Bangladesh ahead in South Asia in GDP growth in last fiscal year
Published: 01:18 PM, 8 October 2020 Updated: 02:27 PM, 8 October 2020
World Bank; File Photo
Bangladesh will do the best in terms of GDP growth in the last fiscal year compared to other countries in South Asia, said World Bank.
The report on the latest economic developments in South Asia was released on Thursday before the start of the Virtual Annual Meeting in the context of Covid-19 from the World Bank headquarters in Washington. Although GDP growth in all countries has slowed down, it is expected to increase in Bangladesh, Nepal and Bhutan.
Meanwhile, the World Bank has said that Bangladesh’s GDP growth in the last 2019-20 fiscal year will be 2 percent. However, according to the Bangladesh Bureau of Statistics, published in August last year, the growth in that fiscal year was 5.2 percent.
Although there is a difference at the beginning of the fiscal year, India’s growth will not increase in the fiscal year 2020. Conversely, it will decrease by 9.6 percent (India’s fiscal year starts in April), while Pakistan’s will decrease by 1.5 percent.
Similarly, growth of 19.5 percent in Maldives, 6.8 percent in Sri Lanka and 5.5 percent in Afghanistan will be reduced. However, Bhutan’s growth will increase by 1.5 percent and Nepal’s by 0.2 percent. The sudden collapse of the Covid-19 in the world economy has been mentioned in the analysis of the World Bank.
Meanwhile, Finance Minister AHM Mustafa Kamal recently said that export remittances are increasing. “The economy is back to normal. We hope to achieve the target,” he added.