The International Monetary Fund (IMF) in its annual World Economic Outlook predicts Bangladesh's economy would bounce back in 2022 overcoming the impact of COVID-19.
IMF, a Washington-based international financial institution, came up with this forecast just ahead of the spring meeting with the World Bank (WB), saying Bangladesh’s economy is expected to grow by 7.5 percent in 2022.
We think it is indeed good news that when different countries across the globe continued to witness an economic slowdown due to the coronavirus situation, Prime Minister Sheikh Hasina-led Awami League government has been able to keep the economic pace running and its economic growth rate is higher than that of other South Asian countries.
Our economic activities have to
be kept running for the sake of
lives and livelihoods
The IMF has projected a 5 percent growth for Bangladesh's economy in this year while a week ago the WB had upped its growth forecast to 3.6 percent from its earlier forecast at only 1.6 percent.
The WB also forecast that the real GDP growth in Bangladesh can range between 2.6 percent and 5.6 percent in the current fiscal.
Besides, the Washington-based global financial institution has also projected a stronger recovery in 2021 and 2022 for the global economy compared to the previous forecasts.
The country’s exports, remittance performance and the resilience of the private sector are also showing signs of economic recovery as the government is conscious about keeping the economic activities running.
However, the outlook presents daunting challenges related to divergences in the speed of recovery both across and within countries and the potential for persistent economic damage from the crisis.
Therefore, we think our economic activities have to be kept running for the sake of lives and livelihoods.