Finance Minister AHM Mustafa Kamal yesterday expressed his optimism that Bangladesh would be able to attain its targeted 8.1 to 8.2 percent GDP growth at the end of current fiscal year (FY21) and the country would again atop other Asian countries in GDP growth attainment this year.
“Our inward remittance flow is very good as we’ve attained 50% growth in the last two months while the export earnings are again coming to our desired level. So considering all these, we can expect that our GDP growth will be 8.1 to 8.2 percent in the current fiscal year (FY21),” Kamal said.
The Finance Minister’s comments came at a time when the Asian Development Bank (ADB) released its Asian Development Outlook (ADO) 2020 Update today where it projected Bangladesh’s GDP growth to be 6.8 percent in the current fiscal year.
Expressing satisfaction over the ADB’s latest growth projection, Kamal said as per the Manila-based lending agency’s projection, Bangladesh is standing behind China and India, but ahead of Korea, Indonesia, Malaysia, Pakistan, Vietnam and Thailand, said a Finance Ministry press release.
He said despite the Novel Coronavirus (COVID-19) pandemic, the country’s people are working with their heart and soul during the birth centenary of Father of the Nation Bangabandhu Sheikh Mujibur Rahman.
“Since the country’s people have shown their working spree loving the country, we’re going to attain this feat……..Bangabandhu had said that none would be able to suppress us. Such kind of attainment during COVID-19 proves this,” he added.
In its latest ADO Update, the ADB said prudent macroeconomic management and speedy implementation of the government stimulus measures are key imperatives to ensure the projected recovery of the economy of Bangladesh.
The ADB also said Bangladesh’s gross domestic product (GDP) is expected to grow by 6.8 percent in fiscal year (FY) 2021.
The growth reflects gradual recovery, supported by a strong manufacturing base and strengthening of growth in export destinations. Inflation is expected to moderate to 5.5 percent and current account deficit to narrow to 1.1 percent of GDP in FY2021.