Economy to grow 6.9pc next fiscal year: WB
Bangladesh’s economy is projected to grow 6.9 per cent in fiscal year 2022-23 thanks to strong export growth and a rebound in domestic demand, the World Bank (WB) said in its Global Economic Prospects released on Tuesday. The multilateral lender forecasted that gross domestic product (GDP) would expand 6.4 per cent in the current fiscal year of 2021-22, up 1.3 percentage points from its June projection of 5.1 per cent for the fiscal. For the next fiscal year 2022-23, it raised the forecast for Bangladesh by 0.7 percentage points from 6.2 per cent. It said output in South Asia is projected to expand by 7.6 per cent in 2022, accelerating from 7 per cent the previous year, as Covid-19 vaccination progresses and contact-intensive sectors recover. The WB, however, said following a strong rebound in 2021, the global economy is entering a pronounced slowdown amid fresh threats from Covid-19 variants and a rise in inflation, debt, and income inequality that could endanger the recovery in emerging and developing economies.
Govt aims high on circular economy to export $80b by 2024
Bangladesh will have to boost exports by 76% in FY22, FY23 and FY24, to achieve the target. The government now looks to create a circular economy by developing backward and forward linkages with incentives and policy support as well as encouraging domestic and foreign investments in deemed exports – all for reaching a target of $80 billion in export earnings by FY24, which was 57% higher than the current fiscal year’s expected amount. The Cabinet Committee on Economic Affairs in a meeting gave its seal of approval to the draft of “Export Policy 2021-2024” on Wednesday, setting the new target, which will come into effect after approval from the Cabinet Division. Bangladesh will have to boost exports by 76% in FY22, FY23 and FY24, to achieve the target. The 2018-21 export policy had targeted a $60 billion in exports but fell short of it by 25% owing to the pandemic onslaughts. In FY21, Bangladesh exported products and services to the tune of $45.39 billion.
Mr. Ferdous Ali Khan new vice chairman of Standard Bank
Mr. Ferdous Ali Khan has been elected as the Vice Chairman of the Board of Directors of Standard Bank Limited in its 351st meeting held recently. A pioneer in the tailoring industry, Mr. Khan is the founder of country’s renowned tailoring brand “Ferdous Tailors & Fabrics”. He is a member of Uttara Club Ltd, Army Golf Club and BCI, Dhaka.
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