Dhaka, Bangladesh (BBN)– The Asian Development Bank (ADB) expects the Bangladesh economy to grow at 8.0 per cent during this fiscal year (FY) that is only 0.2 percentage points lower than the government’s projection for the same.
The ADB disclosed this at the launch of its annual flagship publication Asian Development Outlook (ADO) 2019 at its Dhaka office on Wednesday.
The Bangladesh Bank (BB) has also targeted the GDP growth at 8.20 per cent for FY 2019-20 in line with the government’s projection.
On the other hand, the International Monetary Fund (IMF) projected that the economy of Bangladesh would grow to 7.6 per cent in FY ’20. But it estimated that the country’s GDP growth would stand at 8.0 per cent in FY ’19, according to the IMF’s latest Staff Report on Article IV Mission Consultation of Bangladesh.
The World Bank (WB), however, estimated that the Bangladesh economy to grow at 7.4 per cent during the FY ’20.
Actually, Bangladesh economy is expected to sustain strong growth in the year with continued buoyant exports, robust private consumption with higher remittances, accommodative monetary policy, ongoing reforms to improve business climate for private investment and public infrastructure investment.
While the economy still has significant potential with favourable demographics, to ensure sustainability and resilience of growth, Bangladesh needs to keep upgrading its macroeconomic policy framework and advance a range of structural measures.