BANGLADESH is the second-best performing economy in south Asia after the Maldives for the current fiscal year, the World Bank report revealed on Tuesday (8).
The World Bank upgraded Bangladesh’s GDP growth forecast for this fiscal year (2021-2022) by two per cent from 3.6 per cent (2020-2021) to 5.1 per cent (2021-2022).
‘Pakistan will register a GDP growth of 1.3 percent, according to the ‘Global Economic Prospects’ report that was released on Tuesday.
The report said, “Recoveries in Bangladesh and Pakistan face new headwinds from a recent rise in Covid-19 cases accompanied by rising restrictions to stamp out the new surge.
It added, “that mobility around places of work and retail has again dropped below pre-pandemic levels.”
“In Bangladesh, the recovery is expected to be gradual.”
Private consumption, the main engine of growth, will lead the recovery and will be supported by normalising activity, moderate inflation and rising garment exports, it said.
In fiscal 2022-23, Bangladesh’s GDP is forecast to grow at 6.2 percent, behind India and the Maldives in south Asia.
“While there are welcome signs of global recovery, the pandemic continues to inflict poverty and inequality on people in developing countries around the world,” said David Malpass, the WB group president.