DHAKA, Oct. 4 (Xinhua) -- The World Bank on Tuesday lowered Bangladesh's economic growth forecast to 5.6 percent for the financial year from July 2023 to June 2024 from its earlier estimate of 6.2 percent announced in April.
The international financial institution in its latest report attributed the downgrade to various internal and external odds.
Bangladesh's post-pandemic recovery was disrupted in fiscal 2022-23 with rising inflation, financial sector vulnerabilities, external pressure, and global economic uncertainty, said the World Bank in its twice-year update.
According to the Washington-based lender, growth is expected to accelerate in the next 2024-25 fiscal year from July 2024 to June 25 to 5.8 percent, as inflation would ease and the gradual normalization of the external sector.
The Bangladeshi government has set a gross domestic product (GDP) growth target of 7.5 percent for this fiscal year, which is significantly higher than the projections of global multilateral lenders including the Asian Development Bank. ■