Monday, October 18, 2021

Bangladesh economy to grow by 6.8 percent in FY 2022: ADB

Bangladesh economy is projected to grow at 6.8 percent for the fiscal year 2022, says the latest Asian Development Outlook (ADO) 2021 released by the Asian Development Bank (ADB) on Wednesday.

The growth projection reflects a strong recovery supported by strengthening manufacturing, continued expansion in the world economy and effective government recovery policies. However, the FY 2022 growth level is expected to remain below the pre-pandemic levels. The main risk is re-escalation of the COVID 19 pandemic in Bangladesh or other advanced economies adversely affecting the external demand, said the ADB report.

Appreciating Bangladesh’s economic management during the pandemic, ADB Country Director Manmohan Parkash said that the government’s policies for saving lives while protecting livelihoods underpinned the recovery process in Bangladesh making it one of the few countries in the world to sustain a commendable growth rate even in difficult times. Prudent macroeconomic management and efficient implementation of the stimulus measures and social protection programmes helped, said the ADB country Director.

The report noted that in FY 2022, improving consumer confidence and the stimulus measures of the government are expected to boost private and public investment. Strong remittances will stimulate private consumption, notes the ADB report.

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