The Asian Development Bank (ADB) has projected that Bangladesh may achieve 6.7 per cent GDP growth in the current fiscal (2015-16) year.
“For the 2016 fiscal year, the GDP growth is projected to further accelerate to 6.7 per cent,” ADB country director Kazuhiko Higuchi said at a press briefing at its Dhaka office on Tuesday.
“Both exports and remittances - the two
main growth drivers, are expected to perform better than in FY 2015 fiscal year,” he added.
He said Bangladesh economy is on a higher growth trajectory with 6.5 per cent growth in the last fiscal year (2014-15) and expected 6.7 per cent growth in the current fiscal year (2015-16).
Finance minister AMA Muhith, in his budget speech, set a target of 7 per cent GDP growth for the 2015-16 fiscal year.
Speaking on the occasion, ADB principal country specialist Mohammed Parvez Imdad said inflation is expected to decline to 6.2 per cent in the 2016 fiscal from 6.4 per cent in the previous fiscal with the expected cautious monetary policy stance taken by Bangladesh Bank and a better crop outlook.
About the GDP growth projection, he said, “Continued efforts for resource mobilisation, structural reforms and infrastructure upgradation will support higher growth.”
He said there will be further acceleration in growth in key sectors in the current fiscal.
Agriculture growth appears to move up to 3.2 per cent from 3.0 per cent in the 2015 fiscal, while the industrial sector to see 9.8 per cent growth, compared to 9.6 per cent in the previous fiscal, with better performance in readymade garment exports, manufacturing for domestic market, and construction, he added.
Parvez said services sector will also see a 6.0 per cent growth, compared to 5.8 per cent in the 2015 fiscal.