ADB forecasts 6.9pc GDP growth for FY 2021-22
Bangladesh’s GDP is expected to grow 6.9 per cent in fiscal year 2021-22, according to the Asian Development Bank (ADB).The growth forecast reflects a rebound in external trade and recovery in domestic economic activities fueled by the implementation of stimulus packages and increased remittance, the Manila-based bank said in the Asian Development Outlook 2022 (ADO 2022) released on Wednesday. Inflation is expected to increase to 6 per cent in FY2022 from 5.6 per cent in 2021 as price pressures are increasing from global food and fuel prices along with the implementation of stimulus measures, according to the report.The current account deficit is also likely to widen from 0.9 per cent of the GDP in FY21 to 2.7 per cent in FY22 on the back of an increase in imports and a decline in remittance growth.
The main risk to this growth projection is higher prices for oil and imports, and the loss of export sales beyond those built in the present forecasts, mainly due to the Russian invasion of Ukraine, the ADB said. The report stated that the ongoing socio-economic recovery needs to be accelerated by enhancing domestic resource mobilization, incentivizing the private sector to create products and services, promoting modern green technologies, and fostering knowledge and innovation. Building climate resilient infrastructure and services, introducing carbon tax on fossil fuels, and promoting green investments will help to further advance the current policy initiatives for managing climate change for inclusive and sustainable green growth.
Walton expands global footprint
Walton Hi-Tech Industries PLC has won the bid to acquire three European brands and the trademark and branding rights in 57 countries, seeing off two renowned companies. With this, the local electronics giant will become the first Bangladeshi company to buy any European brand. The three brands are ACC, Zanussi Elettromeccanica (ZEM) and Verdichter (VOE).Walton will also get research and development as well as intellectual property rights for winning the contract from Italia Wanbao-ACC of Italy.It will buy a fully automated inverter and non-inverter compatible compressor line with a capacity of 32 lakh units per year, taking its manufacturing capacity to 48 lakh units,
This will result in establishing a significant market share in Europe and other markets. Shares of Walton edged up 0.10 per cent to Tk 1,081. The board has unanimously approved the procurement plan and has also decided to open a subsidiary company, branch or liaison office in Europe and the US. Walton will use ACC and two other brands from next week to market ACs, freezes, washing machines and other appliances in all 57 countries, said Golam Murshed, managing director and chief executive officer of Walton Hi-Tech Industries.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|Nikkei 225||$ 26,890.04||↓460.26||↓1.68%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 97.67||↑1.44||↑1.50%|
|Crude Oil (Brent)||$ 102.81||↑1.74||↑1.712%|
|Gold Spot||$ 1,921.89||↓ 3.41||↓ 0.18%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 86.2000|
|GBP 1||BDT 112.7065|
|EUR 1||BDT 94.0183|
*World Commodities & Local and Global Stock Indices data are taken from bloomberg.com<
* Exchange Rates are taken from BB website, as on latest update.<