Bangladesh RMG

RMG workers in a Bangladesh factory. BBN file photo.

Dhaka, Bangladesh (BBN)– Bangladesh economy is expected to grow by 8.0 per cent in 2019-2020, likely recording the fastest economic growth in Asia and the Pacific, according to a new Asian Development Bank (ADB) report.

The latest Asian Development Outlook (ADO) 2019, ADB’s flagship economic publication, forecasts that gross domestic product (GDP) of Bangladesh is expected to grow by 8.0 per cent in the FY 20 with robust private consumption, increased public investment, strong export performance, and expansion in industries.

The ADO 2019 says, favorable trade prospects are expected to continue despite a weaker global growth. Exports and remittances are likely to be further strengthened while strong public investment is envisaged due to continued policy environment and expeditious implementation of large infrastructure projects.

“To sustain this momentum in the medium- to long-term, Bangladesh requires expanded industrial base, diversified export basket, improved business environment for vibrant private sector development, expanded tax base, better revenue collection for increased resource allocation, and human capital development,” says Country Director Manmohan Parkash.

“Continued focus on prudent macroeconomic policies, sound debt management, strengthening the banking sector, removing infrastructure constraints, and reducing the cost of doing business are important to help achieve the long-term development vision of the country”.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty.

In 2018, it made commitments of new loans and grants amounting to $21.6 billion. Established in 1966, it is owned by 68 members—49 from the region.