The World Bank (WB) has projected 7.2 per cent Gross Domestic Product (GDP) growth for Bangladesh in 2019-20 fiscal year.
The projection came from the WB’s, ‘Bangladesh Development Update,’ report released at its Agargaon office in Dhaka on Thursday.
World Bank predicted 8.2 per cent GDP growth but it will be 7.2 per cent, the report said.
Inflation is likely to rise modestly for reasons which include increased natural gas prices and possible crop production losses due to flood, the report explains.
Reforms in the financial sector, closing the infrastructure gap, and implementation of the Annual Development Plan are crucial for the country’s progress, the report adds.
It warns of uncertainty in global economy, domestic risk in financial sector and exchange rate appreciation that may create a challenge for Bangladesh’s competitiveness.
World Bank Country Director for Bangladesh and Bhutan, Mercy Miyang Tembon said, “Bangladesh’s economy is projected to maintain strong growth backed by sound macroeconomic fundamentals and progress in structural reforms.”