The Asian Development Bank (ADB) has increased its growth forecast for Bangladesh’s economy to 6% for Fiscal Year (FY) 2022-23, attributing the improvement to better-than-expected net exports.
The new projection aligns closely with the Bangladesh Bureau of Statistics estimate of 6.03%. ADB had previously forecasted 5.3% growth in April.
The growth outlook for FY24 remains unchanged at 6.5%. The ADB also maintains its growth forecast for developing economies in Asia and the Pacific at 4.8% due to strong domestic demand.
Inflation is expected to decrease, with developing Asia’s inflation projected at 3.6% this year, down from the April estimate of 4.2%. The ADB reported that supportive government policies and resilient manufacturing firms contributed to Bangladesh’s economic growth, offsetting crop losses from natural disasters. Public consumption and investment also exceeded expectations.
