DHAKA, Dec. 20 (Xinhua) -- The Asian Development Bank (ADB) has lowered its economic growth outlook for Bangladesh to 6.2 percent for the current fiscal year 2023-24 ending in June next year, according to the latest update to the Asian Development Outlook.
"This is due to moderate growth in exports and manufacturing amid an economic slowdown in major export markets, power and energy shortages, and continued high inflation. Upside risks to the forecast include receding uncertainties over next January's elections," said the Asian Development Outlook December 2023.
The Manila-based lender earlier forecasted a 6.5 percent growth of Bangladesh's gross domestic product for the 2023-24 fiscal year.
The ADB's projection came after the International Monetary Fund in October this year cut the growth forecast for Bangladesh's economy to 6 percent for the 2023-24 fiscal year, lower than its previous projection of 6.5 percent.
The World Bank had earlier lowered economic growth projection for the South Asian nation for the 2023-24 fiscal year to 5.6 percent amid sustained high inflation and external payment challenges. ■
