Bangladesh is among the top five fastest growing global economies thanks to export-oriented industry-led stable macroeconomic growth while the country needs more private sector investment alongside technological and human resources development to attain sustainable growth, reports BSS.
The World Bank said this in its ‘Bangladesh Development Update: Towards Regulatory Predictability’ which was launched today at its local office here.
The Update said that to sustain growth, the country needs continuity in priority reform areas – financial sector, fiscal, infrastructure, human capital and business regulation.
It said private sector investments remain insufficient along with declines in foreign direct investment (FDI).
World Bank Country Director Robert J Saum spoke on the occasion while its Lead Economist of Dhaka office Dr Zahid Hussain made the key-note power-point presentation.
The lending agency forecast 7.3 percent GDP growth rate for Bangladesh in the current fiscal year (FY19) followed by 7.4 percent in FY20 and 7.3 percent in FY21.
The latest projection of the World Bank was lower than the government’s provisional estimation of 8.13 percent and the Asian Development Bank’s latest projection of 8 percent.
The development update also showed that Ethiopia is going to attain the highest GDP growth rate in the world in this fiscal year (FY19) with 8.8 percent followed by Rwanda with 7.8 percent, Bhutan with 7.6 percent, India with 7.5 percent, Djibouti, Ghana, C”te d’Ivoire, and Bangladesh all with 7.3 percent.
Robert J Saum also said that the World Bank Group is committed to the continued development progress of Bangladesh.