Bangladesh`s GDP growth could be 5.2 percent: World Bank

The World Bank has predicted that Bangladesh's gross domestic product (GDP) growth may be 5.2 percent at the end of the current fiscal year. However, in 2024, Bangladesh's growth will increase to 6.2 percent. According to the government's target, the GDP growth in the current financial year 2022-23 is expected to be 7.50 percent.

Abdael Sek, country director of the organization, gave this information at a press conference at the World Bank office in Agargaon, capital, on Tuesday (April 4). Economist at this time. Zahid Hossain and other officials of the organization's Dhaka office were present.

The country director of the World Bank said that the global context is affecting the economy of Bangladesh. The increase in the price of fuel oil in the international market has affected the growth of Bangladesh. However, compared to the last few years, Bangladesh has continued to achieve growth. Macroeconomics are facing global challenges. Economic uncertainty, increasing inflationary pressure, fiscal deficit are some of the reasons for this challenge.

He said, Russia's aggression in Ukraine and global uncertainty have affected the countries of the world. The World Bank is ready to assist Bangladesh in its reforms. High commodity prices in Bangladesh have contributed to inflationary pressures. The balance of payments deficit reached 7.2 billion in the first half of the current fiscal year. Which was 5.3 billion in 2022. This has created pressure on foreign exchange reserves.

According to the World Bank, fiscal deficit widens in 2023 as a result of higher domestic financing. World Bank and IMF evaluated Bangladesh in January this year. There, the World Bank Group says Bangladesh is at low risk of debt crisis. The World Bank also notes that improving trade competitiveness, particularly for export diversification, will be critical to Bangladesh's achievements.

Bernard Haven, Chief Economist of the World Bank's Dhaka office, said that about 83 percent of Bangladesh's export sector is being supplied. To achieve the status of an upper middle income country by 2031, the country needs to diversify its exports as well as improve competitiveness.

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