ADB projects 7.5pc growth rate for Bangladesh in FY19

The Asian Development Bank (ADB) has projected 7.5 per cent economic growth for Bangladesh for the current fiscal year, slightly below than the government’s estimate of 7.8 per cent.

The growth will be achieved due to the increase in private sector investment, export and remittance, ADB said in its Asian Development Outlook 2018 released on Wednesday.

In its national budget announced in June, Bangladesh projected 7.8 per cent growth for fiscal 2018-19, reports bdnews24.

However, Bangladesh’s GDP growth accelerated 7.86 per cent in the past fiscal year, surpassing the estimate of 7.65 per cent, according to the state-owned statistical agency BBS.

The Manila-based institution kept its 2018 economic growth estimate for the region at 6.0 per cent in the update of its Asian Development Outlook.

But it trimmed the next year's forecast to 5.8 per cent from 5.9 per cent.

The ADB's 5.8 per cent growth estimate for 2019 would be the slowest for the region—made up of 45 countries in the Asia-Pacific region—since it clocked a 4.9 per cent growth in 2001.