Bangladesh economy shows early signs of recovery, GDP to grow at 6.8% for FY 2021: ADB

Bangladesh economy shows early signs of recovery, GDP to grow at 6.8% for FY 2021: ADB

Bangladesh economy shows early signs of recovery, GDP to grow at 6.8% for FY 2021: ADB

By / World News / Tuesday, 15 September 2020 07:28
The Bangladesh economy is showing early signs of recovery with Gross Domestic Product (GDP) expected to grow at 6.8 percent in the fiscal year 2021. Inflation is expected to moderate to 5.5 percent and current account deficit is likely to narrow to 1.1 percent of GDP in FY 2021. Asian Development Bank (ADB) in its latest report Asian Development Outlook 2020 released on Tuesday says that Bangladesh's economy has started recovering from the pandemic. It pointed out that prudent macroeconomic management and speedy implementation of the government stimulus measures are key imperatives to ensure the projected recovery. The report cautioned that the main risk to this growth projection is a prolonged pandemic in Bangladesh or its export destinations. ADB Country Director Manmohan Parkash said that recent economic performance in exports and remittances, and government’s macroeconomic management including securing foreign funds for economic stimulus and social protection measures have made this recovery feasible. He said that the crisis provides an opportunity for Bangladesh to undertake further reforms in resource mobilization, export diversification, employment generation, skills development, as well as social protection. ADB has provided an initial assistance of USD 600 million in loans and USD 4.4 million in grants for managing socio-economic impacts of the COVID-19 pandemic and supporting quick recovery. It has programmed USD 5.9 billion firm and USD 5.2 billion standby assistance for Bangladesh in 2021-2023.

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Hum Hindustani

Hum Hindustani

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