01 Jun 2023, 17:09
Update : 01 Jun 2023, 21:06

Govt targets 7.5pc GDP growth in FY24

DHAKA, June 1, 2023 (BSS) - The government is targeting to attain a gross 
domestic product (GDP) growth rate of 7.5 percent in the next fiscal year 
(FY24) since the country is expected to return to the higher growth 

"On the whole, we expect to return to higher growth trajectory and achieve a 
7.5 percent GDP growth in the coming fiscal year, by way of investing in the 
productive sectors and stimulating productivity and domestic demand," said 
Finance Minister AHM Mustafa Kamal.

Kamal said this while placing the proposed budget for FY24 at Jatiya Sangsad 

To achieve the growth target, he said the government would gradually come out 
of the contractionary policy and invest in ongoing and new growth-inducing 
projects including the mega-projects.
For this purpose, he said the budget of the next fiscal year has set a higher 
target of raising the public investment to 6.3 percent of the GDP.
"At the same time, investment will continue to be facilitated in economic 
zones with an investment-friendly environment consisting of various 
facilities such as undisputed land, improved infrastructure, uninterrupted 
utilities, financial incentives and ease of doing business, etc," he added.

Kamal said development of logistics sector and reform of financial management 
will reduce time, cost and complexity in investment/business processing. 

As a result, private investment, which has decreased slightly in the current 
fiscal year, is expected to increase to 27.4 percent of the GDP in the next 
fiscal year. 

Mentionable, the Bangladesh Bureau of Statistics (BBS) has taken the 
initiative to publish National Income Accounts quarterly. This will make 
easier monitoring the dynamics of the components of GDP growth and make 
coordinated policies accordingly.

The Finance Minister said in April 2023, the International Monetary Fund 
(IMF) projected that the recovery process in the global context, especially 
in the countries important for Bangladesh's trade and remittances, has begun 
and will continue.

At the same time, he said the IMF's projection also revealed that global 
inflation will moderate as the food, fertilizer and fuel prices in the 
international market are returning to normal.
"Favorable changes in the global economy are making us hopeful. 
Simultaneously, the economic activities within the country have gathered 
momentum following the overall improvement of the Covid situation. Also, good 
yields are expected in the agriculture sector towards the end of the fiscal 
year," he added.

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