In its latest World Economic Outlook released on Tuesday, the International Monetary Fund (IMF) downgraded Bangladesh's economic growth forecast for the current fiscal year (FY24) to 5.7%.
This marks the second time the IMF has revised its projection downward for Bangladesh's economy. In October last year, it had forecasted a growth rate of 6%, which was a reduction from its previous prediction of 6.5% for FY24.
The IMF's revised growth forecast takes into account various global and local challenges, including persistently high inflation, unemployment concerns, a decline in remittance inflows, and a setback in industrial investment targets.
This adjustment in growth projections follows a recent announcement by the Asian Development Bank (ADB), which stated that Bangladesh's GDP is expected to expand by 6.1% in FY24, largely driven by export performance.
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