Bangladesh’s economic recovery to continue this fiscal year

The Asian Development Bank (ADB) in its Asian Development Outlook Supplement of July said Bangladesh's economic recovery will continue amid the second wave of Covid-19 much like the previous fiscal year, depending on exports and remittances.

ADB on Friday released the supplement on the Asian economy from Manila.

It said the impact of the second wave could lead to 8.9 percent GDP growth of South Asia in 2021, which was 9.5 percent last April.

This reduced GDP growth of Asia in the complementary outlook is largely due to the slowdown in India's GDP growth.

In the outlook supplement, the growth prospects of other South Asian countries, including Bangladesh, have been kept the same as in April.

In April, Outlook predicted a growth rate of 6.8 percent in Bangladesh. However, when the report was released on April 26, Dhaka-based director Manmohan Prakash told reporters that it could be 5.5 to 6 percent.

And last June it was said GDP growth could reach 6.1 percent in 2021.

On Friday, the ADB said in the first 11 months of the last fiscal year, exports increased by 13.6 percent and remittances increased by 39.5 percent. On the other hand, revenue has increased by 12.9 percent in the first 10 months.