Finance Minister Hopeful of More Growth GDP than 6.1 Percent in FY21

Finance Minister AHM Mustafa Kamal || Photo: Collected

Finance Minister AHM Mustafa Kamal || Photo: Collected

Finance Minister AHM Mustafa Kamal, defying the World Bank's (WB) lowered growth prediction, asserted on Wednesday that Bangladesh's GDP growth will be more than 6.1 percent in the current fiscal year, the highest in South Asia.

“First, we must determine whether the World Bank's previous estimates were right. Even with some pluses and minuses, we haven't noticed any correlation between such forecasts and reality,” the finance minister said after a Cabinet Committee meeting.

Kamal's remarks came a day after the World Bank issued a fresh prediction for Bangladesh's economy, predicting that growth will slow to 3.6 percent in the current fiscal year.

It also predicted that growth would go up to 5.1% in FY22, owing to increased consumption and return of economic activity, RMG exports, and low inflation.

“We are hopeful that we will be able to meet the growth targets set for the fiscal year 2021-22. In the current fiscal year, we predict a 6.1 percent increase,” he added.

He cited improved turnover in macroeconomic indicators in the final months of May and June as the foundation for his confidence in 6.1 percent growth in FY21.

The finance minister also defended the proposed budget, claiming that it has no flaws.

Topic : Budget FY21-22

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