Bangladesh's GDP growth projected to be 5.2pc in 2023

Representational image of inflation

The growth of the country’s Gross Domestic Product (GDP) in the current fiscal has been projected to be 5.2 per cent against 7.2 per cent in 2021-22.

The GDP will decrease due to the global crisis induced by the Russian invasion of Ukraine.

However, the growth may increase by 1 per cent to 6.2 per cent in the next fiscal, said a report of World Bank (WB).  

The report titled ‘Global Economic Prospect’ was published on Tuesday night which read the Russian invasion of Ukraine has adversely affected the country’s economy.

Bangladesh is suffering from the oil price hike in the global market.

The government set a target of achieving 7.5 per cent of GDP in the current fiscal. Months ago, Asian Development Bank (ADB) said Bangladesh may achieve 6.6 per cent of GDP in 2022-23 fiscal.

ADB has given such a prediction due to a decrease in local consumption, export and remittance income and slow pace of world economy.

In the report, the GDP growth of India in the current fiscal has been projected to reach 6.9 per cent, Pakistan 2 per cent, Nepal 5.1 per cent, Bhutan 4.1 per cent and Maldives 8.2 per cent.