Home / Knowledge / News / Textiles / Bangladesh may achieve 7.24% GDP growth in FY 2017
Bangladesh may achieve 7.24% GDP growth in FY 2017
16
May '17
Bangladesh is expected to record gross domestic product (GDP) growth of 7.24 cent for the ongoing financial year that will end on June 30, 2017. With 7.11 per cent GDP in the fiscal year 2016, an increase is expected in the GDP for fiscal year 2017. However, over the last few years, Bangladesh has maintained a growth rate of around 6 per cent.

Bangladesh government aims to achieve 7.4 per cent GDP growth in the FY18, while the target for FY20 is set at 8 per cent, Bangladesh planning minister AHM Mustafa Kamal said while addressing the media. There has been an increase in the growth rate due to significant exports and positive agriculture result, said the minister. The per capita income also rose to $1,602 in the outgoing fiscal year which was $ 1,465 in the previous financial year. Bangladesh economy of over $200 billion has significant contribution from remittances and exports of apparels.

Since few years, Bangladesh has been putting in efforts to revive the GDP growth rate although some economists were skeptical about achieving the 7 per cent growth rate. "But, like the previous year, the GDP growth in this year exceeded the 7 per cent mark," he added.

Speaking about World Bank's growth projection of 6.8 per cent for FY 2017, the minister said, "There’s no engineering about the country’s growth estimation, and we never changed the methodology of GDP growth estimation. The World Bank had always been very conservative about our growth projection."

The minister said that the investment ratio to GDP was 30.27 per cent in the FY 2017 as against the previous year's investment of 29.65 per cent.

Asked about the growth of three major sectors, he said the industrial sector has obtained highest growth of 10.50 per cent in the outgoing fiscal year followed by 6.50 per cent by the services sector while 3.40 per cent by the agriculture sector. (RR)

Fibre2Fashion News Desk – India


Must ReadView All

Indian govt approves special package for leather, footwear

Textiles | On 16th Dec 2017

Indian govt approves special package for leather, footwear

The Union Cabinet chaired by PM Narendra Modi has approved a special...

EU parliament resolution calls for Cambodia sanctions

Apparel/Garments | On 16th Dec 2017

EU parliament resolution calls for Cambodia sanctions

Following the ongoing crackdown in Cambodia on the opposition and...

Affordable prices to be hit if US pulls out of NAFTA: NRF

Apparel/Garments | On 16th Dec 2017

Affordable prices to be hit if US pulls out of NAFTA: NRF

US retailers’ ability to offer consumers quality products at...

Interviews View All

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

December 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.6%
No
12.0%
Skip
18.5%

Total Votes: 92

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.0%
No
30.4%
Skip
7.6%

Total Votes: 92

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.0%
No
9.8%
Skip
3.3%

Total Votes: 92

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
81.5%
No
8.7%
Skip
9.8%

Total Votes: 92


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search