Bangladesh will be Asia’s highest economic growth nation: ADB
Published: 04:41 PM, 3 April 2020 Updated: 04:48 PM, 3 April 2020
Bangladesh will be Asia`s highest economic growth nation
Asian Development Bank (ADB) believes that Bangladesh's economy will remain strong this fiscal year if they can properly address the challenges of the coronavirus epidemic. Bangladesh's gross domestic product (GDP) growth is expected to decline slightly to 7.8 per cent from the previous year, it said. Which is good news amid coronavirus situation.
This was informed by the Asian Development Bank (ADB) report titled ‘Asian Development Outlook (ADO) 2020′ released on Friday. According to ADB, coronavirus has created a global health risk. This has impacted the global economy.
According to ADB, the average growth in Asia can be drastically reduced. The average growth in Asia in 2020 will be 2.2 per cent, that was 5.2 per cent in the last fiscal year.
The report said China is expected to attain a 2.3 per cent growth in current fiscal followed by 4 per cent by India and 4.8 per cent by Vietnam.
“Bangladesh economy continued to perform well despite the global economic slowdown. However, there exists a downward risk due to the COVID-19 global pandemic,” said ADB Country Director Manmohan Parkash.
“ADB’s preliminary estimates indicate that about 0.2% to 0.4% of Bangladesh GDP may be lost due to spillover effects of the global COVID-19 pandemic. If a significant outbreak occurs in Bangladesh, the impact could be more significant,” he added.
During the first eight months of FY2020, Bangladesh economy showed strong performance with growing domestic demand, supported by a substantial increase in workers’ remittances. Economic activity is expected to accelerate with higher government development spending; higher imports of liquefied natural gas, oil and construction materials; favourable power production, and government’s policy support to boost exports, according to the report.
However, the COVID-19 pandemic could hamper such trend due to disruptions in export demands, suppressed consumption, and curbed remittances, the report said.
The government has set a target of 8.2 per cent economic growth in the current fiscal year which was 8.13 per cent in the last fiscal year.
- Coronavirus cases surpass 6 million
- 10 killed as minibus hits roadside bomb in Somalia
- Elderly woman dies of COVID-19 in Chattogram
- Girls ahead in GPA-5, boys in pass rate
- La Liga clubs to resume full training from Monday
- 8 launches fined for taking extra passengers
- Poverty couldn`t stop Asmani
- Two more labs to detect coronavirus in Capital
- Girl commits suicide after failing in SSC exam
- 19 militants killed in military drive in Egypt
- Another 167 UK nationals leave Sylhet
- Lalmonirhat reports nine new coronavirus cases
- BNP does not think of toiling masses: Hasan Mahmud
- Amirul who took part SSC exam after burying father got GPA-5
- BFDC ready for shooting
- Malaysia’s labour market may open in Jul, BD ready
- Gunmen kill 20 in Burkina Faso
- Peru reports more than 7,000 COVID-19 cases in a day
- ‘Alor Guerrilla’ running day and night
- Coronavirus cases exceed 400,000 in Russia
- Shujeo Shyam contracts COVID-19
- Govt provides relief assistance to more than 6 crore people
- Train runs maintaining health rules: Sujan
- Noakhali reports 90 coronavirus cases in a day
- BNP leaders passing leisure time
- 5 more test positive for COVID-19 in Trishal
- 25 US cities impose curfews as protests continue
- Locust attack in India ‘a result of sin’: Zaira Wasim
- Woman dies with fever and breathing difficulties in Rajshahi
- World No Tobacco Day 2020 being observed aims to protect youth from tobacco
- All News »
- Noble got married for 3rd time seven months ago!
- Noble made his wife Salsabil a model in music video
- 1532 new infected in 24 hrs, 28 die
- Thousands offer Eid prayers in knee-deep water
- Three killed as microbus falls into Munshiganj ditch
- 23 die, highest infection recorded in last 24 hrs
- Noble faces RAB interrogation
- Highest 1,975 COVID-19 cases in a day, 21 die
- 22 die, 1541 infected in last 24 hours
- 4 cops charged for killing a black man in US
- Over 2000 infected in 24 hours, 15 dead
- Karate coach Humayun Kabir Jewel dies
- Fire at United Hospital: 5 COVID-19 patients die
- Offices resume from May 31
- Wuhan lab had three live bat coronaviruses
- SSC-equivalent results published, pass 82.87 pc
- 1166 new infected in 24 hrs, 21 die
- Country sees highest deaths in a day
- Record deaths, infections in 24 hours
- Electronic mask developed to prevent coronavirus!
- Coronavirus death toll rises to 342,396 globally
- 26 Bangladeshis shot dead in Libya
- Happy birthday ‘Legendary Actor’ Humayun Faridi
- India backs hydroxychloroquine for coronavirus treatment
- A thrilling operation by Police: 6 youths rescued from Sundarbans
- SSC result today: How to pre-register
- Former national footballer Salauddin passes away
- Eid-ul-Fitr to be celebrated tomorrow
- Brazil’s COVID-19 deaths surge past Spain
- Xi Jinping asks Chinese military to prepare for battle