GDP growth in FY23 expected at 7.5%
Published: 04:51 PM, 9 June 2022 Updated: 08:30 PM, 9 June 2022
The GDP growth rate has been targeted to be 7.5 percent for the next fiscal year (2022-2023) considering the lagged effects of the COVID-19 and the protracted crisis arising from the Russia-Ukraine conflict.
Finance Minister AHM Mustafa Kamal said this while placing the proposed national budget for the FY23 at the Jatiya Sangsad in the capital on Thursday.
He said only in the FY20, the economic growth was hampered due to the COVID-19 pandemic. According to the new base year, a record 7.88 percent growth was achieved in FY19, but in the following year, FY20, it decreased to 3.45 percent due to the pandemic.
“However, we were able to begin the process of economic recovery very quickly under the guidance of the Hon’ble Prime Minister. As a result, 6.94 percent growth has been achieved in FY21 despite the continued impact of COVID-19,” he added.
Mustafa Kamal said it appears the economic variables indicate that the second wave of COVID-19 continued in the first quarter of the current fiscal year, but did not have a significant negative impact on the economy.
“Considering overall perspective, this fiscal year’s GDP growth is forecasted at 7.25 percent,” he added.