Bangladesh foresees lesser than expected growth rate
The emergency-ruled Bangladesh foresees the GDP growth to be 1 per cent lesser than it expected earlier attributing the phenomenon on natural disasters and massive anti-graft campaign.
By PTI |
DHAKA: The finance ministry in the emergency-ruled Bangladesh foresees the GDP growth to be one per cent lesser than it expected earlier attributing the phenomenon on natural disasters and massive anti-graft campaign, reports said on Wednesday.
The ministry now estimated that gross domestic product (GDP) will grow by six per cent, down from earlier official projection of seven per cent, a media report quoted officials as saying.
With all major economic indicators remaining in a slump, the country's economy would require two more years to see a seven per cent growth, the report said quoting the latest internal estimate of the finance ministry.
The report by the New Age newspaper came as Finance adviser of the interim cabinet Mirza Azizul Islam last week said that Bangladesh's economy was now under "tremendous strain" as global price hikes inflated import bills of essentials and enhanced the government's subsidy liabilities, bleeding state coffers dry.
Bangladesh Bank and global lenders already lowered their projections on the growth rate for the current fiscal to be ended on June 30.
A recent meeting of the ministry projected 6.7 per cent GDP growth for 2008-09 fiscal, seven per cent for 2009-10 and 7.2 per cent for 2010-11 fiscal year.
The GDP growth in the 2006-07 fiscal was 6.5 per cent.
The ministry now estimated that gross domestic product (GDP) will grow by six per cent, down from earlier official projection of seven per cent, a media report quoted officials as saying.
With all major economic indicators remaining in a slump, the country's economy would require two more years to see a seven per cent growth, the report said quoting the latest internal estimate of the finance ministry.
The report by the New Age newspaper came as Finance adviser of the interim cabinet Mirza Azizul Islam last week said that Bangladesh's economy was now under "tremendous strain" as global price hikes inflated import bills of essentials and enhanced the government's subsidy liabilities, bleeding state coffers dry.
Bangladesh Bank and global lenders already lowered their projections on the growth rate for the current fiscal to be ended on June 30.
A recent meeting of the ministry projected 6.7 per cent GDP growth for 2008-09 fiscal, seven per cent for 2009-10 and 7.2 per cent for 2010-11 fiscal year.
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The GDP growth in the 2006-07 fiscal was 6.5 per cent.
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