• Sunday, Oct 24, 2021
  • Last Update : 07:34 pm

Budget FY22: Bangladesh targets 7.2% economic growth

  • Published at 04:36 pm June 3rd, 2021
growth increase graph
Representational photo Bigstock

Finance Minister AHM Mustafa Kamal tables a national budget of Tk603,681 crore for FY22 in parliament

Finance Minister AHM Mustafa Kamal has set 7.2% GDP growth for the 2021-22 fiscal year.

With an outlay of Tk603,681 crore, the proposed national budget for the fiscal year starting from July 1 has been placed in the parliament on Thursday.

The new budget is about 17.4%  of the GDP and around 12% higher than the revised budget of the current fiscal while 6.34% higher than the main budget.

"Bangladesh's sustained achievement of high GDP growth in the last decade has been halted temporarily due to the effects of the Covid-pandemic. Even though we achieved a record 8.15% growth in FY2018-2019, it has slowed down to 5.2% in FY2019-2020 due to the pandemic," the finance minister said in his budget speech.

The GDP growth rate for the ongoing fiscal has been revised at 6.1% “considering the better-than-expected growth in remittances and the implementation of the large stimulus packages by the government to facilitate economic recovery”, he said.

“Alongside, the growth rate for FY2021-2022 has been fixed at 7.2 percent remaining consistent with the government's long-term plan and taking the post-Covid recovery situation into account," added Finance Minister Kamal.

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