Bangladesh's economy projected to grow at 5.82% in FY24

The economy of Bangladesh is projected to grow at 5.82 per cent in the ongoing fiscal year (FY24) ending on June 30, according to a provisional estimation by the Bangladesh Bureau of Statistics (BBS).

This growth in gross domestic product (GDP) is a slight increase from last fiscal year's 5.78 per cent and aligns closely with the International Monetary Fund's (IMF) forecast of 5.7 per cent and the World Bank's 5.6 per cent.

Meanwhile, per capita income has risen slightly to $2,784 in the current fiscal year from $2,749 in the previous year, as per the estimate based on data from the first seven months of the current fiscal year (FY24).

 In the current budget, the growth rate was initially projected at 7.5 per cent, which was later revised downward to 7 per cent.

Bangladesh's GDP at current prices stands at $459 billion, up from $452 billion in the previous fiscal.

Sector-wise growth shows a decrease in agriculture and industry, but a slight rise in the services sector.

The investment-to-GDP ratio remains steady at 30.98 per cent, according to BBS data. In the agriculture sector, there is an estimated growth of 3.21 per cent this fiscal year, down from 3.37 per cent previous fiscal, marking a 0.16 per cent decrease.

 The industry sector is estimated to grow by 6.66 per cent this fiscal year, down from 8.37 per cent, with a 1.71 per cent decrease.

The services sector is expected to grow by 5.80 per cent this fiscal year, up from 5.37 per cent previously, reflecting a 0.43 per cent increase.

In the current fiscal year, the investment-to-GDP ratio, domestic savings, and national savings stand at 30.98 per cent, 27.61 per cent, and 31.86 per cent, respectively.

Compared to the previous fiscal year, investment increased by 0.03 per cent, domestic savings by 1.85 per cent, and national savings by 1.91 per cent. Private investment growth in the private sector was estimated at 23.5 per cent this, compared to 24.18 per cent previous year.

Furthermore, the BBS estimated the consumption rate at 74.24 per cent in FY24. It was 72.39 per cent in the previous fiscal.