Home Business Bangladesh’s economy to grow by 6pc, projects IMF

Bangladesh’s economy to grow by 6pc, projects IMF

Dhaka, Oct 10: The International Monetary Fund has projected the Gross Domestic Product growth for Bangladesh at 6 per cent for the current fiscal 2023-24.

The IMF also revised upward its projections for Bangladesh’s growth to 6 per cent for the fiscal year 2022-23 from its previous forecast of 5.5 per cent, according to its World Economic Outlook released on Tuesday.

Bangladesh government has set the target at 7.5 per cent for FY24.

The IMF has forecast the headline Consumer Price Index inflation in Bangladesh to 7.2 per cent in FY24.

According to the IMF latest projections, global growth will slow from 3.5 per cent in 2022 to 3 per cent this year and 2.9 per cent next year, a 0.1 percentage point downgrade for 2024 from our July projections. This remains well below the historical average.

Headline inflation continues to decelerate, from 9.2 per cent in 2022, on a year-over-year basis, to 5.9 per cent this year and 4.8 per cent in 2024, Core inflation, excluding food and energy prices, is also projected to decline, albeit more gradually than headline inflation, to 4.5 per cent in 2024.

At the economic outlook, IMF observed that multilateral cooperation can help ensure that all countries achieve better growth outcomes.

First, countries should avoid implementing policies that contravene World Trade Organization rules and distort international trade.

Second, countries should safeguard the flow of critical minerals needed for the climate transition, as well as that of agricultural commodities. Such ‘green corridors’ would help reduce volatility and accelerate the green transition.

Finally, all countries should aim to limit geo-economic fragmentation that prevents joint progress toward common goals and instead work toward restoring trust in rules-based multilateral frameworks that enhance transparency and policy certainty and help foster a shared global prosperity.

A robust global financial safety net with a well-resourced IMF at its center is essential.

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