World Bank sees recovery for Bangladesh's economy in fiscal 2021-22
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Bangladesh's real GDP (gross domestic product) growth is projected to recuperate to 3.4 percent in fiscal 2021-22 (July 2021-June 2022), supported by a rebound in export demand, remittance inflows, and public investment, says the World Bank in its latest South Asia Economic Focus released Thursday.
In addition, it said that Bangladesh's real GDP growth is estimated to be 2 percent in the 2019-20 fiscal and you will be 1.6 percent in the running 2020-21 fiscal.
In line with the report, South Parts of asia including Bangladesh are set to plunge into their worst-ever recession as the devastating impacts of COVID-19 on the region's economies linger on, going for a disproportionate toll on informal workers and pushing an incredible number of South Asians into extreme poverty.
It forecasts a sharper than expected financial slump over the region, with regional growth likely to contract by 7.7 percent in 2020, after topping 6 percent annually during the past five years.
"The global monetary downturn will impact Bangladesh's economy. However, the policies that the federal government has undertaken to mitigate the impacts are in the proper direction," said Mercy Tembon, World Bank Country Director for Bangladesh and Bhutan.
Source: http://www.xinhuanet.com
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