Bangladesh economy to grow by 6.6pc in FY23: ADB

The gross domestic product (GDP) of Bangladesh is expected to grow by 6.6pc in the on-going 2022-23 fiscal (FY23) because of fall in domestic consumption and demand, export and remittance income as well as the sloth global economy, according to the Asian Development Bank (ADB).

ADB unveiled the forecast in its development outlook for September that was released at a press conference at the lender’s Dhaka office on Wednesday.

ADB Bangladesh country director Edimon Ginting addressed the briefing.

Bangladesh economy grew by 7.2 per cent in 2021-22 fiscal.

According to the ADB, the average inflation may stand at 6.7 per cent in Bangladesh because of rising global food and fuel prices triggered by the Russian-Ukraine war.

Currently, inflation has topped 7 per cent in the country over the past two months.

Addressing the event, Edimon Ginting said investment would not be as expected amidst the uncertainty in global economy and because of fuel crisis.

As the government investment will also see downtrend, he said urging the government to increase the revenue.

The ADB boss, however, thinks a 6.6 per cent growth is ‘good’ for the economy.