The Asian Development Bank (ADB) has trimmed its growth forecast for Bangladesh’s gross domestic product (GDP) to 6.6% for the current fiscal year from a 7.1% projection made in April.
In its September report of the Asian Development Outlook 2022 revealed on Wednesday, the lender said the growth momentum in Bangladesh continued in 2022, but it will slow in 2023 because of lower consumption expenditure on weaker export demand and income, an uncertain outlook, and domestic production constraints.
ADB Country Director Edimon Ginting said that the government is navigating the prolonged external economic uncertainties relatively well and has implemented appropriate policies to reduce the external imbalance.
Inflation is projected to accelerate to 6.7% in FY23 due to the rise in global food and fuel prices driven mainly by the impact of the Russian invasion of Ukraine.
