Dhaka, Bangladesh (BBN)-Asian Development Bank (ADB) on Tuesday revised Bangladesh’s GDP growth target at 6.1 percent for the FY’ 15 considering subdued export growth and lingering political unrest.
Earlier in September, the ADB projected the growth rate to 6.4 percent for 2015.
The ADB however expects that the growth aided by higher remittance and export growth, as well as the continued economic recovery in the United States and the eurozone area will rise to 6.4 percent in FY2016, said the Bangladesh Quarterly Economic Update of the ADB.
“If the political situation stabilises, consumer and investor confidence is likely to rise, thereby stimulating demand and strengthening growth momentum,” the update statement of the ADB said.
“In addition, infrastructure constraints are expected to ease with the completion of ongoing projects, particularly the power plants,” it added.
Earlier, the Bangladesh Bank has projected that the country would achieve at least 6.5 percent GDP growth by the end of this fiscal.
The World Bank forecast that Bangladesh would achieve a 6.5 percent GDP growth in the FY 16 from 6.2 percent of the FY 15.
On the other hand, the International Monetary Fund (IMF) has estimated that the GDP growth rate would stand at 6.1 percent in the FY 15. It may reach at 6.5 percent by the end of FY 16.
BBN/AI/SSI-21Apr15-2:30pm (BST)