Bangladesh's economy is expected to grow at a rate of 6.1% in fiscal year 2023-24, driven by strong exports, according to the Asian Development Bank (ADB). The ADB's Asian Development Outlook (ADO) for April 2024 forecasts continued growth in developing economies across Asia and the Pacific, with an average expansion of 4.9% this year and stable growth expected next year.

Key factors contributing to the region's growth include resilient domestic demand, improving semiconductor exports, and recovering tourism. India is projected to remain a major growth engine, with a 7.0% expansion this year and 7.2% next year. However, the growth rate in China is forecast to slow to 4.8% this year and 4.5% next year due to weakness in the property market and subdued consumption.

While overall inflation is expected to moderate in 2024 and 2025, higher food prices, particularly for rice, may contribute to inflationary pressures in some economies. To address surging rice prices and protect food security, governments are advised to consider targeted subsidies for vulnerable populations and enhance market transparency and monitoring to prevent price manipulation.

In the medium to longer term, policies should focus on establishing strategic rice reserves, promoting sustainable farming and crop diversification, and investing in agricultural technology and infrastructure to boost productivity. Regional cooperation is also recommended to manage rice prices and mitigate their impact on economies in the region.