The Bangladesh economy saw its lowest quarterly growth in three-and-a-half years in the first quarter of the fiscal year on the back of political upheaval and severe flood in August.
"We have made two clear decisions: we will allocate 5 percent of GDP to health and 5 percent to education. This is our commitment," Chowdhury said.
The Bangladesh Bureau of Statistics says in quarterly GDP estimate
With a gross domestic product growth rate of nearly 5.8 percent in 2023, Bangladesh is one of the fastest-growing economies in the world. Driving Bangladesh’s prospects is our extremely active domestic consumer market, which accounts for nearly 70 percent of GDP and is rapidly expanding on the back of a growing middle and affluent class. Fuelling this growth is a digital economy that is also expanding rapidly.
The World Bank has forecasted a slow economic growth for Bangladesh because of factors like inflation
In its foreign policy and international relations, the country has always advanced a free and open Indo-Pacific.
The government’s dependence on borrowing to finance national budgets has increased over the past decade as revenue collection has failed to keep pace with the ballooning public expenditure.
The government should target reducing demand through ensuring market-based interest and exchange rates as well as cutting allocation for infrastructure projects to rein in inflation and protect the foreign currency reserves, said economists yesterday.
Bangladesh’s revenue-GDP ratio is a third of the median seen in the countries that have the same credit rating, highlighting the country’s weak capacity to finance development and support growth, according to American credit ratings agency Fitch Ratings.
AN interesting trend can be observed when one takes a look at the Gross Domestic Product (GDP) growth rates of the country during the past few years. If GDP growth rates are plotted according to year, it has a resemblance to a wave, containing a peak and a trough. The dips in the economic growth rates can be seen during election years where rates start to decline in the years preceding the election years.
