Monday, June 21, 2021

World Bank: Bangladesh to grow at 5.1 percent in the FY 2021-22

The World Bank has predicted a GDP growth rate of 5.1 percent for Bangladesh in the financial year 2021-22 starting July this year. In its latest report on the Global Economic outlook, the World Bank noted that Bangladesh’s economy grew at 3.6 percent in the current financial year.

The report says that the pandemic is expected to leave a legacy of higher poverty in the South Asian region where tens of millions of people are anticipated to fall below the USD 1.90 per day extreme poverty level this year.

The outlook for the South Asian region remains highly uncertain with recovery in early stages and the pandemic continuing to spread, notes the report. According to the report, recovery has been faster than expected with activity in most sectors overtaking pre-pandemic levels. However, the low level of vaccination in South Asian region including Bangladesh remains a concern. Recovery in Bangladesh faces new headwinds from the recent rise in COVID 19 cases and related restrictions.

The world economy is expected to expand at 5.6 percent in 2021 due to strong rebounds from a few major economies. Among major economies, the US is projected to grow at 6.8 percent this year reflecting large-scale fiscal support and easing of pandemic restrictions. China is anticipated to rebound to 8.5 percent growth this year, says the World Bank report.

However, the global output will be about 2 percent below the pre-pandemic projections by the end of 2021.

By Rajesh Jha

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