The IMF has adjusted its growth outlook for Bangladesh, projecting a lower growth rate of 6 per cent for the fiscal year 2023-24, down from its earlier estimate. This revision follows the World Bank’s recent downward revision of Bangladesh’s Gross Domestic Product (GDP) growth forecast to 5.6 per cent for the same fiscal period, citing sustained high inflation and challenges in external payments.
Bangladesh sees the end of 2023 with a huge deficit in its financial accounts, the widest gap between foreign currency income and expenses in its history. Consequently, the Bangladesh Bank is struggling to arrest the decline in foreign exchange reserves. This has led to a record imbalance in the overall balance of payments. The repercussions of this financial strains have extended to the commoners and made the fiscal year 2023-24 exceptionally challenging. Despite assurance from the Finance Minister in his budget speech that inflation would be contained at 5.6 per cent, average inflation rate was 9.2 per cent, intensifying the economic pressure and exacerbating the burden of soaring commodity prices on the ordinary people.
Bangladesh sees the end of 2023 with a huge deficit in its financial accounts, the widest gap between foreign currency income and expenses in its history. Consequently, the Bangladesh Bank is struggling to arrest the decline in foreign exchange reserves. This has led to a record imbalance in the overall balance of payments.
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