The International Monetary Fund (IMF) has further revised down the growth forecast for Bangladesh's economy to 5.7 percent for the current fiscal year of 2023-24 due to different global and local challenges, including persistently high inflation.

This is the second time the multilateral agency cut economic growth forecast on Bangladesh. In October last year, it projected 6 percent growth, cutting down its previous prediction from 6.5 percent for the same fiscal year.

The IMF made the revised projection in its World Economic Outlook released today.

The forecast by the international agency comes a week after the Asian Development Bank (ADB) said Bangladesh's gross domestic product (GDP) will expand 6.1 percent in 2023-24 fiscal year, riding on exports.

Early this month, the World Bank said Bangladesh will register subdued growth for reduced private consumption affected by high inflation.

The GDP will expand 5.6 percent in 2023-24 fiscal year, which is below the average annual growth rate of 6.6 percent over the decade preceding the Covid-19 pandemic.