IMF slashes Bangladesh's GDP growth projection again for FY24

The International Monetary Fund (IMF) on Tuesday revised the growth forecast of Bangladesh's economy down to 5.7% for the current FY24. The global lender made the revised projection in its World Economic Outlook released on the day. It marks the second time it cut the economic growth forecast for Bangladesh. In October last year, it projected 6% growth, cutting down its previous prediction from 6.5% for FY24. 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 IMF growth forecast comes a week after the Asian Development Bank (ADB) said Bangladesh's GDP will expand 6.1% in FY24, 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% in FY24, which is below the average annual growth rate of 6.6% over the decade before the Covid-19 pandemic.
Published on: 2024-04-16 19:05:54.282474 +0200 CEST