Bangladesh will have 6.8% GDP growth in 2017, the World Bank reiterated its projection in its latest report released on Sunday.
Just as their forecasts published in April this year, the report, titled Global Economic Prospect
, entails World Bank's prediction about Bangladesh's GDP, indicating a slight fall from last year's 7.1% growth.
According to the report, the regional growth in South Asian will remain strong at 6.8% in 2017. However, it observes Bangladesh's growth as moderating, which reflects “a pull back in domestic demand and in industrial production.”
The World Bank also projected global economic growth to strengthen to 2.7% in 2017 and 2.9% in 2018-19.
The report gives some positive details too, putting in consideration how Bangladesh's solid agricultural activity and robust services this year has supported its growth despite ongoing security concerns.
On June 1, Finance Minister AMA Muhith proposed an ambitious budget for the 2017-18 fiscal year with a GDP growth target of 7.4%. It was his 11th and largest ever budget proposal at parliament.
In 2015-16 fiscal year, the government’s GDP growth target was 7.05%, and Muhith reported that according to the final estimation of Bangladesh Bureau of Statistics, the growth stood at 7.11%.
“This growth rate is much better than that of other countries,” he said.
“In the current fiscal year, our growth target is 7.2%. The good news is that the provisional estimate released by the Bangladesh Bureau of Statistics for the current fiscal year reflects a growth of 7.24%, which is higher than our target,” he added.