The Asian Development Bank (ADB) has lowered Bangladesh's growth forecast for the 2023-24 fiscal year. In its April Development Outlook released today, ADB said Bangladesh's growth could reach 6.1 percent in the current fiscal year 2023-24.
Earlier in December, ADB had said that growth could be 6.2 percent in the 2023-24 fiscal year. In its previous forecast, they had said that growth could be 6.5 percent. In the next fiscal year, i.e., 2024-25, growth could be 6.6 percent.
Along with growth, the ADB has also forecast inflation. They said that Bangladesh's annual inflation rate could rise to 8.4 percent in the current fiscal year 2023-24. It could decline to 7 percent in the next fiscal year, i.e. 2024-25.
Regarding Bangladesh's growth, the ADB said that Bangladesh's growth could be 6.1 percent in the current fiscal year and 6.6 percent in the next fiscal year, relying on exports from the ready-made garment sector. The ADB believes that a decrease in the inflation rate will increase personal consumption. In addition, government investment will increase due to large infrastructure projects in the energy and railway sectors. Despite the government's austerity policies and low incentives, personal consumption will increase due to these reasons.
