The World Bank has predicted 5.6 percent gross domestic product (GDP) growth in the current fiscal year (2023-24). According to the calculations of the World Bank, the growth of Bangladesh was 5.8 percent in the recently ended financial year.
This information was highlighted in the 'Bangladesh Development Update' report published at the World Bank's Dhaka office at Agargaon in the capital on Tuesday (April 2). However, the World Bank has said that the GDP growth rate may increase slightly to 5.7 percent in the next financial year.
According to the World Bank, India will achieve the highest seven percent growth in South Asia by the end of the current (2023-24) financial year. After that, Bangladesh will be the second highest country to achieve GDP growth. By the end of the financial year, Bangladesh will achieve a growth of 5.6 percent. After that, Bhutan will grow by 4.9 percent, Maldives by 4.7 percent, Nepal by 3.3 percent, Sri Lanka by 2.2 percent and Pakistan by 1.8 percent.
However, the lender also said that overall growth of six percent will be achieved in South Asia.
World Bank South Asia Chief Economist Franziska Onsorg said South Asia is failing to utilize its human resources. That sounds like a missed opportunity. If the region employs a large share of the working-age population, like other emerging markets and developing economies, its output could rise to more than 16 percent.
Martin Riser, World Bank Vice President for South Asia said South Asia's growth prospects remain bright in the short term. But fragile fiscal positions and growing climate shocks will remain dark clouds. For this, growth should be increased and employment growth should be strengthened.