Bangladesh's economy grew by 4.22 percent in the 2023-24 fiscal year, marking the lowest growth in four years and falling 1.6 percentage points short of the provisional estimate by the Bangladesh Bureau of Statistics (BBS).

With the final gross domestic product (GDP) figures, which measure the total value of goods and services produced in a year, the total GDP size was revised down to $450 billion for the 2023-24 fiscal year from the provisional estimate of $459 billion, said Shafiqul Alam, press secretary to Chief Adviser Muhammad Yunus, after a press briefing in Dhaka today.

Due to this revision, per capita income stood at $2,738 in FY24, down from the preliminary estimate of $2,784.

The economy faced a slowdown due to the erosion of people's purchasing power amid persistent inflation, along with declines in exports and imports, and pressure on the country's financial stability.

Bangladesh previously recorded GDP growth of 3.45 percent in FY20 when the Covid-19 pandemic severely disrupted economic activities.

The economy rebounded in the following year but began facing headwinds again from FY23.