The Asian Development Bank (ADB) has forecasted that Bangladesh’s Gross Domestic Product (GDP) growth will be 6.7% percent in the current fiscal year (2015-16).
“For the 2015-16 fiscal year, the GDP growth is projected to further accelerate to 6.7%, up from 6.5% in the previous year,”ADB country director Kazuhiko Higuchi said at a press briefing at its Dhaka office Tuesday.
Higuchi further said: “Bangladesh economy is likely to perform strongly this year as both exports and remittances – the two main growth drivers, are expected to perform better than in FY 2015 fiscal year.”
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However, the projection is lower than the government’s revised target of 7% growth. Finance Minister AMA Muhith in his budget speech targeted 7% GDP growth for the 2015-16 fiscal year.
Speaking on the occasion, ADB principal country specialist Mohammed Parvez Imdad said inflation is expected to decline to 6.2% in the current fiscal from 6.4% in the previous fiscal with the expected cautious monetary policy stance taken by Bangladesh Bank and a better crop outlook.
About the GDP growth projection, he said, “Continued efforts for resource mobilisation, structural reforms and infrastructure up-gradation will support higher growth.”
He said there will be further acceleration in growth in key sectors in the current fiscal.
