|Published : 16 Apr 2017, 15:20:35 | Updated : 16 Apr 2017, 15:28:55|
Bangladesh economy to grow by 6.8 per cent in 2017: World Bank
Bangladesh economy is expected to grow by 6.8 per cent in 2017, slightly falling from 7.1 per cent the previous year, the World Bank says.
In its twice-a-year report the South Asia Economic Focus, the global lender said Bangladesh has managed to fend off the effects of global uncertainties on the back of strong investments and recovery of exports.
The report titled 'Globalization Backlash' identifies Infrastructure gaps and inadequate energy supply, along with the high cost of doing business as the main obstacles for Bangladesh to realise its growth potential.
The report also forecast Bangladesh's GDP growth to stand at 6.4 per cent in 2018 and 6.7 per cent the next year.
“To make the most of the export opportunity, countries in the region should continue to focus on polices that promote economic growth,” a World Bank statement quoted its South Asia Region chief economist Martin Rama as saying.
He said: “A survey of South Asian experts conducted for this report reveals a strong consensus on the need to promote human capital accumulation, investments in infrastructure, and a more business-friendly environment.”
The statement quoted its South Asia Region Vice President Annette Dixon as saying, “Simulations on the impact of hypothetical new trade barriers show that South Asia is not only resilient to a potential rise in protectionism but could possibly even gain from it in some circumstances.”
Advanced economies are recovering and could see faster growth that will likely increase demand for South Asian product, Dixon added." The region should seize this opportunity to diversify its exports and enhance its supply response.”