As per Fitch Solutions, Bangladesh’s economy is likely to grow at 6.5 per cent by the end of the current fiscal year, down from what was 7.2 per cent in fiscal year 2021-22.
According to reports, Fitch’s report on Bangladesh released on 25th November 2022 had underlined it expects Bangladesh’s economy to expand by just 6.5 per cent in FY2022-23 from 7.2 per cent in FY 2021-22 even as it added the growth will be constrained on account of elevated energy prices, weakening external demand, inflation levels as well as tightening global monetary conditions.
What’s more, it also maintained economic slowdown will dampen demand for Bangladesh’s exports, while adding, “We think that the US and Eurozone will likely fall into a recession next year. If we are right, trading activity in Bangladesh would decelerate sharply.”
This is especially given the fact that USA and Europe represent more than half of Bangladesh’s total exports including the all-important apparel shipments.
