• Saturday, May 08, 2021
  • Last Update : 11:04 am

IMF projects 5% GDP growth for Bangladesh in 2021

  • Published at 02:28 pm April 7th, 2021
GDP Growth
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Meanwhile, the report also predicted that consumer prices will rise in Bangladesh by 3% by the end of 2021

The International Monetary Fund (IMF) has projected a 5%  Gross domestic product (GDP) growth for Bangladesh in 2021.

In its latest World Economic Outlook, the global lender also projected a 7.5% GDP growth for Bangladesh in 2022 and 5.4% in 2026.

Meanwhile, the report also predicted that consumer prices will rise in Bangladesh by 3% by the end of 2021.

According to the finding of the report, Pakistan’s real GDP is expected to increase by 1.5% in 2021.

The report also predicted a 12.5% economic growth for India in 2021, which, however, would fall to 6.9% in 2022.

Improved global outlook

The IMF report stated that the global economy was looking positive and projected a 6% global growth in 2021, dipping to 4.4% in 2022

“After an estimated contraction of – 3.3% in 2020, the global economy is projected to grow at 6% in 2021, moderating to 4.4% in 2022. The contraction for 2020 is 1.1 percentage points smaller than projected in the October 2020 World Economic Outlook (WEO), reflecting the higher-than-expected growth outturns in the second half of the year for most regions after lockdowns were eased and as economies adapted to new ways of working,” the report said.

“However, emerging market economies and low-income developing countries have been hit harder and are expected to suffer more significant medium-term losses,” it added.

At the end of March, the World Bank forecast that Bangladesh’s Gross Domestic Product (GDP) will increase by 3.6% in 2020-2021 fiscal year, due to better than expected remittance inflows.

It also forecast that the country’s GDP growth will be at 5.1% and 6.2% in 2021-22 and 2022-23 FYs respectively.

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