World Bank lowers Bangladesh’s growth projection for FY24

World Bank lowers Bangladesh’s growth projection for FY24

• The World Bank in its latest update released on Tuesday has projected Bangladesh’s economic growth to be 5.6 percent in the 2023-24 fiscal year ending next June.
• The global lender in its previous projection in April, forecasted a 6.2 percent GDP growth for the current fiscal year.
• The World Bank in its update stated that Bangladesh made a strong recovery from the COVID-19 pandemic, but the post-pandemic recovery was disrupted in FY23 with rising inflation, vulnerabilities in the financial sector, external pressure, and global economic uncertainty, reports UNB.
• The World Bank suggested that Bangladesh needs to go for a single market-based exchange rate which would help to attract foreign currency inflows through formal channels and support the balance of payment and reserve accumulation.
• Meanwhile, the foreign-aid inflow to Bangladesh in July-August period of the current fiscal year (FY) 2023-24 marked a substantial fall. The reduction in foreign aid inflow along with fall in remittance and export earnings has increased pressure on Bangladesh's falling foreign-exchange reserves, according to the experts.

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Published date : 04 Oct 2023 05:13PM