GDP) is set to grow 3.6% in the fiscal year 2021-22 instead of 1.6%, the World Bank said on Wednesday.
The global lender also said that the country's economic growth will be 5.1%, higher than their earlier forecast of 3.4%, as mentioned in "Global Economic Prospects," their flagship publication. It also said that private consumption is the main engine of growth which is supported by normalizing activity, moderate inflation, and rising apparel exports.
While there is uncertainty regarding the stability of private consumption, Bangladesh's growth is expected to experience a gradual recovery, the publication further mentioned.
Contrary to the World Bank's projection, the Asian Development Bank (ADB) and the International Monetary Fund (IMF) had higher growth projection rates for Bangladesh for FY22, 7.2% and 7.5% respectively.
In the national budget for FY22, government's GDP growth target is 7.2%. The 8th five-year plan also targeted 7.7% GDP growth in FY22.
World Bank President David Malpass said: "How national governments, the private sector, and international institutions respond to the challenges of poverty, inequality, and climate change as we emerge from a crisis that has affected us all will be defining choices of our age."
Leave Your Comments