প্রকাশ: 06/04/2022
Bangladesh’s gross domestic product (GDP) is expected to
grow by 6.9 per cent in the running FY2021-22, according to an Asian
Development Bank report released on Wednesday.
The bank’s Asian Development Outlook (ADO) 2022 said the
growth forecast reflects rebound in external trade and recovery in domestic
economic activities fuelled by implementation of stimulus packages and
increased remittance.
Inflation is expected to increase to 6.0 per cent in FY2022
from 5.6 per cent in 2021, it said.
The current account deficit is likely to widen from 0.9 per
cent of GDP in FY 2021 to 2.7 per cent of GDP in FY2022 on increase in imports
and decline in remittance growth.
The main risk to this growth projection is higher prices for
oil and imports, and the loss of export sales beyond those built in the present
forecasts, mainly due to the Russian invasion of Ukraine.
“The ongoing socio-economic recovery need to be accelerated
by enhancing domestic resource mobilization, incentivizing the private sector
to create products and services, promoting modern green technologies, and
fostering knowledge and innovation,” said ADB Country Director Edimon Ginting.
“Building climate resilient infrastructure and services,
introducing carbon tax on fossil fuels, and promoting green investments will
help to further advance the current policy initiatives for managing climate
change for inclusive and sustainable green growth,” Ginting added.
The report said that private investment will get stronger,
reflecting a solid growth in private sector credit and imports of industrial
raw materials and capital goods.
With large available funding, public investment will increase
to support the implementation of priority large infrastructure projects. Growth
in private consumption, however, may be affected by a decline in remittances.
Inflation is expected to reach 6.0 per cent in FY2022 from
5.6 per cent in FY2021 as price pressures are increasing from upward adjustment
in domestic administered fuel prices, rising global food and fuel prices, and
implementation of stimulus measures.
The report pointed out that managing climate change is
critical to ensure inclusive and environmentally sustainable growth. As part of
developing national adaptation plan by the government, a climate risk–informed
master plan should be drawn up for each sector and development unit.
Capacity for better accessing and utilizing climate risk
analysis needs to be mainstreamed in public financial management decisions
across government.
Enabling policies are necessary for green investments, the
development and adoption of green technologies, and for greening of existing
industries, said the report.
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