ADB forecasts 6.7% growth in FY 2015-16

ADB

Bangladesh’s growth for this fiscal will improve marginaly and stand at 6.7%in the fiscal year 2015-16, according to Asian Development Bank (ADB).

“For the 2015-16 fiscal year, the GDP growth is projected to further accelerate to 6.7%, up from 6.5% in the previous year,” ADB country director Kazuhiko Higuchi said at a press briefing at its Dhaka office Tuesday.

Higuchi further said, “Bangladesh economy is likely to perform strongly this year as both exports and remittances – the two main growth drivers, are expected to perform better than in FY 2015 fiscal year.”

The growth will be driven by apparel export and domestic consumption, he added.

ADB principal country specialist Mohammed Parvez Imdad said inflation is expected to decline to 6.2% in the current fiscal from 6.4% in the previous fiscal with the expected cautious monetary policy stance taken by Bangladesh Bank and a better crop outlook.

He also said, “Continued efforts for resource mobilization, structural reforms and infrastructure up-gradation will support higher growth.”

ABD’s new forecast is lower than the government’s revised target of 7% growth. Finance Minister AMA Muhith in his budget speech targeted 7% GDP growth for the 2015-16 fiscal year.

Source: Ittefaq

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