The Asian Development Bank (ADB) has predicted that the growth of gross domestic product (GDP) could be 6.9% in the current fiscal year. In the current fiscal year, the donor organisation expects an increase in expenditure through the budget as well as private investment. This will lead to higher growth, the ADB said. The ADB says GDP growth could increase to 7.1% in the next fiscal year.
ADB released the Asian Development Outlook 2022 on Wednesday (6 April), which contained this forecast for the growth of Bangladesh. On this occasion, an online press conference was organised at ADB’s Dhaka office. There, ADB Senior Country Specialist Soon Chan Hong highlighted various aspects of the Asian Development Outlook. ADB Country Director Edimon Ginting also spoke.
ADB sees high inflation as a new challenge in the current global and domestic context. The ADB has predicted that inflation could rise to an average of 6% in the current fiscal year. This high inflation is putting pressure on the economy. Inflation is rising mainly due to rising prices of fuel oil and daily necessities. In addition, the current global situation is affecting the domestic market, especially the Russia-Ukraine war.
ADB Country Director Edimon Ginting said that Bangladesh has also achieved significant GDP growth considering the context of COVID-19. Bangladesh is moving towards high growth again. According to him, Bangladesh needs to emphasise three issues. First, Bangladesh needs to create not only growth but also employment opportunities. Second, more emphasis needs to be placed on education and health. Third, we must address the challenges of climate change.
