Like in the outgoing financial year, the common people in Bangladesh will continue to suffer from higher consumer prices in 2023-24 as the factors behind the elevated level of inflation are unlikely to change dramatically.
The Bangladesh Bank has projected that loan repayments against mid- and long-term foreign credits secured by the private sector might fall by 42.6 per cent in 2023, but the development might not bring about major relief for an economy reeling under the forex crisis.
Bangladesh’s exports bounced back in May after declining in the preceding two months riding on increased shipment of garments, the main export earning sector, according to data released by the Export Promotion Bureau (EPB) yesterday.
The government is yet to take any comprehensive corrective measures to tackle macroeconomic challenges as it has not properly assessed the gravity of the situation in the current fiscal year, an economist said.
Reforms following the IMF prescription should not harm disadvantaged groups
The upcoming budget poses significant challenges – arguably the most challenging in recent times – for economic policymaking in Bangladesh.
The economy is estimated to have expanded at a slower-than-expected pace in 2022-23, said the Bangladesh Bureau of Statistics (BBS) yesterday, a figure that analysts describe as good in view of elevated inflation, slowing exports and remittances and the ongoing pressure on the country’s foreign exchange reserves.