Budget FY25: Govt sets GDP growth target at 6.75pc

The government aims to achieve a GDP growth rate of 6.75 per cent in the next fiscal year and 7.25 per cent in the medium term.

Finance minister Abul Hassan Mahmood Ali disclosed the target while announcing the national budget for the fiscal year 2024-25 in the parliament on Thursday.

He assured that all necessary policy measures would be pursued to meet these targets.

In his speech, he highlighted the resilience of the economy in Bangladesh, citing the successful implementation of prudent and appropriate policy measures.

He noted that the country achieved an average growth rate of 6.71 per cent between FY 2009-10 and FY 2022-23, positioning it among the fastest-growing economies globally.

It reached a historic peak in FY 2018-19 with a record GDP growth rate of 7.88 per cent, just before the onset of the Covid-19 pandemic.

Despite all adversities caused by Russia-Ukraine war and other global unrests, Bangladesh managed to achieve 7.10 per cent, 5.78 per cent and 5.82 per cent (provisional) growth in 2021-22, 2022-23 and 2023-24 respectively.

He described the impressive growth as a testament to the inherent strength of the economy.

“To maintain this growth in future, all reasonable support will be continued to encourage agricultural and industrial production. Side by side, proper implementation of important infrastructural projects and adoption of appropriate action plan aimed at increasing export earnings and remittances will be helpful for achieving the desired GDP growth,” he said.