Multilateral development financiers WB, ADB lower growth forecasts for Bangladesh

The World Bank (WB) and the Asian Development Bank (ADB), the two multilateral development financiers have downgraded Bangladesh’s economic growth below 6.0 per cent for the current fiscal.

This the financers did so following several internal and external shocks, as per reports, which added that in their respective economic updates, unveiled recently, the ADB has revised the rate down to 5.3 per cent whereas WB lowered its forecast to 5.2 per cent now for the FY2022-23.

Meanwhile, World Bank Country Director for Bangladesh and Bhutan Abdoulaye Seck, at a recent Development Update report-sharing session, reportedly pointed out Russia’s invasion of Ukraine and global uncertainty impacted countries around the globe even as Bangladesh’s post-pandemic recovery has been disrupted by elevated commodity prices, rising interest rates, and slowing global growth even as the WB, in its ‘Bangladesh Development Update’ further underlined that the real GDP growth was expected to decelerate to 5.2 percent in FY2023, weighed down by global economic uncertainty, tighter financial conditions, elevated inflation and disruptive import restrictions.