Bangladesh’s economy to grow to 6.5% for FY24

The Asian Development Bank has forecast the growth projection for Bangladesh's economy to 6.5 percent for the current fiscal year of 2023-24.

The forecast was published on Wednesday in its latest report titled "Asian Development Outlook (ADO) September 2023."

The global lender, it its latest report, says, "Bangladesh's gross domestic product (GDP) is expected to grow by 6.5 percent in the fiscal year 2024, compared with an estimated growth of 6.0 percent in FY 2023."

"The main risk to this growth projection is a further deterioration in export growth if global demand is weaker than expected," the ADB said.

ADB Country Director Edimon Ginting comments as saying, "The government is managing relatively well against the external economic uncertainties, while advancing infrastructure development and critical reforms to improve investment climate."

"These key structural reforms include to strengthen public financial management, enhance domestic resource mobilization, improve logistics, and deepen financial sector, which are critical for private sector development, export diversification and productive job creation in the medium term," said Ginting.

"Continued high oil prices also provide a good incentive to accelerate reforms to expand domestic renewable energy supply and achieve the country's climate change goals."

/MHK/