The Asian Development Bank (ADB) forecasts that Bangladesh’s economy, which depends heavily on exports, will expand by 6.1 per cent during the fiscal year 2023–2024.
According to the Manila-based lender’s Asian Development Outlook, Bangladesh’s gross domestic product (GDP) growth is predicted to be 6.1 per cent in the fiscal year 2023–24 and might increase to 6.6 per cent in the following fiscal year.
Asia and the Pacific region’s developing economies are predicted to grow by 4.9 per cent on average this year as strong domestic consumption, increasing semiconductor exports, and rebounding tourism all contribute to the region’s resilient growth.
As per the ADB’s release of the Asian Development Outlook (ADO) in April 2024, growth is expected to sustain its current pace in the upcoming year.
After being driven up during the previous two years by increased food prices in many economies, inflation is predicted to decline in 2024 and 2025.
Growth in South and Southeast Asia, driven by exports as well as internal demand, is outpacing the slowdown in the People’s Republic of China (PRC), which is being brought on by weakening real estate markets and reduced spending.
India is predicted to grow by 7.0 per cent this year and 7.2 per cent the next year, continuing to be a significant growth engine in Asia and the Pacific.
The PRC’s growth is expected to decrease from 5.2 per cent last year to 4.8 per cent this year and 4.5 per cent next year.
According to ADB Chief Economist Albert Park, “we see strong, stable growth for the majority of economies in developing Asia this year and next.”
“Investment is generally robust, and consumer confidence is rising. Additionally, it seems like external demand is improving, especially for semiconductors, he said.
