Staff Reporter :
The Asian Development Bank (ADB) has predicted Bangladesh’s economic growth at 6.7 percent for the 2015-16 fiscal, dismissing the government’s seven percent growth target for the current fiscal.
The development agency also forecast a slight downfall in the inflation rate in this fiscal, setting at 6.2 percent. The economy witnessed a 6.4 percent inflation rate in the previous fiscal.
In its outlook for 2015 released on Tuesday, the lending agency estimated that the growth was likely to continue in the country’s agriculture, industry and service sectors.
The economy, however, may face two challenges – keeping a stable political environment and meeting the revenue target, according the newly released outlook.
The latest outlook was unveiled at a press conference in ADB’s Dhaka office at Agargon in capital city. Kazuhiko Higuchi, ADB Country Director for its Bangladesh resident mission, spoke at event while Mohammed Parvez Imdad, Principal Country Specialist, presented the outlook.
Revising Bangladesh’s GDP (gross domestic product) growth forecast upwards by 0.3 percent to 6.7 percent for the current 2015-16 financial year (FY16), Asian Development Bank (ADB) in its latest update said the economy would show more strength in future on strong inflow of remittance, steady export and increasing spending for development.
The “Asian Development Outlook 2015 Update: Enabling Women, Energizing Asia”, released Tuesday, noted that the provisional estimate for GDP growth in 2014-15 fiscal year (FY15) ended 30 June 2015 was higher than the 6.1 percent recorded in 2013-14 (FY14) and projected in ADO 2015.
“Despite political agitation early in 2015 that adversely affected transport services, exports, and private investment, growth held up well because of brisk domestic demand, boosted by higher worker remittances, private sector wages, and public investment”, the ADO said.
