Bangladesh's GDP growth projection for FY23 revised down to 6.03%

Bangladesh's GDP growth projection has been lowered further to 6.03% for the current fiscal year, State Minister for Planning Shamsul Alam said On Thursday. 

This growth rate surpasses the estimates made by the Asian Development Bank and the World Bank, although it is slightly lower than the government's initial projection of 6.5%.

The state minister shared this latest information after a meeting of the National Economic Council (NEC) held in Dhaka on Thursday.

According to The Bangladesh Development Update April 2023 by the World Bank, the country's gross domestic product (GDP) is expected to increase by 5.2% in the fiscal year 2023. This lower projection is influenced by factors such as elevated inflation, tighter financial conditions, disruptive import restrictions, and global economic uncertainty.

In line with these figures, the Asian Development Bank (ADB) reported in April that Bangladesh's GDP will grow by 5.3% in FY23.