The Bangladesh GDP will grow at 6.4 percent in the FY 2021-22 ending June 2022, due to increasing services activity and firming exports of readymade garment , says the World Bank.
GDP growth rate is forecast to go up to 6.9 percent in 2022-23. Bangladesh economy is estimated to have grown at 5 percent in the current fiscal 2020-21 up from 3.5 percent in 2019-20.
In its latest Global Economic Prospects report announced on Wednesday, the WB noted that growth prospects in South Asia have improved since June 2021 because of improved prospects in India, Bangladesh and Pakistan.
Regional growth is expected to accelerate to 7.6 percent in 2022 as pandemic related disruptions fade. However, it will decelerate to 6.0 percent in 2023. Despite the upward revision to growth, output in 2023 is still projected to be almost 8 percent lower than projected before the pandemic.
The World Bank noted that the emergence of the Omicron variant could hinder economic activity by requiring additional restrictions on mobility. It says that climate risks are becoming more prevalent in South Asia as cyclones, floods, and droughts have become more frequent. The region is one of the most vulnerable to climate-induced increases in poverty, disease, child mortality and food price, says the World Bank.
Photo Credit: World Bank