World Bank sees recovery for Bangladesh's economy in fiscal 2021-22

Source: Xinhua| 2020-10-08 21:57:41|Editor: huaxia

DHAKA, Oct. 8 (Xinhua) -- Bangladesh's real GDP (gross domestic product) growth is projected to recover to 3.4 percent in fiscal 2021-22 (July 2021-June 2022), supported by a rebound in export demand, remittance inflows, and public investment, says the World Bank in its latest South Asia Economic Focus released Thursday.

It also said that Bangladesh's real GDP growth is estimated to be 2 percent in the 2019-20 fiscal and will be 1.6 percent in the running 2020-21 fiscal.

According to the report, South Asian countries including Bangladesh are set to plunge into their worst-ever recession as the devastating impacts of COVID-19 on the region's economies linger on, taking a disproportionate toll on informal workers and pushing millions of South Asians into extreme poverty.

It forecasts a sharper than expected economic slump across the region, with regional growth expected to contract by 7.7 percent in 2020, after topping 6 percent annually in the past five years.

"The global economic downturn will impact Bangladesh's economy. However, the policies that the government has undertaken to mitigate the impacts are in the right direction," said Mercy Tembon, World Bank Country Director for Bangladesh and Bhutan. Enditem

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