The gross domestic product (GDP) of Bangladesh will continue to maintain the similar strong growth at 6.9 percent this fiscal year (FY 2022) as it did in the previous term (2021).
GDP growth in FY 2023 is, however, expected to edge up to 7.1 percent. Private consumption will continue to be the main contributor to growth, buoyed by a modest increase in remittances.
The Asian Development Bank (ADB) has revealed this growth forecast this morning in its latest report titled ‘Asian Development Outlook 2022’.
Stepped-up budget spending, a strong expansion in exports and slight improvement in agricultural output have been seen as factors behind the growth projection.
“With large available funding, public investment will increase to support the implementation of priority large infrastructure projects,” said the ADB in its Bangladesh growth forecast.
The report also said that the growth would continue to be strong in the current and following fiscal year, but still below pre-pandemic levels. However, growth in industrialised economies is expected to slow down thanks to disruptions caused by Russian invasion of Ukraine.