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ADB forecasts 6.9pc GDP growth for 2016-’17 FY
The Asian Development Bank (ADB) has projected that Bangladesh will have a 6.9 percent growth of Gross Domestic Product (GDP) in the current fiscal year of 2016-’17, which is lower than the government’s projection of 7.2 percent.
The ADB projection came at the Asian Development Outlook 2017 which was launched simultaneously at its Dhaka office, its headquarters and other Asian countries on Thursday.
The regional lender forecast that there will be a 6.9 percent GDP growth in 2017-’18, which is slightly down from 7.1 percent growth registered in 2015-’16 fiscal year.
“The GDP growth is expected to moderate to 6.9 percent in 2016-17 fiscal as domestic demand is rising in a slower way and the remittance inflow falling,” the outlook said.
Presenting the ADB outlook, its Principal Country Specialist (Bangladesh) Jyotsana Varma said the GDP growth will slow down with the decline in the agricultural and export growths and the rise in import growth.
She, however, said the outlook is very positive for Bangladesh. “Though the GDP growth to slow down, a 6.9 percent growth is positive and huge compared to other countries.”
According to the outlook, the export growth is expected to slow to 6 percent in the current fiscal declining from 8.9 percent in the 2015-’16 fiscal. The garment export rose by only 4.1 percent in the first 7 months of the current fiscal.
But the export growth is expected to rise further to 7 percent in the 2017-’18 fiscal on steady external demands and improvement in the Bangladesh market share, it projected.