Bangladesh is ahead of many countries in South Asia in dealing with the Corona epidemic. The Asian Development Bank (ADB) has predicted that the growth in gross domestic product (GDP) will accelerate as exports increase despite the Corona situation.
The forecast was given in the ADB’s Asian Development Report released on Wednesday (April 26).
According to the report, Bangladesh can achieve 7.8 percent GDP growth in FY 2021 due to the improvement in world trade and global economic situation along with the benefits of the government’s incentives.
The ADB has projected that GDP growth could increase to 7.2 percent in the next fiscal year if the pace of exports and imports of Bangladesh increases along with the sustainable recovery of the world economy.
Consumption spending in the private sector will continue as strong flows of remittances continue, the report said. As the global economic situation and business environment improve, so will private sector investment.
Although the government had set a growth target of 7.2 percent in the current fiscal, it was later reduced to 7.4 percent due to the epidemic.
Due to the impact of the epidemic, the GDP growth of Bangladesh in the fiscal year 2019-20 came down to 5.2 percent, which was 6.2 percent in the previous fiscal year?
The ADB has predicted that Bangladesh as well as other South Asian countries will gradually return to a strong trend of GDP growth.