The projection comes from the World Bank’s, ‘Bangladesh Development Update: Powering the Economic Efficiency,’ report released on Tuesday
The World Bank has projected Bangladesh’s Gross Domestic Product (GDP) growth at 7% in fiscal year 2018-19.
The projection was published, on Tuesday, in a World Bank report titled, “Bangladesh Development Update: Powering the Economic Efficiency.” Stating that Bangladesh’s economy is still one of the fastest-growing economies of the developing world, the report pointed out that the growth is driven by industry and services on the supply side—and private consumption and investment on the demand side.
According to the World Bank, the pace of public investment will remain strong as the implementation of mega projects gains further momentum. Private investment growth will remain subdued due to structural constraints.
Increased investment in manufacturing will bolster employment opportunities and further contribute to alleviate poverty in the country.
Bangladesh’s economy grew 7.86% in the previous fiscal year, through significant contributions of the agriculture sector—supported by an increase in rice production.
Bangladesh’s government had projected growth of 7.8% this fiscal year.
Source: Dhaka Tribune.