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Dhaka Tribune

Muhith rejects World Bank’s growth projection in FY15

Update : 12 Apr 2015, 07:10 PM

Finance Minister AMA Muhith has rejected the World Bank’s projected growth rate of 5.6% in the nation's current fiscal year.

He said the growth rate would be closer to 7%, despite the political turmoil.

The finance minister made the remark yesterday while replying to a question from a reporter after meeting with US Ambassador Marcia Stephens Bloom Bernicat at his secretariat.

The minister also said the International Monetary Fund (IMF) always looks upon the country’s growth rate conservatively.

The growth rate projected by the Asian Development Bank is a little bit similar to the country’s current fiscal projection, he added.

“I do not care about the multilateral agencies’ growth projection, but I think our growth estimate would be right."

Earlier in the day, the World Bank report on Bangladesh’s development update revealed a 5.6% growth rate from the projected 7.3% in the current fiscal year, due to the prolonged political unrest.

The global lender revealed the findings yesterday at a programme that launched the Bangladesh Development Update Report 2015 at its Dhaka office. 

Unveiling the report, WB’s Chief Economist Dr Zahid Hossain said: “The country incurred a huge financial loss of around US$2.2 billion (approximately Tk17,150 crore) in the last three months due to political turmoil.”

The financial loss in January, February, and March this year is more than that of the first three months in 2013, he said. 

Citing the three months as a dry season, Zahid said: “Since it was the dry season, the loss incurred was great, as the three months were the peak time for production.” 

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