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According to a latest report of World Bank, South Asia remains the fastest-growing region in the world with Bangladesh sustaining growth at 6.8 percent in 2017, gradually widening its lead relative to East Asia.
Regional GDP growth of South Asia is expected to jump from 6.7 percent in 2016 to 6.8 percent in 2017, and 7.1 percent in 2018, according to the report.
The WB report stated the economy of Bangladesh has weathered global uncertainties well aided by strengthening investment and a recovery of exports.
For Bangladesh, growth will be 6.8 percent in 2017, coming slightly down from 7.1 percent in 2016, which was the highest in the region and “with a decelerating information rate and a budget deficit that has narrowed”, according to the report.
For Fiscal 2018 and 2019, Bangladesh’s GDP growth is predicted at 6.4 percent and 6.7 percent respectively, according to the World Bank report.
Infrastructure gaps and inadequate energy supply, combined with the high cost of doing business, still remain as the main obstacles to the realization of Bangladesh’s growth potential.
Amidst the South Asian countries, Nepal came worst with an estimated growth of 0.6 percent in 2016, it said.
However, the country’s economic activity is recovering with its GDP growth expected to rebound to 6.0 percent this year on the back of increased agriculture output, increased availability of electricity, and greater investment as the earthquake reconstruction gathers speed, added the report.
Vice president of the Bank’s South Asia region Annette Dixon said “simulations on the impact of hypothetical new trade barriers show that South Asia is not only resilient to a potential rise in protectionism but could possibly even gain from it in some circumstances.”
Source: The Daily Ittefaq