For the current fiscal year 2023–2024 (FY24), the International Monetary Fund (IMF) forecasts Bangladesh’s Gross Domestic Product (GDP) to expand by 6%.
According to the IMF’s World Economic Outlook published today, it has increased its predictions for Bangladesh’s growth to 6% for the fiscal year 2022–2023 from its prior projection of 5.5 %.
The objective for FY24 was set at 7.5 percent by the government of Bangladesh.The Consumer Price Index (CPI) inflation rate in Bangladesh is expected to reach 7.2 percent in FY24, according to the IMF.
The IMF’s most recent forecasts indicate that global growth will decline from 3.5 percent in 2022 to 3 percent this year and 2.9 percent the following year, which is a 0.1 percentage point downward revision for 2024 from our July expectations.
The annual rate of headline inflation has continued to decline, falling from 9.2 percent in 2022 to 5.9 percent this year and 4.8 percent in 2024. Core inflation, which excludes the cost of energy and food, is also anticipated to fall, albeit more gradually than headline inflation, to 4.5 percent in 2024.
Regarding the forecast for the economy, the IMF noted that multilateral cooperation may ensure that all nations experience more growth.
First, nations should refrain from adopting measures that violate WTO regulations and obstruct global trade.
Second, countries should safeguard the flow of critical minerals needed for the climate transition, as well as that of agricultural commodities. Such “green corridors” would help reduce volatility and accelerate the green transition.
Finally, all countries should aim to limit geo-economic fragmentation that prevents joint progress toward common goals and instead work toward restoring trust in rules-based multilateral frameworks that enhance transparency and policy certainty and help foster a shared global prosperity.
A robust global financial safety net with a well-resourced IMF at its center is essential.
