World Bank keeps Bangladesh GDP growth unchanged at 5.2% in FY23

The World Bank, in its latest June edition of Global Economic Prospects, has kept Bangladesh’s gross domestic product (GDP) growth unchanged at 5.2% in the current fiscal year. In Bangladesh, elevated inflation, policy uncertainty, and weakening external demand are expected to slow growth to 5.2% in FY23 from 7.1% in the previous fiscal year. Gains in market share in key export markets are expected to sustain export growth, offsetting the effects of weaker growth in advanced economies. Growth is projected to accelerate to 6.2% in FY24 as inflationary pressures ease, reform implementation accelerates, and transportation and energy infrastructure megaprojects are completed. Global growth is projected to decelerate from 3.1% in 2022 to 2.1% in 2023. In emerging markets and developing economies other than China, growth is set to slow to 2.9% this year from 4.1% last year. These forecasts reflect broad-based downgrades.

Source: https://www.tbsnews.net/economy/world-bank-keeps-bangladesh-gdp-growth-unchanged-52-fy23-647014

Credit card spending by Bangladeshis travelling abroad rises 32% in March

Bangladeshis travelling abroad spent around Tk426 crore, equivalent to $40 million, in March to buy goods and services, which is 32% more than in February. According to a report by the Bangladesh Bank, credit cards issued by 43 Bangladeshi banks were used in various countries for buying products from department stores, pharmacies, clothing outlets and transportation in March. In February, this expenditure was around Tk313 crore or $29 million. An analysis of the credit card spending pattern reveals that about 77% of these transactions took place using VISA cards, 13% using MasterCard, and 9% using American Express cards.

Source: https://www.tbsnews.net/economy/credit-card-spending-bangladeshis-travelling-abroad-rises-32-march-646582

Bangladesh gets $858m World Bank loan for climate resilient agri, road safety

Bangladesh and the World Bank yesterday signed two financing agreements totalling $858 million to enhance climate-resilient agricultural growth, food security, and improve road safety. The credits are from the World Bank’s International Development Association (IDA) and have a 30-year term, including a five-year grace period. The $500 million Programme on Agricultural and Rural Transformation for Nutrition, Entrepreneurship, and Resilience (PARTNER) will help transform the agriculture sector by promoting crop diversification, food safety, and climate resilience across agri-food systems of Bangladesh. Bangladesh currently has the largest ongoing IDA programme totalling $16.3 billion. The World Bank was among the first development partners to support Bangladesh and has committed about $40 billion in grants, interest-free and concessional credits to the country since its independence.

Source: https://www.tbsnews.net/economy/bangladesh-receives-858million-world-bank-improve-climate-resilient-agriculture-growth-and