Saturday, October 16, 2021

Bangladesh GDP will grow at 6.5 percent in year 2022, forecasts IMF

Bangladesh GDP will grow at 6.5 percent in the year 2022, forecasts the International Monetary Fund (IMF). In its latest World Economic Outlook report released yesterday, the IMF predicts that Bangladesh economy will grow at 7.1 percent in the year 2026. The world output is projected to grow at 5.9 percent in 2021, 4.9 percent in 2022 decelerating to 3.3 percent in 2026.

IMF Economic Counsellor and Director of Research Department Gita Gopinath notes that the slight downward revision in the global growth outlook for 2021 masks large downgrades for some countries. She points out that the outlook for the low income countries has darkened considerably due to worsening pandemic dynamics. She says that the dangerous divergence in economic prospects across countries remains a major concern.

The aggregate output for emerging markets and developing economies excluding China is expected to remain 5.5 percent below the pre-pandemic forecast in 2024. It will likely result in a setback to improvements in the living standards of people in those countries. The divergence between the growth trajectory of advanced and developing economics is a consequence of the ‘great vaccine divide’, points Gopinath.

Supply disruptions coupled with release of pent up demand has also resulted in rapid rise in consumer price inflation. Food prices in most of the low income countries where food security is most acute, have gone up, says Gopinath.

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