WB estimates 6.5% GDP growth in FY 2015-16

The World Bank today projected the gross domestic product (GDP) growth in FY16 at 6.5 percent.  

The GDP growth rate however depends on variables like growth in consumption and export, according to the latest WB report on the country’s economy published today.

“FY15 GDP growth is estimated at 6.5 percent,” the report estimates, finding the country’s economy at a “stable” situation.

The report states, “Bangladesh's economy is on a stable path with a positive near-term macroeconomic outlook. The latest Bangladesh Development Update notes declining inflation, rising reserves, contained fiscal deficit and stable public debt.”

Saying that headcount poverty based on PPP US$ 1.25 per day is projected to have declined from 43.5 percent in 2010 to 38.4 percent in 2015, the WB recommends for sustaining GDP and remittances growth, creating jobs, contain inflation, and improve the quality of public service delivery to reduce extreme poverty and boost shared prosperity.

Zahid Hussain, lead economist of WB's Dhaka office read out the keynote paper on the occasion.