International Monetary Fund (IMF) has defended revising down its forecast for Bangladesh’s GDP growth in fiscal year 2023-24, saying it was “pretty reasonable” amidst various ongoing challenges, including elevated inflation.
The International Monetary Fund (IMF) has revised down growth forecast for Bangladesh’s economy to 6 percent for the fiscal year 2023-24, lower from its previous projection of 6.5 percent.
The latest forecast by the Manila-based multilateral lender is close to the estimate by the Bangladesh Bureau of Statistics (BBS) at 6.03 percent for the FY23.
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.
In 2019, when AHM Mustafa Kamal took charge as the finance minister, the Bangladesh economy was taxing for take-off for its long-haul flight to the developed country club.
Amidst the steep rise in commodity prices, and a sky-high aspiration of sustaining GDP growth, what are the major challenges of creating an effective budget for Bangladesh this year? What should we look for from the FY 23-24 budget?
Private sector credit growth in Bangladesh dropped to a 14-month low of 11.23 per cent in April owing to weak credit demand amid the current business slowdown, official figures showed.
The government is going to unveil a Tk 7,61,785 crore budget for the next fiscal year on Thursday, setting containment of high inflation as a major target.