March 29, 2024, 7:48 pm


Nirmal Barman

Published:
2018-04-22 22:11:48 BdST

Bangladesh’s economic growth is promising: IMF


FT ONLINE

The International Monetary Fund (IMF) said on Friday that the organization is hopeful about the economic growth of Bangladesh.

IMF made the comment during a press conference at the 2018 Spring Meeting of the IMF and World Bank Group in Washington DC.

Deputy Director of IMF, Asia and Pacific Department Kenneth H Kang said that due to the extraordinary growth of consumption and investment in the private sector, the economic growth of Bangladesh is promising right now.

Answering a question about Bangladesh, he said that according to their calculations, the deficit rate might be 2% and the inflation rate might be around to 6%.

He stressed that the country should work towards building a favourable environment for private banks to make profits as well as look into the defaulting loan system of the public banks. This would contribute to strengthening the banking sector of the country.

Earlier this week, World Bank said that the estimated economic growth of Bangladesh for 2018 is 6.5%, and for 2019 it is 6.7%. In 2012 it was 7%.

The organization said Bangladesh is in a good position for growth right now due to investment, foreign exchange savings and increasing productivity in the industrial sector.

The growth rate of 2018 might change to 6.5% from the growth rate of 2017, which was 7.3%, they also said.

World Bank stated in their South Asia report that due to inflation and budget allocation, there is some pressure on the economy.

The trade deficit has increased in recent years. Each month, 170,000 people are entering the labour market. To control the rate of unemployment, Bangladesh needs to create at least 1.1 million job opportunities each year.

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