Economic Reporter :
Bangladesh economy grew by 7.1 percent in the immediate past 2015-16 financial year (FY16), according to the latest update of the Asian Development Outlook (ADO) 2016.
The ADO, an annual flagship publication of the Asian Development Bank (ADB), released Tuesday, said Bangladesh saw faster economic expansion this year, taking the GDP growth rate to 7.1 percent at the end of FY16 ended in June 30 this year.
While the ADO revised up the growth estimate for Bangladesh, it kept the rate unchanged for India, Bhutan, the Maldives and revised down the estimate for Nepal and Sri Lanka.
The ADB’s latest estimated growth for Bangladesh is higher than its earlier prediction of 6.7 percent growth. ADB’s estimation is also higher than the 7.05 percent estimate of Bangladesh Bureau of Statistics (BBS). The government targeted 7.20 percent GDP growth for the current 2016-17 financial year (FY17).
“Increased consumption and public investment contributed to the better performance in Bangladesh in 2016,” the ADO said.
It also said that Bangladesh would see current account surpluses on better exports noting that the country is now on robust demand for its garment exports.
It recommended that policy focus is required on resolving insolvency and lowering the cost of trading across borders.
Bangladesh economy grew by 7.1 percent in the immediate past 2015-16 financial year (FY16), according to the latest update of the Asian Development Outlook (ADO) 2016.
The ADO, an annual flagship publication of the Asian Development Bank (ADB), released Tuesday, said Bangladesh saw faster economic expansion this year, taking the GDP growth rate to 7.1 percent at the end of FY16 ended in June 30 this year.
While the ADO revised up the growth estimate for Bangladesh, it kept the rate unchanged for India, Bhutan, the Maldives and revised down the estimate for Nepal and Sri Lanka.
The ADB’s latest estimated growth for Bangladesh is higher than its earlier prediction of 6.7 percent growth. ADB’s estimation is also higher than the 7.05 percent estimate of Bangladesh Bureau of Statistics (BBS). The government targeted 7.20 percent GDP growth for the current 2016-17 financial year (FY17).
“Increased consumption and public investment contributed to the better performance in Bangladesh in 2016,” the ADO said.
It also said that Bangladesh would see current account surpluses on better exports noting that the country is now on robust demand for its garment exports.
It recommended that policy focus is required on resolving insolvency and lowering the cost of trading across borders.
