Saturday, November 25, 2017

Bangladesh economy to grow by 6.9% in FY 2017, 2018, says ADB report

  • News Desk, bdnews24.com
    Published: 2017-04-06 11:48:04 BdST

bdnews24

Bangladesh's economy recorded a robust growth in FY2016 on the back of higher private sector investment and exports despite declining remittance inflow, says the Asian Development Bank (ADB).

In its annual publication the 'Asian Development Outlook 2017', the global lender projects Bangladesh to grow by a moderate 6.9 percent in FY 2017 and expects it to remain unchanged in the next fiscal year.

The report says that Bangladesh's current account surplus expanded in FY2016 and inflation slowed.

"Continued high growth will require a rebound in remittances and higher exports. Productive jobs are needed in manufacturing and modern services for the large number of new entrants to the labor force and surplus farm labor and to boost female workforce participation," it reads.

It said higher private investment, exports and wages underpinned GDP growth acceleration to 7.1 percent in FY2016 (ended on June 30, 2016) from 6.6 percent in the previous year.

The average annual inflation eased to 5.9 percent from 6.4 percent in the previous year largely due to lower global commodity prices, steady domestic supply and a stable taka-dollar exchange rate.