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IMF further lowers BDs economic growth forecast to 5.7pc

Published : Wednesday, 17 April, 2024 at 12:00 AM  Count : 216

The International Monetary Fund (IMF) again has revised downward the growth forecast of Bangladeshs economy to 5.7 per cent for the current fiscal year of 2023-24.

The IMF made the revised projection in its World Economic Outlook released on Tuesday (April 16).

The IMF growth forecast highlighted different global and local challenges, including persistently high inflation, unemployment, lower remittance flow, and a fell industrial investment target.

The global lender for the second time cut economic growth forecast for Bangladesh. In October last year, it projected 6 per cent growth, cutting down its previous prediction from 6.5 percent for the FY2023-24.

The IMF growth forecast comes a week after the Asian Development Bank (ADB) said Bangladeshs GDP will expand 6.1 per cent in FY 2023-24, riding on exports.

Early this month, the World Bank said Bangladesh will register subdued growth for reduced private consumption affected by high inflation.

It said the GDP will expand 5.6 per cent in FY 2023-24, which is below the average annual growth rate of 6.6 percent over the decade before the Covid-19 pandemic.    —UNB

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