The Asian Development Bank (ADB) said the current gross domestic product (GDP) growth rate in Bangladesh is estimated higher than the forecast for the fiscal year 2023 as it kept the country’s growth forecast unchanged at 6.5 per cent for fiscal 2024.
“The current growth rate in Bangladesh is estimated higher than forecast for the fiscal year 2023,” ADB said in its April report.
The economic recovery was supported by robust domestic demand and declining fuel and food prices, according to the Asian Development Outlook (ADO), July 2023 released today (July 19).
The Manila-based lending agency also attributed Bangladesh’s higher estimate of 6.0 per cent for FY2023, which ended on 30 June, to strong net exports and supportive policies.
The ADB released the update of the Asian Development Outlook from its headquarters in Manila highlighting the economic growth in developing Asia and the Pacific, amid mounting challenges.
The report projected growth for the South Asia region at 5.5 per cent in 2023 and 6.1 per cent in 2024 given balancing developments.
