The World Bank has revised down the GDP growth forecast for Bangladesh to 6.1% for the current fiscal year 2022-2023 from 6.7% growth projection made in April and June this year.
The latest forecast was made in World Bank’s most recent report on the ‘South Asia Economic Update,’ published on October 6. The government set a target to achieve 7.5% growth of the GDP in the current fiscal year.
On the publication of the report an online press conference was organised by the World Bank Headquarters on Thursday. Hans Timmer, World Bank’s chief economist for South Asia highlighted on the different aspects of the report. World Bank’s vice president for South Asia Martin Raiser also spoke on the occasion.
Hans Timmer said, that the report may not have been able to present the current picture in a through manner. However, it can be said that the effect of the declining tendency in exports and the rise in commodity prices will continue in the coming days and one of the main reasons for the post-covid decline in Bangladesh’s exports will be the European countries’ austerity policy as it is one of the biggest export markets for Bangladesh.
