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ADB drops Bangladesh growth forecast to 6.2 percent in 2023-24 financial year
(MENAFN) The Asian Development Bank (ADB) has decreased its economic growth position for Bangladesh to 6.2 percent for the present financial year 2023-24 ending in June 2024, in accordance to the newest update of the Asian Development Outlook.
The December 2023 report said: "This is due to moderate growth in exports and manufacturing amid an economic slowdown in major export markets, power and energy shortages, and continued high inflation. Upside risks to the forecast include receding uncertainties over next January's elections."
The Philippines-based investor previously predicted a 6.5 percent rise of Bangladesh's GDP for the 2023-24 financial year.
The ADB’s forecast followed the International Monetary Fund in October 2023 reduced the growth projection for Bangladesh’s economy to 6 percent for the 2023-24 financial year, less than its former forecast of 6.5 percent.
The World Bank had previously dropped financial growth prediction for the South Asian country for the 2023-24 financial year to 5.6 percent among constant high inflation and outside payment encounters.
The December 2023 report said: "This is due to moderate growth in exports and manufacturing amid an economic slowdown in major export markets, power and energy shortages, and continued high inflation. Upside risks to the forecast include receding uncertainties over next January's elections."
The Philippines-based investor previously predicted a 6.5 percent rise of Bangladesh's GDP for the 2023-24 financial year.
The ADB’s forecast followed the International Monetary Fund in October 2023 reduced the growth projection for Bangladesh’s economy to 6 percent for the 2023-24 financial year, less than its former forecast of 6.5 percent.
The World Bank had previously dropped financial growth prediction for the South Asian country for the 2023-24 financial year to 5.6 percent among constant high inflation and outside payment encounters.
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