Dhaka, Bangladesh (BBN)-The Asian Development Bank (ADB) on Thursday projected the country’s economic growth at 6.4 percent in the current fiscal overturning from its conservative estimations in the past.
Eight months ago in January last, the Manila-based lender in its Asian Development Outlook (ADO) 2014 said that Bangladesh’s gross domestic product (GDP) will be expanded at 6.2 percent rate in the current financial year (FY) 2014-15, ends in June.
“The export and remittances are expected to perform better than projected earlier. Moreover, the government is seen stepping up project implementation and private investment will likely pick up on post-election political stability,” said the ADO 2014 Update, released in the capital Dhaka on Thursday.
The ADB in its last ADO in January 2014 forecasted a slower GDP growth to 5.6 percent for the last FY2014 from that of 5.8 percent in its previous forecast in October 2013.
The development update Thursday said despite widespread political demonstrations ahead of national elections in January 2014, GDP growth in FY2014 (ended 30 June 2014) is estimated at 6.1 percent, 0.5 percentage point higher than projected in ADO 2014.
BBN/ASI/AD-25Sept14-4:00pm (BST)