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Bangladesh may achieve 7.24% GDP growth in FY 2017
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

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