Bangladesh can become the upper-middle income country by 2031, if the country can solve the desired infrastructure development and modernize the policy framework, according to International Monetary Fund.
IMF said in the 50 years of independence, Bangladesh has made remarkable progress in the economic and social fields. The country has consistently achieved good economic growth (GDP growth) as key indicators of the economy have remained positive. At the same time, the social index has also improved in parallel.
“Bangladesh’s gross domestic product (GDP) is expected to grow by 6.6 per cent in the fiscal year 2021-22 , as the rate of transmission decreases and the government’s favorable policy support continues,” Rahul Anand, Division Chief in the IMF’s Asia & Pacific Department told a press conference on Sunday.
The projection is lower than the government’s target of GDP growth 7.2 per cent for FY’22.
An IMF delegation led by Bangladesh Mission Chief Rahul Anand is currently in Dhaka. Their observations were made during discussions with various government agencies during the visit.
Earlier, IMF published report that Bangladesh’s GDP growth slowed to 3.51 percent in the 2019-20 fiscal, the lowest in three decades.
After that, the Bangladesh Bureau of Statistics estimates that the GDP growth will be 5.48 percent in the fiscal 2020-21.
In the current budget, the government has set a target of 7.2 percent GDP growth. However, according to the World Bank, this time Bangladesh can achieve 6.4 percent growth. The Asian Development Bank (ADB) has forecast 6.8 percent growth.
The government has set a target of keeping the average inflation at 5.3 percent in this financial year. However, last October, the point-to-point inflation was 5.70 percent, which has been rising for the past few months.
Source: United News of Bangladesh