The country’s GDP is likely to grow at a rate of 6.03 percent in the current fiscal year (FY) 2022-23, according to the provisional data of the Bangladesh Bureau of Statistics (BBS) published on Tuesday.
Although the government's initial projection of GDP was 6.5 percent, this growth rate exceeds the estimates made by the Asian Development Bank (ADB) and the World Bank (WB).
According to The Bangladesh Development Update April 2023 by the World Bank, the country's gross domestic product (GDP) is likely to increase by 5.2 percent in the fiscal year 2023 while the Asian Development Bank (ADB) reported in April that Bangladesh's GDP will grow by 5.3 percent in FY23.
Bangladesh’s per capita income has declined to $2765 in 2022-23 fiscal year as the per capita income of 2021-22 fiscal was $ 2,793 while the gross domestic product (GDP) rate has also decreased to 6.03 percent in the current fiscal year as the GDP growth rate was 7.10 percent, according to the final report of BBS.
The per capita income of 2021-22 fiscal was $ 2,793 while the gross domestic product (GDP) rate was 7.10 percent as per the final report of BBS.
Planning Minister MA Mannan said that the per capita income during the current fiscal has increased compared to that of the last year if it is calculated in Taka. However, it has decreased during the time if it is calculated in dollar, he mentioned.
However, 8 percent GDP growth has been projected in FY23 as per the government’s 8th Five Year plan while the per capita income
“GDP growth is expected to decelerate in FY23 to 5.2 percent before returning to its long-term trend,” said the WB's Bangladesh Development Update recently.
In December, the government revised down the growth forecast from 7.2 percent to 6.5 percent due to the impacts of the Ukraine war.
“Growth is expected to accelerate in FY24 and converge to around 6.5 percent over the medium term, as inflationary pressure eases, external conditions improve, and reform implementation gains momentum,” said the WB.
“The government is managing relatively well against the impact of external adversities and has embarked on the reform programs as precautionary measures,” said ADB Country Director for Bangladesh Edimon Ginting recently.
“Accelerating key reforms during these difficult times would help the country sustain higher growth in the medium term. These reforms include strengthening public financial management and domestic resource mobilization, deepening the financial sector, and enhancing competitiveness to promote the creation of productive jobs in the private sector,” Ginting said.
“This is also a high time for enhancing resilience against the global energy market volatility by creating an enabling environment for rapid expansion of domestic renewable energy supply to reduce dependence on fossil fuels in line with the country’s climate agenda,” he mentioned.
