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Bangladesh’s GDP to grow by 6.03% this FY

Staff Correspondent
11 May 2023 17:14:26 | Update: 11 May 2023 17:27:28
Bangladesh’s GDP to grow by 6.03% this FY

Bangladesh's economy is expected to grow by 6.03 per cent in the current fiscal year, while the per capita income will remain below $2,800, as per the provisional estimation of the government.

The Bangladesh Bureau of Statistics (BBS) projection is based on the performance of various economic indicators recorded in the first half of FY23, State Minister for Planning Shamsul Alam told reporters after a meeting of the National Economic Council, held in Dhaka on Thursday.

The minister said due to an increase in USD price, the per capita income has decreased. Ministry sources however said Bangladesh’s per capita income is around $2,763 in FY23.

Bangladesh’s GDP growth was 7.1 per cent, and the per capita income stood at $2,793 in FY22, show data BBS data.

According to the Bangladesh Development Update April 2023 by the World Bank, the country's gross domestic product (GDP) is expected to increase by 5.2 per cent in the fiscal year 2023.

This lower projection is influenced by factors such as elevated inflation, tighter financial conditions, disruptive import restrictions, and global economic uncertainty.

In line with these figures, the Asian Development Bank (ADB) reported in April that Bangladesh's GDP will grow by 5.3 per cent in FY23.