Economic growth is likely to cross the 6 percent-mark this fiscal year despite the incapacitating political turmoil in the first half, according to a draft estimate by the Bangladesh Bureau of Statistics.
If the new base year of 2005-06 is considered, the GDP growth for fiscal 2013-14 is likely to be around 6.2 percent, down from its earlier estimation of 6.5 percent, according to a planning ministry official.
Using the same base year, the World Bank computed the GDP growth to be 5.4 percent and Bangladesh Bank 5.7 percent to 6.1 percent.
BBS officials said the GDP growth rate will be published using the new base year this year to reflect the changes the economy has underwent over the years. Six additional sectors have been to the economy in the new base year to take the total number of sectors to 21.
As new activities were included the GDP size is bound to increase, the BBS officials added.
The BBS provisional estimate is at the final stage and is expected to be forwarded to the planning minister in a couple of days for his approval.
The state-run statistical agency's provisional estimate using the new base year for last fiscal year though turned out to be off the mark: it expected the GDP to grow by 6.18 percent but in reality it registered growth of 5.98 percent.
Meanwhile, the development update released by the WB last month said the political turmoil, stagnating private investment and declining remittance will cost the economy this year.
Remittance declined 4.78 percent year-on-year in the first ten months of the fiscal year, while the total loss to the economy by the political turmoil is around $1.4 billion, according to WB.